Economics
Why the Ultra-Wealthy Will Flock to London Even as Brexit Bites
- City’s ultra-wealthy residents expected to rise 30% by 2026
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Pedestrians pass luxury residential properties in the Notting Hill area of London.
Photographer: Chris Ratcliffe/BloombergThe super-rich will continue to flock to London, despite the political and economic concerns around the U.K.’s intention to leave the European Union, according to a report published on Wednesday by property broker Knight Frank LLP.
The number of ultra-wealthy people living in the U.K. capital is expected to climb by 30 percent to 6,058 over the next decade, the report showed. These are people with $30 million or more who private banks such as UBS Group AG and Citigroup Inc. love to court.