London now has the most number of dollar millionaires, trumping New York City
London now has the highest concentration of dollar millionaires in the entire world, trumping New York City.
At least 875,000 people from London are dollar millionaires, ie, they possess asserts worth more than $10,15,812 (£720,000), based on the annual study undertaken of the world’s wealthiest people by Knight Frank - a property consultant entity.
This implies that one out of every 10 people in London is now a dollar millionaire. The data highlights the widening inequality gap, which has become steeper owing to the ongoing COVID-19 pandemic. According to government figures, over 2.5 million people in London are classified as “living in poverty”.
The report adds that 874,354 people in London possess assets like property which amounts to over $1 million, making them “high net worth individuals”.
In New York, the number stands at 820,000. Knight Frank’s global head of research, Liam Bailey told The Guardian the following - “The main point is that our HNWI threshold is $1m, so £720,000, and with average house prices in London at £514,000, a lot of households fall into the HNWI category… Ironically, the high cost of housing in London is the main driver for categorising so many households as being wealthy.”
The research also found that London that the most number of “prime” homes for any city in the world. There are 68,000 such prime units costing over £2m each.
Expensive property sales have gone up in London during the pandemic, with foreign investors exploiting the drop in the value of the pound and tax advantages in the aftermath of Brexit.
The survey also named London the rich person’s city of choice in terms of lifestyle, and what it offers - opera houses, theatres, universities, sports, shopping facilities, and Michelin-starred restaurants.