Tuesday, January 15, 2008
The rich are leaving London and moving overseas
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.