AT LEAST one fifth of the world’s wealthiest people are shopping around for innovative investment opportunities and London may well be in pole position to snap up their funding.
A report published today showed that the UK capital remained the preferred go-to market for ultra-high-net-worth individuals (UHNWI) for the third consecutive year, ahead of New York and fast-growing Asian cities.
The wealth report, produced by high-end estate agency Knight Frank, said that the global UHNWI population began to grow again last year, reversing a three per cent decline in 2015.
The research 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).
It showed that London also continues to hold the world’s highest ranking for investment and connectivity and it remains Europe’s front-runner in terms of its UHNWI population, which is expected to grow by 30 per cent over the next decade.
This means it may be the best positioned to attract new funds from those UHNWI willing to take on more risk.
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, the report revealed that 21 per cent of them are looking to invest in innovative financial opportunities.
66 per cent of the respondents said they saw wealth preservation as top priority, while 60 per cent said capital growth was a major focus and 44 per cent were concerned about minimising risk.
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