London has more dollar millionaires than New York
London has replaced New York as the city with the highest percentage of millionaires. There are almost 875,000 millionaires in London. It means that one out of every ten people in London is a millionaire, exposing the city's widening inequality gap. This might lead to governments imposing wealth taxes. Argentina, Bolivia, and Morocco have also implemented such taxes. According to government statistics, more than 2.5 million people, 28% in London are classified as "living in poverty." For those who live in central London, the percentage increases to 32%. The high cost of housing in the capital, according to Liam Bailey, Knight Frank's global head of research, has pushed many people into the high-net-worth individual (HNWI) group. “The main point is that our HNWI threshold is $1m, so £720,000, and with average house prices in London at £514,000, a lot of households fall into the HNWI category,” he said. “Ironically, the high cost of housing in London is the main driver for categorizing so many households as being wealthy.” 247london-airport-transfers.co.uk #LondonAirportTransfers #hnwis #londonproperty #newyork #millionaires #inequality
