London is officially the favourite city of the mega-rich

There are more super-rich people living in London than in any other city around the world, a report into the habits of the global elite reveals today.

The report, from the estate agency Knight Frank, said around 4,200 people live in the capital who are defined as ‘ultra high net worth individuals’.

To qualify, a person must have at least £18 million ($30 million US) in net assets, excluding the value of their main home, although it could include the value of their other homes.

A typical ‘ultra high net worth individual’ has 2.4 homes, such as a home in a city and one in the countryside, while many also have a home by the sea and a property in a ski resort.

Overall, Knight Frank’s authoritative ‘Wealth Report’ says there are 4,224 super-rich people in London, which significantly overshadows the population in any other city.

By comparison, Melbourne has 445, Oslo has 470, Milan has 235, Dublin has 365 and Berlin has 464.

Tokyo, which comes second to London for the number of super-rich residents, has 3,525, followed by Singapore with 3,154.

The report predicts London will remain top of the premier league of super-rich people over the next decade, with the numbers set to rise by nearly 20% over the next decade.

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