7 Reasons Why London is Home to Most Billionaires
While the United States boasts of housing the most millionaires in the world – more than 5.2 million; London, the capital of England, is home to the most billionaires in the world. There are several reasons why London has most billionaires more than even Frankfurt and Paris. London also has as many as 281,000 millionaires in total and around 4,224 multi-millionaires. While only 7% of all multi-millionaires of the US stay in New York, 40% of multi-millionaires of UK stay in London. This is only one of the aspects that attribute to London’s billionaire status. Listed here are 7 reasons why London is home to most billionaires.
1. Location and status
The billionaire status of London can be largely attributed to its former position as the capital of the British Empire. Also, London is located within the European Union which has higher population and a GDP which is higher than that of the US. London is mostly a service based economy, and its success is largely due to its position and status.
2. Financial hub
Due to its location and status, London has become a financial hub of sorts. Due to the increased purchasing power of the population, prices have sky rocketed in several industries including real estate. The average London selling price is £374,568. Owing to its good relations with the US, it also acts as a bridge between the US and other Asian countries with which London has good trade relations.
3. Quality of life
Owing to London’s status as the financial hub of the UK, the quality of life there is also more than satisfactory. Due to its opulent lifestyle, it also attracts the rich from all over the world. This eventually adds up to the GDP and helps London grow its economy further.
London has one of the best infrastructures in the world. Especially its transport and aviation industries are so developed and up to date, it boasts of the best services which are beneficial for most businesses, thereby contributing to London’s increasing economy.