The Knight Frank City Wealth Index has recently named London as the world’s leading fortune center, replacing New York in the top spot.
According to Wealth and Society, the Knight Frank City Wealth Index typically anchors its decision based on three categories. These include wealth, investment, and lifestyle. While New York surpassed London in the investment category due to its wide range of private investments, the latter still emerged as the best city.
Despite issues surrounding the town, particularly Brexit, the nation continues to remain strong, thus securing the top spot and putting its fiercest rival in second place.
Staying on Top
Forbes notes that concerns surrounding Brexit and the current political climate in the capital did not tarnish its reputation and appeal to many people around the world.
Data from the Knight Frank City Wealth Index show that ultra-high-net-worth individuals (UHNWIs) increased to a whopping 582 individuals over the course of 2018, closing the number to 4,944 for the year alone. Apart from this, the center boasts of diverse number and types of investors coming from all parts of the world, inviting investors and individuals to invest due to various opportunities presented to them.
Besides numerous working opportunities for UHNWIs, data also shows that Britain has the greatest number of Tier 1 Investor Visa applications, with a large part already holding a second passport, notes Forbes.
According to Forbes, the city has now held the top spot for over five years. It has consistently remained on top of its game, successfully locking the spot down against other rivals in the field. Asian cities such as Tokyo, Hong Kong, and Singapore have already vied for the position, but no other city in Europe has ever come close to the reach London has.