The number of individuals earning over £1 million in the UK has risen to 18,700 in the last year (2015-16), an increase from 15,000 the previous year, according to HMRC’s most recent data.

Over a third, 36 percent, of all UK taxpayers earning over £1 million are based in London, with 11 percent (2,000) of them living in the borough of Kensington and Chelsea.

Many of those in the UK earning over £1 million are high net worth (HNW) foreign business executives, investors and non-doms, with investors from emerging markets being particularly attracted to London, as a global financial centre.