WHO ARE LONDON’S SUPER-RICH?
THREE-QUARTERS of the owners of London’s most expensive property are from overseas. That is the conclusion of new research by Rhodium Residence Management.
Rhodium specialises in managing “superprime” property (valued at more than £5 million) in central London. With a £1.047 billion portfolio, it wanted to find out more about its market, so it commissioned research. This found that British superprime owners are the largest group, with 24.4 per cent of properties owned. Russians are next at 6.4 per cent. London is home to more multi-millionaires than any other world city and receipts from super-prime residential investment accounted for 14 per cent of stamp duty and land tax receipts in 2015/16.
The future, says Dean Main, Rhodium’s managing director, is Chinese.
“Interest from China is on the increase, with one billionaire in Asia created every three days in 2015 and looks set to boost UK economy,” he says.