London: The city of London is the "unchallenged magnet" for the world's billionaires and home to 23 richest people, including NRI steel tycoon Lakshmi Mittal. No other city holds such captivating power over those who can live in the finest style anywhere they choose, a report said.
Other large cities, such as New York, Moscow and San Francisco, may compete with London for resident billionaires, but their elite are home-grown. Of the 23 billionaires in London, only 12 are British. The rest come from countries as varied as India, Iceland and South Africa, Daily Mail, a leading tabloid reported on Friday.
Forbes, the house magazine for the rich and powerful, is of the opinion that London's appeal lies in its accessibility, stability, low taxation and the global standing of City institutions.
"Many cities vie for the title of the world's capital, but London still attracts the elite of the world's rich and successful. And it can lay claim unchallenged to one title: it is the magnet for the world's billionaires," Paul Maidment, of Forbes.com said.
Mittal, the richest man in London, is worth 12.27 billion pounds. The 55-year-old is wealthy enough to have bought a 70 million pounds mansion off Hyde Park that is not even his permanent address.
He invited 1,200 guests to the wedding of his daughter Vanisha at a cost of 30 million pounds and his fortune is larger than the economic output of some African countries, the report said.
Another NRI, Anil Agarwal is the seventh richest resident in Landon with a fortune worth 1.4 billion pounds.
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