London has 15,695 ultra high net worth (UHNW) individuals with a primary residence or secondary home in the city, the fifth highest number worldwide, a report from Altrata has revealed.

The report, sponsored by REALM, showed that New York took the top spot with 33,222 UHNWs (those with a net worth of more than $30m) taking residence in the city, followed by Los Angeles (19,781), Hong Kong (19,439), and Miami (17,457).

The US continued to dominate the list, with a total of 15 cities making the top 20, while Paris was the only European city other than London that made the list, at number 15.

The report stated that self-imposed economic and trade restrictions had weakened the UK’s international standing and wealth-generation prospects, with non-doms facing more stringent tax rules.

However, London’s status as a ‘truly premier’ global city underlies the strong and enduring appeal of its culture, retail, commerce, and education to the wealthy, according to the report.

Furthermore, the city is seen as a safe haven investment location for luxury real estate buyers from around the world.

London led global cities, excluding the US, on the number of UHNW secondary home owners at 9,221, almost double the amount of Beijing in second place (5,648).

Altrata noted that today’s affluent individuals were more mobile and globally interconnected than ever, and this was a defining feature of today’s luxury real estate market.

Almost a fifth (17 per cent) of UHNWs had an ownership stake in a business entity headquartered outside their primary country of residence, while 14 per cent had obtained at least one of their higher education degrees outside of their home country.

The report estimated the number of global UNHW individuals was set to rise from 483,500 in 2024 to 654,900 in 2030.

Meanwhile, the number of very HNW individuals ($5m-$30m) was forecast to rise from 4.5 million to 6.2 million and HNW individuals ($1m-$5m) were set to increase from 38.9 million to 53.4 million over the same period.

“We live in a world where wealth no longer resides within borders,” said REALM founder and CEO, Julie Faupel.

“As this white paper reveals, today’s affluent are more mobile, more diversified, and more globally positioned than ever before.

“Real estate is no longer simply an asset class; it is an anchor point for lifestyle, legacy, and leverage.”

REALM founding member, John Eric, added: “Affluent families are no longer driven solely by lifestyle or prestige; they focus on security, legal reliability, and long-term strategy.

“Increasingly, they’re making quiet moves to place capital in jurisdictions that protect rights and offer geopolitical continuity. Real estate has become a vehicle not just for living, but for safeguarding a legacy.”

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