According to The Telegraph, London is home of the greatest number of millionaires than any other capital in the world. This means that one in every 35 Londoners owns assets of more than $1 million (£590,000). The City of London outdoes New York and Tokyo in terms of the number of millionaires. However, it trails behind New York and Tokyo in terms of the number of multi-millionaires, with 9,700 in total.
The newspaper cites the findings from the study conducted by the New World Wealth consultancy which used various criteria to figure out peoples net wealth, these include publicly available company accounts and luxury goods databases focusing on art, private jets, prime property and yachts. The research did not take into account primary residences, but it did consider other properties.
The research also highlights that the multi-millionaire population has risen by 71% over the last decade, while the number of millionaires has grown by 58%. Andrew Amolis, head of research at the New World Wealth consultancy which conducted the study, said: "London is an international city and attracts wealthy people from all over the world. It is the main financial centre in Europe and for wealthy people it is one of the best places to live in the world.
Given the rapid surge of wealthy people in the UK, researchers are struggling to find new terms to classify them. The term Ultra high net worth people refers to individuals who have net assets of at least $30million, while "centimillionaires" have at least $100million.
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