Edited by Iain Hay and Jonathan V. Beaverstock
Chapter 11: Capital city? London’s housing markets and the ‘super-rich’
In recent years there has been significant popular interest in the spectacle, impact and increasingly conspicuous presence of the ‘super-rich’ within London’s population and the glittering symbolic landscape that has accompanied them. Despite more than half a decade of austerity and recession – following the global financial crisis of 2008 – life at the very top has, it seems, been very good for the very wealthy and the professions that service their needs and whims (Hay and Muller, 2012). A recent report (Capgemini and RBC Wealth Management, 2015), for example, estimates that there were some 14.6 million high net worth individuals (HNWIs) – each with US$1 million or more of investable assets – distributed around the globe in 2014. Yet in 2008 there had been just 8.6 million, suggesting that this population has grown by almost 70 per cent in just six years. Of this group, more than half a million (550 000) now reside in the UK, with the great bulk of them, perhaps unsurprisingly, living in London. The annual ‘rich lists’ produced by The Sunday Times are also helpful in identifying the individuals and families who possess huge amounts of wealth.
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.