Billionaires are richer than ever - and London is their favourite place to live in the world

 
Sarah Spickernell
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Things are looking up for the super-rich (Source: Getty)

Billionaires are having a ball – not only did their wealth go up by an average of 12 per cent over the last year, but this far exceeded the rise in cost of the things they like to spend their money on, according to a report by Beauchamp Estates.

The world's most expensive houses, for example, went up by 3.9 per cent in value during that time, while the cost of hiring staff went up by three per cent.
Travel has become a breeze, too - the cost of jetting around the world has risen by 2.9 per cent, while buying a private yacht will cost you an extra 6.5 per cent.
And of everywhere in Europe, London is the favourite city for billionaires to live in. Over 140 of them now own a property in the UK capital, with 72 naming it as their first home – an increase from 67 a year ago.
This means London houses more billionaires than any other city in the world, ahead of the 103 based in New York, 85 in Moscow, 82 in Hong Kong and 33 in Paris.
Most London-based billionaires did not live there before making their fortunes – 53 per cent were born outside the UK. The average price of their London homes is £21.4m, and many also have properties in France, Italy and Greece. All in all, the average European billionaire has four homes in Europe amounting to £54.5m in value.
Choosing to base themselves in London comes with a pretty hefty price tag, though – In terms of price per square foot comparisons, London remains the most expensive location in Europe for a billionaire buying a home.
Entering billionaire territory in London now has an entry level of £10 million or more, with the most popular areas among the super-rich being Mayfair, Knightsbridge, Belgravia, St Johns Wood/Regents Park/Hampstead, St James’s and Holland Park.

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