Member Article

Tax concerns threaten super-rich as London's wealthy population stalls

London is now home to 4,363 ‘super-rich’ individuals, but its status as the top destination for the ultra-wealth is at risk due to concerns over issues such as the potential mansion tax on £2m-plus homes.

According to The Wealth Report from property agent Knight Frank, the number of people with assets of $30 million (£20 million) or more rose by 3 per cent in 2014, and the total is forecast to increase by another third over the next decade to 230,000.

Although London is expected to hold the top spot for the next 10 years, Singapore will close the gap with a 54 per cent rise in its super-rich population during that period.

But Knight Frank predicts that at some point in 2025, New York will overtake London for the number of super-wealthy residents.

Singapore will attract 1,752 more super-rich, while 1,251 will buy homes in Hong Kong, 1,013 in New York and 907 in London.

Liam Bailey, the head of global research at Knight Frank, said: “London and New York will vie for top spot over the next decade, with New York being the final winner in 2025 and Asian cities becoming increasingly important over Europe.”

Last year the ultra wealthy controlled nearly $22 trillion in assets – more than the national output of the US and Germany combined.

This was posted in Bdaily's Members' News section by Ellen Forster .