»
Europe s wealthy are falling behind - London just dropped out of the top 10 cities for very high net worth individuals
Europe s wealthy are falling behind - London just dropped out of the top 10 cities for very high net worth individuals
Juliana KaplanApr 15, 2021, 23:51 IST
London.Xinhua/Han Yan via Getty
A new report looks at where the very high net worth - between $5 million to $30 million - live.
London fell out of Wealth-X s top 10 ranking for the first time dating back to 2004.
The US dominated the ranking, with seven cities in the top 10 including the top spot - New York.
London is no longer a top-10 hub for very high net worth (VHNW) individuals.
Getty Images
A new Wealth-X report looks at very high net worth individuals, worth between $5 million and $30 million.
Their ranks still grew slightly in 2020, even during a global pandemic and economic turmoil.
The report estimates their ranks could grow even more by 2025, and add over $11 trillion in wealth.
A new report from Wealth-X found that, even during a pandemic, the very high net worth (VHNW) population grew.
Wealth-X defines the VHNW as those with a net worth between $5 million and $30 million. The report, called Very High Net Worth Handbook 2021, looks at where they are, who they are, and how big their ranks have grown.
London fell out of Wealth-X s top 10 ranking for the first time dating back to 2004.
The US dominated the ranking, with seven cities in the top 10 including the top spot New York.
London is no longer a top-10 hub for very high net worth (VHNW) individuals.
In fact, the city s share of VHNW individuals dropped by 16% in 2020, according to a Wealth-X s second edition of the Very High Net Worth Handbook, which classifies VHNWs as having net worth between $5 million and $30 million.
London was knocked out of eighth place to 12th the first time that London has been out of the top 10 since Wealth-X records dating back to 2004.
New Wealth-X Report Reveals US Population of Very Wealthy Individuals Grew by 8% in 2020, Compared to Just 1.3% Globally
Share Article NEW YORK (PRWEB) April 15, 2021 Wealth-X, the world’s leading provider of data and insight on the wealthy, released the 2nd edition of its annual Very High Net Worth Handbook today. The report, which analyzes the state of the world’s very high net worth (VHNW) population (those with between $5 and $30 million in net worth), reveals that this segment grew by 1.3% in 2020, to 2.7 million individuals worldwide. This was a resilient performance set against the backdrop of a global pandemic and the deepest contraction in world economic output for a generation. In addition, the combined net worth of the VHNW population nearly mirrored this modest growth, rising 1.2% to $26.8 trillion.