The Super-Rich's Favorite Cities

The British Royals aren't the only rich people that love London.

The British capital is the most important city for the super-rich all over the globe, according to a survey conducted by Knight Frank, an international property consultancy, in collaboration with Citi Private Bank, a wealth management bank focused on super-rich clients. Wealth advisors from a variety of regions around the world said that London mattered most to their high net worth clients, based on criteria ranging from the availability of luxury residences to economic openness and social stability.

Even though these people with stacks of extra cash can easily travel anywhere, many super-rich individuals choose to set up camp in London. The British capital is home to the third largest number of billionaires in the world, with 39 worth a total of $134 billion, according to Forbes Magazine.

While Moscow is home to the most billionaires with 78 and New York comes in second with 57, according to Forbes’s most recent tally, London draws its richest residents largely from other parts of the world. British-born Virgin Group founder Richard Branson may be London's most famous billionaire, but the city's highest net worth individual is Indian steel magnate Lakshmi Mittal, followed by Uzbek-born steel tycoon Alisher Usmanov and the Russian oil mogul and Chelsea Football Club owner Roman Abramovich, according to the Sunday Times’ Rich List.

But living near Queen Elizabeth isn't cheap. It's 54 percent more expensive to live in London than in Berlin, the super-rich's tenth favorite city, and even residing in New York City is 4 percent cheaper than dwelling in the U.K. capital, according to Expatisan -- a website that provides real-time cost of living comparisons.

Check out the 10 most important cities to the super-rich:

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Comments

[sfsoma]

11:17 AM on 03/29/2012

There are so few British people left in London it has become a museum and a resort for the wealthy in it's own right, Much of what a tourist sees represents a Britain of long ago and far far away from today's reality. Kind of a European Abu-Dhabi. Just hope people don't think London represents the real Britain.

[knosiswar]

10:33 AM on 03/29/2012

Of course the ultra rich love the City of London, an independently incorporated section of London that answers to no authority save the Queen, who is only the head of state. The City of London has been described as the largest money laundering center on the planet. It does not disclose any of it's financial dealings with any government, not even it's own country. It operates under maritime law, giving it certain abilities to manipulate it's legal processes. Within the city of London operates two of the four licensing bodies for lawyers, giving them a wide latitude of secrecy from which to operate. The City of London is a dark place for humanity.

[AnticsLDN]

04:42 AM on 03/31/2012

Good fun though.

[Al Schrader]

05:26 AM on 03/29/2012

On paper, the graviton matrix, and a dozen other proprietary technologies make me the wealthiest man on Earth. I don't reside anywhere near a large noisy, dirty, congested city.

About 45 miles South of where I currently reside, a trailer park, Briny Breezes, sold for 500 million dollars (half a billion dollars). It was a bargain.
This occured because this property was discovered. My estate is in the most perfect paradise on Earth.
I'm not going to say where, I wouldn't sell any of it at any price....Alfred-

[loki]

11:03 PM on 03/28/2012

funny, most of those cities,with the exception of the few in the USA, have universal health care. I guess thats why they love them. They dont have to pay for expensive health care.

[JScott]

10:56 AM on 03/29/2012

Noticed that too and they have high taxes like a VAT and generous social welfare policies......all this talk abou the US raising taxes and having a national healthcare system and the rich threatening to leave.......for places that have high taxes like a VAT and generous social welfare policies and national healthcare.................OH THE HYPOCRISY!!!!!!!!!!!!!

[rdnvern]

08:16 PM on 03/28/2012

So what is London's appeal to the uber rich? The article was incomplete about WHY?

[knosiswar]

10:34 AM on 03/29/2012

It is the money laundering capital of the world! wikipedia 'City of London'.

[AnticsLDN]

04:44 AM on 03/31/2012

What's not to love?

[Game Changer 88]

08:07 PM on 03/28/2012

Personally I think that these people are "Reported", with the majority of Super-Rich people remaining "Unreported". I would truthfully expect the majority of "Real Billionaires" to live in the United Arab Emirates and Saudi Arabia.

[nherent]

04:22 PM on 03/28/2012

Nobody picked Detroit? or Gary, Indiana? ......Camden, New Jersey

[Janine547]

05:52 PM on 03/28/2012

LOL !

[scoobe2]

08:00 PM on 03/28/2012

you forgot Newark.