UBS and Wealth-X have teamed up again to produce the World Ultra Wealth Report for 2014, totting up the number of people with $30 million or more (£19.1 million). The number of mega-wealthy Europeans is up to over 60,000 this year, and UBS have got a map showing the cities they live in.
There’s a huge amount of information in the report: you might be surprised to learn that Germany has far more ultra-high net worth (UHNW) residents than the UK. With a population only 25% higher than the UK, Germany has 65% more super-wealthy people, and nearly a third of Europe’s total.
The difference is that they’re spread out: Dusseldorf, Stuttgart, Munich and Hamburg all have between 1,000 and 2,000 UHNW residents. In comparison, more than half of the UK’s 11,510 mega-rich people live in London, making the British capital Europe’s undisputed haven for the wealthy.
Only Paris really comes close, with 3,345 UHNW residents: still less than half of London’s amazing 6,815. From the report. Here’s how Europe’s wealthiest have fared in the last few years, and how they’re expected to be five years from now:
The UK stands out for a few reasons. According to the report: “13.6% of the United Kingdom’s total wealth is concentrated in the hands of UHNW individuals. London’s UHNW population alone controls almost 9% of the country’s wealth.”
Despite that astonishing figure, UBS points out that the large majority of the UK’s hyper-rich are self-made plutocrats. 75% of the UHNWs in Britain made their own fortune. In Switzerland, that drops to just 43%, and falls further to 41% in Germany and Switzerland.