According to recent reports, London is home to a significant number of millionaires. The city has been known for its affluence and opulence since time immemorial, and the figures only seem to be growing with each passing year. In this article, we will take a closer look at just how many millionaires call London their home.
The Number of Millionaires in London
London is one of the most expensive cities in the world, and it comes as no surprise that it has a high concentration of millionaires. According to a report published by New World Wealth, there were approximately 357,200 millionaires living in London in 2020. This figure includes both individuals with net assets worth over $1 million and those with assets worth over $10 million.
The Growth of Millionaires in London
Over the years, the number of millionaires living in London has been on an upward trajectory. In 2019, there were around 339,200 millionaires in the city, which means that there was an increase of around 5% from the previous year. The growth can be attributed to various factors such as favorable tax policies and a thriving economy.
Where do Millionaires Live in London?
When it comes to the distribution of millionaires across various neighborhoods in London, some areas stand out more than others. According to data provided by WealthInsight, Westminster has the highest concentration of millionaires with around 4,000 individuals worth over $30 million calling it their home. Other affluent areas include Kensington & Chelsea, Camden & City of London and Hammersmith & Fulham.
What Industries Do They Work In?
London’s millionaire population is diverse when it comes to their sources of wealth. Some made their fortune through business ventures while others inherited their wealth or made money through investments or property. The financial sector is one of the most significant contributors to the wealth of London’s millionaires, with many working in investment banking, hedge funds, and private equity.
Conclusion
In conclusion, London is home to a significant number of millionaires. The city’s thriving economy and favorable tax policies have made it an attractive destination for those seeking to grow their wealth. While some areas have a higher concentration of millionaires than others, the city as a whole offers abundant opportunities for those looking to make their fortune.
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