Billionaires back London as future financial centre


London looks set to remain the premier destination for wealthy investors in the coming decades, according to a new survey in which ultra high-net worth families were quizzed on their intentions up to 2043.

The survey, conducted by Fleming Family & Partners, polled 90 families with collective assets worth £100bn and found that they predict London to remain the most popular place in the world for finance and that London’s property market will remain a good investment and grow in value.

London was the favoured city by a considerable margin, with 56% of respondents ranking it as their favoured financial centre for performance up to 2043, and 87% of respondents putting it in their top three cities.

Number two on the list was Singapore.

Ninety per cent of respondents expect property in London to be a good investment over the coming decades, and said they anticipate average house prices for a prime property in central London to reach £6m.

In addition, private-equity, agriculture and equities are not seen as cause for concern, with respondents expecting to see these areas posting strong results over the next 30 years.

But wealthy families are more worried about political instability than they were five years ago, and half said they expect to see another financial crisis in the next 10 years.

Attitudes to Europe are generally very positive, with two thirds saying they think Britain will still be an EU member in 2043, and 63% expect the Euro to remain in use.

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