In a recent report conducted by Wealth X, London ranked as the number one most favourable city in the world for super rich homebuyers.
The Alpha Cities index was devised by Barnes International and Warburg Realty to determine the most desirable city for ultra high net worth individuals to buy high end homes.
London performed so well due to scoring highly on 11 different factors ranging from culture, financial stability, luxury shopping and safety, compared to 50 other global cities.
Despite the less favourable property tax regime in the UK, the Capital has fared extremely well and was awarded the highest mark of 77 out of 100, pipping it’s closet rival New York to the top spot by only 2 points. The Big Apple was a close second, but scored low on personal safety and its carbon footprint.
Other cities that performed well included global big hitters such as Paris and Tokyo.
Increasingly attractive cities such as Berlin and Lisbon ranked well due to their tech hubs, affordable homes and tax incentives, alongside emerging cities like Mexico City and Bangkok.
DMZ agrees that even post-Brexit, London is still the most desirable city to buy property for UHNWI’s, with this trend likely to continue.
Taking the crown for most desirable city for the wealthy is nothing new for the Capital, however there are some areas of vulnerability: London’s carbon footprint needs improving and pollution is at an all time high. However, the city has a number of historical advantages that aren’t enjoyed by a number of it’s competitors – it’s world class schools, legal system, tech scene and possibly most telling, it’s perfect geographical location as a bridge between the US and the Far East.
Add to this the city’s arts and entertainment scene and it’s clear that of many other cities will continue to struggle in comparison.
Just ask the Tech Titans of Google, Facebook and Snapchat who have all recently chosen to heavily invest in London and create homes for their thousands of wealthy executives.