The London Daily News

- New York is now city of choice for “uber-rich”

City News Desk

London is no longer the top choice for wealthy investors and bankers; New York has assumed top spot, according to the 2010 Wealth Report published by Citi Private Bank and Knight Frank.  Bankers are complaining that an attack on city bonuses and new tax laws, have all put off wealthy investors from living in London prompting Liam Baily of Knight Frank in the FT to say:

"The UK's capital has suffered more than many financial centres and there is a growing concern among footloose international elite over threats to the previously stable tax environment".

New York leads the league table of the top spots for the rich to live, with London, Paris and Tokyo following behind.

The Wealth Report also highlighted that "prime properties" in London are being used as a "defensive asset class".