Private wealth concentrated in London

London is Europe's leading city when it comes to the accumulation of private wealth, according to new research, which suggests that the UK has more ultra high net worth (UHNW) individuals than anywhere else on the continent.

According to the latest Wealth-X report, which specialises in global due diligence, London has 5,955 UHNW individuals, significantly ahead of any other city.

Paris comes second with 2,820, while Zurich is third (1,775), Munich fourth (1,450) and Geneva fifth (1,335).

Overall, Germany is ranked first as a nation, with the UK coming in second and Switzerland third.

Mykolas Rambus, chief executive of Wealth-X, said: "While Germany has the largest population of UHNW individuals in Europe, 50 per cent more than in the UK, London hosts more UHNW individuals than Munich, Dusseldorf, Hamburg and Frankfurt combined."

This was put down to the UK capital's "favourable environment" for individuals with great private wealth, including those who are non-domiciled.ADNFCR-2318-ID-801224432-ADNFCR