London Property Market Is Home To Over 70 Billionaires

When it comes to the truly rich people in the world, there is always a focus on where they are congregating and where they can be found. Some people may have the intentions of meeting these mega-rich people and befriending them or becoming their new partner but for the majority of people, it is just a good thing to know. There is a lot to be said for an area or location that has a number of considerably wealthy people in it and at the moment, London is one of the biggest places in the world for billionaires. There are 104 people in Britain at the moment that are classed as billionaires with respect to the sterling currency of the UK and 72 of these billionaires can be found in London.

This means that London has a greater number of billionaires than any other city in the entire world and it is also good news for Britain. This is because the overall number of billionaires in the country ensures that Britain hosts more billionaires per head of the total count of the population than any other country in the entire world. Not everyone will think this is a good thing; in fact, there will be plenty of people who think this is a bad thing for the country. However the findings, which were printed by the Sunday Times, really show the differences between the rich and the poor in the United Kingdom.

When you take on board that many people in the UK are struggling financially at the moment with the use of food banks being extremely important, there is a concern that the discrepancy is becoming too wide. Economic growth may be at a strong level in the United Kingdom but it is not something that everyone is getting the chance to enjoy or benefit from.

London remains the global leader for billionaires

London is clearly the UK and world leader when it comes to housing billionaires, at least by Sterling standards. With 72 billionaires of this level, London beats Moscow into second place with the Russian city boasting of 48 people who would be classed as a UK millionaire. In third place is New York which can boast of 43 people of this stature, narrowly pipping San Francisco which can boast of 42. Up next in fifth place is Los Angeles, which can call upon 38 people and in sixth position is Hong Kong who can call on 34 billionaires with respect to Sterling.

The richest people in the UK are Gopi and Sri Hinduja, a pair of Indian born brothers who can boast of a fortune amounting to £11.9bn. This is a sum of money that is in excess of $20bn, and the money has been derived from the actions of the Hinduja Group, which is their family owned business. The Group has an interest in the media, property around the world, banking, oil and the automobile industry.

The previous leader for UK billionaire’s was Alisher Usmanov, who now finds himself in second place, although he may argue that he should be listed above a pair of brothers. The Russian, who was born in Uzbekistan has suffered a dip in his huge fortune due to the Ukraine crisis and the impact it has had on his businesses. This is not to say that anyone should currently be feeling sorry for Usmanov and his range of London properties but it does go to show that even the richest of people can have a bad day, month or year.

An interesting fact about the list of the 50 richest people currently with property in the UK is the fact that the lowest ranked person had a personal wealth of £1.5bn. 10 years ago, a personal wealth of £700m would have granted access to the list, another sign of the rising levels of money in London. When you consider the boom of the London property market, it is easy to see that there has been a correlation between these factors, pushing up the prices of top end properties in the English capital. With no real signs of the top end of the London property market slowing down, there may not be a change or end to this state any time soon.

Andrew Reilly is a freelance writer with a focus on news stories and consumer interest articles. He has been writing professionally for 8 years but has been writing for as long as he can care to remember. When Andrew isn’t sat behind a laptop or researching a story, he will be found watching a gig or a game of football.

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