There are now 715,000 millionaires in the UK according to Forbes. Oh, and 80 billionaires too.
There are a lot of foreign millionaires in the UK, and plenty of billionaires are flocking here in droves too. But why? What does the UK have that New York, Dubai and Hong Kong don’t? It’s certainly not the weather.
Despite the rain, it turns out the super-rich love Britain. London in particular has the largest concentrated populations of the super-rich in the whole world, and a lot of them are making themselves at home in Kensington and Chelsea, Mayfair, Belgravia and the infamous Bishop’s Avenue on the north side of Hampstead Heath, which is affectionately named ‘Billionaire’s Row’. London property prices have skyrocketed and they’re not slowing down, plus with developments aimed at foreign investors being built all the time, Britain is certainly trying to consciously attract these big spenders.
It’s not just the property though, the super-rich are notorious for enjoying the finer things in life and London society can offer plenty of that. Here are 15 reasons why the UK is the perfect place for millionaires.
15. Luxury stores are changing to suit foreign shoppers
Despite the economic downturn the UK suffered in 2008 and beyond, Harrods has managed to come out of it pretty unscathed, partly due to the fact that the foreign super-rich absolutely love it. Since being bought by some Qatari buyers in 2010, they have spent “£50million a year sprucing up departments”, including a floor entirely for luxury jewellery, which has become more and more popular. Shoppers from the UAE in particular are one of Harrods’ main focuses. They extend their shopping hours during Ramadan and Eid and are employing more and more Arabic-speaking consultants just to accommodate their needs and get their credit cards out even more.
This has caused some controversy however, and some of their older, British customers aren’t pleased by some recent changes made to the iconic British store. The famous music department, for example, has closed to make more room for luxury goods that appeal to foreign buyers.