This is how the richest people in London spend their money
If you had millions to spend, would you spend it on this?
London: one of the world’s global hubs and he home to some of the richest, most successful and wealthiest people in the world. Mayfair is often defined as one of London’s most luxurious areas and for good reason. According to Estate Agent Wetherell, there are 2,000 households in Mayfair that contribute an outstanding £2.5billion to the UK economy through spending. But what, exactly did they spend their money on? Wetherell, using information from Westminster City Council as well as Dataloft and EGI found the following:
According to the research, an entry-level flat in Mayfair costs an average of £1 million and the average home costs an estimated £4.8 million and some of the most expensive flats in the area have been valued at an eye-watering £200 million. Not all of the money spent on property comes through purchasing, though. Wealthy residents from all over the world but particularly Qatar, Saudi Arabia and Abu Dhabi see Mayfair as the London address of choice and therefore choose to rent property there for temporary visits rather than to buy it. And incase you’re wondering, the average rental in Mayfair costs £1,387 per week. On average, during a 90-day period, overseas residents in Mayfair will spend £4.5 million, sometimes amounting to an incredible £500,000 in a day. As you’d expect, only the best interiors are a match for these types of households and can result in £2.7 million of expenditure, with £750,000 of this spent on artwork.
Mayfair Prestige
If the expenditure from these homes is as much as the above states, it’s safe to say that each home’s outgoings are perhaps going to be equally as large. According to the report, one household can spend an average of £350,000 on the salaries of six different members of domestic staff, ranging from nannies to chefs and chauffeurs. And don’t forget the lawyer and in-house publicists, whose salaries can reach up to a remarkable £300,000 a year. Personal security is imperative too, often costing households a further £150,000.
SWNS
Men and women living in this much luxury surely need to ensure that they look their best at all times of the day, which is why some of these households can typically spend an amazing £100,000 per year on medical and cosmetic procedures. A further £117,000 is also said be spent on keeping fit, with a huge chunk of this money spent on personal trainers. Grooming can cost an average of £19,000 per year and don’t forget retail therapy, which costs the average household an astronomical £664,000 per year. The average household eats and drink out of the house around 4 times a week, but they still manage to spend around £137,000 a year on entertaining inside the home. School fees and tutoring can cost an average of £100,000 per household per year, and don’t forget the stuff that really matters – the boys toys. Naturally, these cost more per year than a child’s education, with the average home spending £125,000 a year on fast cars, the latest gadgets and blinged out ‘boys toys’.
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