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A new report by Wetherell, using information and analysis sourced from Dataloft, EGI and Westminster City Council has revealed there are now over 2,000 millionaires living in Mayfair that contribute £2.5bn to the local economy. This is achieved by employing staff, luxury shopping, spending on consultants and other expenditure.
A huge 50 per cent of privately owned homes in Mayfair are worth between £2m and £10m, 45 per cent are valued at over £10m. The most expensive homes can be worth a whopping £200m.
Mayfair’s residents are from over 42 nationalities, 60 per cent of these residents are born overseas. Mayfair has become the “London address of choice” with many wealthy residents coming from countries such as Qatar, Saudi Arabia, Kuwait, Abu Dhabi, France, Germany, Italy, India Nigeria and Russia.
The households valued over £15m will spend £4.5m in Mayfair for a typical stay of 90 days. Even if a stay of just one day they will bring in £50,000 into the local London economy.
Peter Wetherell, chief executive of Wetherell said: “A key misapprehension is that Mayfair’s ultra-wealthy residents don’t contribute to the local economy. Our new Mayfair’s Golden Decade Report shows very clearly that in fact they do make a huge contribution and that the wider shopping, leisure and employment sectors benefit from a massive “trickle-down” economic benefit.”
Wetherell adds: “Some commentators also incorrectly believe that foreign property owners lead to a ‘lights out’ situation in the housing market. Again, this is another misapprehension. In fact, 40 per cent of Mayfair’s overseas residents are “resident Anglophiles” who choose to make London their main home, recording that they have lived in London as their main home now for over ten years.”