London’s population of ultra-high-net-worth individuals (UHNWI) is expected to grow by 30 per cent in the next few years and over a fifth of these individuals are looking for high-growth innovative investment opportunities.
Over the next decade, London will remain a front runner for UHNWIs who consider it to be the centre for investment and connectivity, ahead of New York and some fast-growing Asian cities.
These are the findings from The Wealth Report 2017, produced by high-end estate agency Knight Frank. Knight Frank says that despite Brexit wealthy individuals will not exodus the UK and London will still rank high in terms of its ability to attract and retain wealthy residents. It says “The forthcoming Brexit process will not result in an outflow of wealthy individuals from the UK; rather, it will mean that existing UHNWIs will be more likely to remain and indeed to be joined by a growing list of new arrivals.”
“As home to Europe’s dominant business and financial services cluster, the UK is in a uniquely advantageous position. It is the only English-speaking major-sized economy in the region: a fact that helps to attract HNWIs and their businesses from across Asia, Australasia, Africa and North America.”
The study surveyed 900 of the world’s leading private bankers and wealth advisors, representing over 10,000 clients with a combined wealth of around $2trn (£1.6trn) and revealed that the global UHNWI population grew last year, reversing a three per cent decline in 2015.
The report offers a unique perspective on the investment decisions and lifestyle choices of the world’s wealthiest individuals. It shows that while the majority of people holding $30m or more in net assets are focused on preserving their wealth and passing it onto the next generation, 21 per cent of UHNWIs are looking to invest in innovative financial opportunities.
66 per cent of the respondents said they saw wealth preservation as a top priority, while 60 per cent said capital growth was a major focus and 44 per cent were concerned about minimising risk.