“Wealth is mobile and moving fast,” says Liam Bailey, Global Head of Research at Knight Frank. As affluent individuals look beyond borders when deciding where to live, work and invest, the competition between global wealth hubs has certainly intensified. Yet despite a growing number of destinations vying for attention, London continues to occupy a unique position among the world’s leading cities.

For internationally mobile families, entrepreneurs and business leaders, the capital offers a rare combination of global influence, connectivity and opportunity. With world-renowned educational institutions, deep financial markets and a rich cultural landscape, London remains one of the most compelling destinations for international wealth.

Knight Frank’s Wealth Report highlights both the continued growth of global wealth and the increasing number of locations seeking to attract it. Between 2021 and 2026, the population of ultra-high-net-worth individuals (those with assets exceeding US$30 million) grew from 551,435 to 713,626. That represents 162,191 new UHNWIs in just five years, or 89 people crossing the US$30 million threshold every day.

As wealth becomes increasingly international, so too do the lifestyles of those creating it. Today’s globally mobile individuals often manage businesses, investments and family interests across multiple countries, reshaping the factors that influence residential decisions.

While taxation remains part of the conversation, it is rarely the sole driver. Liam Bailey explains: “What’s clear is while established wealth hubs like London face growing competition from lower-tax alternatives, both traditional havens and emerging hybrids often fall short when it comes to delivering the lifestyle, infrastructure and real estate quality the wealthiest now demand.”

For many buyers, the decision increasingly centres on access, convenience and quality of life. Alongside prime locations and exceptional design, there is growing demand for homes that offer privacy, security and a seamless living experience. This shift has accelerated interest in hospitality-led residential developments, where concierge services, wellness facilities and personalised support simplify everyday life.

Few developments embody this approach more effectively than The OWO Residences by Raffles.

Occupying one of London’s most historic addresses, The OWO sits at the heart of Whitehall, a district synonymous with government, diplomacy and public service. Originally home to the Old War Office, the landmark building has been meticulously restored and transformed into an exceptional collection of residences alongside the first Raffles hotel in the UK.

Its location places residents at the centre of one of the world’s most influential capitals, moments from St James’s, Mayfair and Westminster. At the same time, the development reflects the evolving expectations of international buyers, combining the privacy of a private residence with the service, wellness and concierge offering associated with the Raffles brand.

Alex Rusling, Head of Sales and Marketing at The OWO Residences comments: “International buyers can choose from more cities than ever, but in London the choice at the very top is narrowing. Since Westminster City Council began limiting the size of new homes, the larger apartments in central London have become increasingly rare. At The OWO Residences, we’ve recently unveiled an expansive four-bedroom duplex apartment designed and furnished by Banda, serviced by Raffles, with private outdoor terraces and views across the city skyline. This combination is almost impossible to find in this part of London, let alone within a landmark building with a Raffles hotel on the doorstep.”

The OWO also speaks to a broader characteristic that has long underpinned London’s appeal: its ability to evolve without losing its identity. While the city continues to adapt to the needs of a changing global audience, it remains rooted in the qualities that established its reputation as a centre of international commerce, diplomacy and culture. For globally mobile individuals seeking both opportunity and permanence, that balance remains one of London’s greatest strengths.