Millionaire and billionaire boom for the UK

A new piece of research by Wealth Insight revealed that London is home to more millionaire Chief Executives than any other city in the world. Almost 3% of CEOs with wealth surpassing £1 million call the capital their home, beating New York, San Francisco, Washington and Singapore to the accolade.

More importantly, London’s concentration of affluent and influential business figures overshadows European its counterparts including Paris. The very high density of boardrooms, market liquidity and ease of trading makes London a preferred base, and even the most global of companies – those originating in Africa, Asia or Latin America, for instance – prefer their headquarters in London.

The Wealth Insight report came in the same week in May as the publication of 2017’s Sunday Times Rich List. It revealed Britain’s most affluent 1,000 saw their wealth increase by £58billion since the country voted to leave the EU – despite fears the referendum result would affect the UK’s wealth.

The UK and especially London’s powerhouse status is set to remain strong, despite our ‘leave’ vote and a snap general election looming. Historical data shows a rich vein of success in London. A 2016 report also from Wealth Insight showed that London has one millionaire for every 29 inhabitants and more multi-millionaires than any other city in the world (that’s 4,400 “super-rich” people with net assets worth £20.7 million or more, excluding the value of their main house). And the saying success breeds success holds true.

 More millionaire CEOs than anywhere else and UK billionaires growing their wealth is good for the relocation sector moving forwards – an aspect even more pertinent with BREXIT negations continuing. Where CEOs go, senior staff and other professionals further down the management line follow – with new office openings and expansions needing an enlarged workforce. London still provides a safe, stable climate in which to trade, and high-flyers can marry business with pleasure in the capital – drawn by the cultural heritage, social structure and statement addresses.

Although it’s only natural to feel a pang of envy when considering the millions and billions in the bank, we should be encouraging the smart, astute and affluent to the UK. It is their companies that will continue to provide the relocation business with clients now and for years to come.

If you are looking to place professionals in UK rental properties, talk to Klippa Relocation today. We offer a full country-wide relocation service.

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