London’s mega-rich are on a serious shopping spree!
Forget Los Angeles and Abu Dubai, as London has become the latest city to be attracting the world’s super-rich. According to a new survey the most affluent members of society are taking to the streets of London and enjoying a shopping bonanza like never before in London.
Research was carried out by Stonehage, a leading independent Multi Family Office offering wealth management and advisory services to an international clientele, has found that inflation for expensive, high-end products and services, such as designer clothing, exclusive restaurants and top of the market property in London, is running a couple of percent higher than average inflation at 6.7%, with art rising by 10.5% and fine wines shooting up by 27.6%.
This high rise of high-end inflation has spawned a shopping spree for the superrich in London, many of whom are recovering from the recession well ahead of everyone else. According to a spokesperson for Stonehage:
“The large rise [in high-end prices] shows that confidence about prosperous times is growing, triggering a return to spending.”
Property at the higher end of the market is also on the rise in London. Whilst most of the UK has seen properties tumble in price and even crash, London’s wealthy elite are experiencing a property boom.
This British Land Registry recently reported that there are 19% more properties in the £1.5 million to £2 million bracket than this time last year and most of which are in London.
Kim Marsh of Bective Leslie Marsh estate agents in London spoke of the sharp movements in property in London at the top-end of the market.
“We are still experiencing a very high demand for freehold properties in central Kensington between £2 million and £7 million. This demand is fuelled by a continuing lack of available properties and large numbers of serious international and local buyers who have been actively looking for a few months,” said Ms Marsh.
Although this rise in demand for high-end property, products and services in the capital, which in turn is causing inflation to rapidly rise, has also be spawned by an influx of foreign wealth making its way to London, where there is almost 300,000 millionaires.
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