Winners and losers in 2018 global wealth market
By Cristian Angeloni and Robbie Lawther, 28 Jan 19
WealthX’s high net worth handbook reveals some big changes within the wealth sector last year
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Flocking to Paris
WealthX also recorded a 4.5% rise Y-O-Y of HNWs in Paris to 345,175 people in 2018. This was the biggest increase for HNW population for cities globally.
The biggest fall in HNW population for a city was Hong Kong, which registered a 11.1% decrease to 391,595 people in 2018.
Adam Myers, associate director at London and Capital, told International Adviser that “over the past decade the focus in France has been on taxing HNWs”.
“One of the key focuses of President Macron’s government is to make France and Paris specifically more enticing for wealthy families to live and work. There have been a number of changes which have meant that Paris has now become home to more HNWs than London, “Myers added.
“Working with a number of international HNWs living in France, I have seen that whereas before they felt that they would only live in the country for a short period of time, now they are looking at extending their stay and perhaps even retiring in the country.
“This decision isn’t an easy one, as for many clients they must take into account the French succession laws, among others, which are quite often contrasting to the rules in their country of birth. It is vital for clients debating living in France for the long term, to review their affairs both from a French and domestic perspective.”
Tags: Cash | Gold | High Net Worth | Liquidity
