London boasts the greatest number of billionaires in the world Featured

London: the city that attracts the world's wealthiest

by 12 May 2014

London boasts the greatest number of billionaires than any other city in the world, with more than 100 billionaires living in the UK for the first time, according to a survey carried out by the Sunday Times. However, only a third of Britain’s billionaires were actually born British.

London has 72 residents whose wealth is higher than 1 billion pounds or 1.6 billion dollars, followed by Moscow (48) and New York (43), then by San Francisco, Los Angeles and Hong Kong.

The British capital has exactly 104 billionaires (with a combined wealth of 301 billion pounds), which accounts for 10% of all the billionaires in the world.

Indian-born brothers Srichand and Gopichand Hinduja, who run the multi-national Hinduja Group with a combined fortune of 11.9 billion pounds, top the list followed by Alisher Usmanov, who owns a 30% stake in Arsenal. Queens Park Rangers stakeholder and steel magnate Lakshmi Mittal follows in third place.

The only billionaire in the top ten to be born in Britain is the Duke of Westminster, who ranks tenth in the list with a 8.5-billion pound fortune.

Britain does not tax its non-domicile residents on their global wealth, meaning they pay tax only on their UK income, attracting the wealthy keen to invest in property in London and South-East. Francois-Henri Pinault, CEO and Chairman of luxury conglomerate Kering, which owns brands such as Gucci and Stella McCartney, is moving to London with his actress wife Salma Hayek after the French government introduced a 75% tax rate for the most wealthy, though the couple claim this is not the reason for their move.

The country now has one billionaire for every 607,692 residents, compared to one for every 1,022,475 in the US, which has the second highest number of billionaires per capita. There are now three times more billionaires in Britain than a decade ago and their total wealth has now exceeded pre-recession levels of 2008, when the UK’s 75 billionaires were worth 201 billion pounds.

Among new British-born members of the billionaire club is West End producer Sir Cameron Mackintosh is among the new British-born billionaires, who saw his fortune rise to 1 billion pounds in the past year.

Sunday Times 2014 Billionaire List:

1. Sri and Gopi Hinduja, £11.9 billion

2. Alisher Usmanov, £10.65 billion

3. Lakshmi Mittal and family, £10.25 billion

4. Len Blavatnik, £10 billion

5. Ernesto and Kirsty Bertarelli, £9.75 billion

6. John Fredriksen and family, £9.25 billion

7. David and Simon Reuben, £9 billion

8. Kirsten and Jorn Rausing, £8.8 billion

9. Roman Abramovich, £8.52 billion 10.

The Duke of Westminster, £8.5 billion

11. Galen, Hilary and George Weston and family, £7.3 billion

12. Charlene de Carvalho-Heineken and Michel de Carvalho, £6.365 billion

13. Mohamed Bin Issa Al Jaber and family, £6.16 billion

14. Carrie and Francois Perrodo and family, £6.14 billion

15. German Khan, £6.08 billion

16. Sir David and Sir Frederick Barclay, £6 biilion

17. Hans Rausing and family £5.9 billion

18. Nicky Oppenheimer and family, £4.57 billion

19. Earl Cadogan and family, £4.2 billion

20. Joseph Lau and family, £4.03 billion

21. Sir Philip and Lady Green, £3.88 billion

22. Denis O’Brien, £3.854 billion 23.

Mike Ashley, £3.75 billion

24. Sir Richard Branson and family, £3.6 billion

25. Idan Ofer, £3.43 billion