The Rich Choose London Over New York

06 Mar 2014 by Jasmine Stone in Travel, World

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The European capital has moved into top spot, displacing New York as the world’s greatest city for the stinking rich. The eighth annual Wealth Report has named London as the desired capital for people who have private bankers with accents.

London is now the preferred location for Russian oligarchs and Arab petro-billionaires to take up residence, where they spend an average of R10.7 million for a 25 square meter luxury London apartment. Only properties in Monaco and Hong Kong are more expensive per square metre.

London beat out its American rival as the most desirable place for the uber rich to buy a property with a view. Britain’s favourable visa rules for wealthy investors plays a part in their decision.

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[ Source : TheDailyBeast ]

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