Tuesday, January 15, 2008

The rich are leaving London and moving overseas

Is London losing its lustre?

Last year, London was in the middle of a full-throttle, moneyed, golden age. But suddenly the super-rich are showing signs of having had enough. The have-yachts are sailing away. London is beginning to lose its appeal. The Greek shipping families recently held a meeting to discuss re-locating to Cyprus. German fund managers are considering Geneva, as are various French entrepreneurs. American hedge fund managers want to cash in their real estate in Kensington and return to Connecticut where their children can have a pool in their backyard. "The weather is dire, the streets are dirty, the rubbish is rarely collected, the transport is dire." It will be back to the late 1970s when London was a dreary place with rising crime, terrible food and dowdily dressed women.

Posted by drewster @ 12:09 AM (976 views)
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14 thoughts on “The rich are leaving London and moving overseas

  • I don’t mean to play devil’s advocate, but this article is a string of anecdotal stories and thin on facts and figures. I would expect better from the Telegraph.

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  • Yes, what a tragedy it would be to lose people like this. I am devastated.

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  • David Smith's Sub Prime. . . says:

    Excellent news!

    Its about time that London people realised how bad it is in the rest of the UK.

    But anyway aren’t they an economy on their own? So great they can may for a whole new infrastructure. Not the rest of the UK.

    Metronet, Crossrail, St Pancras and Kent extensions, Olympics (East end clear up for property speculators). All these were paid for by the London local taxes weren’t they?

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  • Good.

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  • Where do these people live where nobody collects their rubbish? I’ve lived in London for 20 years and never had a problem.

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  • Transport is also a huge gripe. Luca, an Italian South African, said: “Heathrow is a shambles. I have to fly from it three times a week and the planes are always delayed or there are threats of strikes. “It takes hours to clear immigration and bossy officials constantly scream at you. It makes me yearn for Zurich or Geneva. I’d move to Singapore or Dubai but my wife won’t.”

    The bulls not long ago were arguing how great another runway would be………. oh dear, how some are unable to see the woods for the trees.

    With the pound sinking, crime rife, transport at a standstill, poor weather…. why would anyone with millions want to stay in London for the hangover ? Northern Rock and Gordon Brown have destroyed Londons reputation in less than 12 months as the No.1 financial centre and playground for millionares

    Note this extract from the article:

    ‘Isabella, whose children go to the Lycée, went to more leaving parties than Christmas parties last month. “It’s really sad, it feels like the end of an era,” she says.’

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  • The UK is a dump. London is the only cool thing about it

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  • Depends where in London you live, I like my patch the rubbish is collected, the streets are swept and dog eggs are a rarity. The trains work and are generally on time within 5 mins and there’s a wide choice of food, some of which is not to everyones taste I’ll agree. I’ve noticed that it does rain and can be a bit chilly especially in the winter months. Alas I do hope the loss of The Greek shipping families doesn’t hit their local kebab shop too hard.

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  • Yes, David Smith, all those were paid for by taxes raised in London – the biggest NET contributing region in the UK budget. London subsidises the rest of the UK, not the other way round.

    Say thankyou.

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  • Cheerio then & don’t come back. Most of us would always rather have been poor than serve you anyway.

    Maybe we might become less of a target for revenge attacks once the International Capitalist Barons piss off somewhere else with their well earned wealth?

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  • @Andy: Yes it’s anecdotal, but that’s all we have to go on – the ONS doesn’t publish quarterly numbers of rich foreigners in London. This can only be inferred from anecdotal stories from estate agents, fee-paying school-mums, and Aston Martin dealerships. I commend this journalist for detecting a sea change well before it becomes noticeable in the statistics.

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  • This is an incredible article –
    “Non-doms own the biggest houses, get tutored for the best schools and their chefs always win the best cake competitions. The English aren’t quite as competitive. We might relax a bit more.”

    I nearly wet myself.
    These people are vile – it is utterly sickening that we effectively go cap in hand to them as a country. Personally, they contribute nothing to this country – we can talk all we want about contributions to the economy, spending, charity, taxes etc. etc., but how much of that actually stays in the UK? A country is built on making and selling – the sooner we realise this the better.

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  • C’mon “yacht-people”, never mind Cyprus or Geneva, sail up to Hartlepool – we’ve got a lovely marina and some well-cheap property. The Olympics isn’t coming, but the Tall Ships race is, so plenty of opportunities to set up some deals, bribe local officials and fleece the tourists – you’ll be coining it in again in no time.

    You’re sure of a warm welcome as you flee the results of your greed and incompetence, and if it all gets too much, faking your own death at sea couldn’t be easier.

    Oh, but be sure you’ve got a decent immobiliser on your boat…

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  • I lent some of my Polish housemates my camera a year ago, as they were going to visit London for the day. The first thing the took photos of were the Macdonalds wrappers all over the place, and commented how much rubbish there was……

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