Why the super-rich will still flock to London even as Brexit bites

(March 2): The super-rich will continue to flock to London despite the political and economic concerns around the UK’s intention to leave the European Union, according to a report published on Wednesday by property broker Knight Frank.

The number of ultra-wealthy people living in the UK capital is expected to climb by 30% to 6,058 over the next decade, the report showed. These are people with US$30 million ($42 million) or more that private banks such as UBS Group and Citigroup love to court.

The projected increase may ease doubts about the city’s appeal stemming from an 80% slump in applications for investor visas last year, following the introduction of anti-money laundering checks in 2014.

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