Britain?s referendum decision to leave the European Union on the 24th June 2016 has created huge uncertainty in the UK and beyond, with the FTSE100 index opening to losses of 8% and sterling falling 10% against the US dollar (although some of these losses have since been recovered). The market has clearly reacted negatively to the economic prospects of Britain after Brexit, but despite the initial pessimism we believe that London will still remain one of the most desirable cities in the world for ultra high net worth (UHNW) individuals.
According to the Wealth-X World Ultra Wealth Report, the UK is the 4th largest UHNW country in the world, home to 11,510 individuals with a net worth of at least US$30 million. It is home to more UHNW individuals than China, despite its population being 20 times smaller. London fares even better globally, as the second largest UHNW city in the world with 6,815 individuals, behind only New York which is home to 8,655 individuals. Not only is London home to a significant number of UHNW individuals, but they are also from all over the world. Wealth-X analysis shows that nearly 40% of London?s UHNW population grew up outside of the UK, from over 90 different countries. Whilst there will be some uncertainty over their status in the UK, London?s attractiveness to the world?s ultra wealthy extends beyond its inclusion in the European Union.
London is the centre of global finance, and its business friendly environment and transparent legal system a...