London is among the wealthiest cities globally that offer a unique contemporary luxury weaved into a rich cultural heritage. Offering prestigious exclusive clubs, vibrant casinos and high-end shopping destinations, London is undoubtedly the playground for elites, to say the least. It caters to the needs of over 200,000 millionaires, 300+ centi-millionaires, and more than 90 billionaires, most of which are from outside of the UK.
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So, whether you want to own property in London, know where celebrities hang out in the city or are planning a weekend getaway, this write-up offers you a sneak peek of London’s wealthy neighbourhoods where the rich and famous live and spend their time. Read on!
London Areas Where the Rich and Famous Live
Famous for its elegance and style, London has some of the poshest upscale neighbourhoods in the UK. Here are a few:
1. Knightsbridge
Being one of the richest areas in London, Knightsbridge hosts several exquisite restaurants and fashion stores like Harrod. The rent for a one bedroom apartment in this area ranges between £2000 to £6000 per month, with property value costing between £3 million to £25 million.
According to media reports, a significant amount of the wealth in Knightsbridge is from overseas residents and highly paid professionals. Among the rich and famous people you may bump into while exploring Knightsbridge include actor Ava Gardner, Tom Hardy, Kylie Minogue, and Benedict Cumberbatch.
Probably one of Knightsbridge’s most popular attractions among the wealthy is One Hyde Park, a residential and retail complex with a cinema, stainless steel ozone pool, wine cellar and a valet service. Buying a penthouse in this complex will cost you around £200 million or over £13,000 per square foot.
If you are a tourist, the things you can do while in Knightsbridge, London include:
- Window shopping at Harrods
- Taking a stroll through the leafy Hyde Park
- Visiting the Victoria and Albert Museum
2. Mayfair
Nestled in the City of Westminster, Mayfair has been capturing the attention of celebrities and wealthy investors for years. The neighbourhood borders Green Park to the south and Hyde Park to the west. Moreover, the distance between Buckingham Palace and Mayfair is around 1 mile.
Regarded as one of the poshest areas to live in London, purchasing a home in Mayfair will cost you an average of £5,388,006. Living here will give you an opportunity to enjoy several luxurious shopping stores, exclusive membership clubs, and Michelin-starred restaurants.
What’s more, the likes of Queen Elizabeth II, Jim Hendrix, Winston Churchill, Lloyd Webber, and Vivien Leigh used to call Mayfair home. Today, this neighbourhood is inhabited by mostly centi-millionaires and billionaires, including models, musicians, and celebrities.
3. Chelsea
ost people around the world know Chelsea because of Chelsea F.C. and Stamford Bridge, but not many know Chelsea to be one of the poshest places in London. The average cost of property in this neighbourhood ranges between £1.7 million and £30 million, with the average monthly rent costing upwards of £2000 for one-bedroom apartments.
Known for its affluent residential areas, Chelsea is home to rich and famous people like Rowan Atkinson (popularly known as Mr Bean), Sir Richard Branson (the owner of Virgin Group) and Sir Evely de Rothschild.
The neighbourhood hosts some of the most high-end shopping boutiques, luxurious restaurants, and vibrant galleries in London. Speaking of which, art enthusiasts can visit the Saatchi Gallery along The Duke of York’s headquarters to appreciate amazing displays of contemporary art.
Another tourist attraction worth exploring while in Chelsea is the Chelsea Physic Garden, a historic botanical garden that attracts thousands of gardeners from around the world. Last but not least, tourists can explore Chelsea Harbour and get to appreciate the expensive yachts of the wealthy.
4. Belgravia
This prestigious and exclusive residential area was designed in the 19th century and consists of mostly Georgian architectural-style buildings. It offers a blend of refinement and sophistication with its huge stucco terraces and elegant garden squares. What’s more, Belgravia is around two minutes from Buckingham Palace and offers an easy walking distance to Knightsbridge, Chelsea, and Hyde Park.
The affluent district consists mostly of royal family members, celebrities, politicians, and business magnates. They love it for its quiet traditional streets that offer a rather discreet feel.
The tourist attractions to expect here include Walk the Embassies, The Grenadier, and Ian Fleming Blue Plaque. You’ll also find upscale stores, world-class restaurants, private clubs, and serene garden squares designed to serve affluent residents.
As you would expect, the cost of living in Belgravia is quite high. The average rent for a one-bedroom apartment will cost you between £2000 to £3000 per month.
Where the Rich and Famous Shop in London
London caters to the needs of even the most discerning shoppers with its endless shopping opportunities. Here are a few spots where London’s rich and famous love to shop:
1. Harrods
Harrods started as a humble grocery store in 1849 is now among the most popular luxury department stores in London. Harrods is located on Brompton Road in Knightsbridge and is known to offer rich and famous residents unparalleled shopping experiences. The likes of Justin Beiber, Halle Berry, and Jennifer Lopez have been spotted shopping here.
This upmarket department store consists of 7 floors with up to 330 departments filled with high-end products, including food, homeware, fashion, and technology. To make the most of this place, consider visiting it during evening hours. This is when it’s lit up with over 11,000 light bulbs, which create a radiant and mesmerising glow.
2. King’s Road
A lot of rich and famous individuals in London prefer taking their shopping obsession to King’s Road for many reasons. For starters, King’s Road boasts some of the best independent and high-end stores in London city, including designer stores, fashion boutiques, and cafes.
If you are there as a tourist, consider visiting the Peter Jones and Cath Kidston department stores. If you are into antiques, don’t forget to explore the Chelsea Antique Market. It’s one of the longest-running antique fairs in the UK, with over 25 independent dealers.
3. Dover Street Market
This six-storey fashion store is located in Mayfair. It hosts a range of luxurious designer brands, including Alexander McQueen, Supreme, and Balenciaga. The store’s address is 18-22 Haymarket, London.
If you are using public transportation, Dover Street Market is easily accessible via the Piccadilly Circus on Piccadilly and Bakerloo, which is the closest Tube station.
4. Sloane Street
Some of the World’s most esteemed designers, including Gucci, Tom Ford, Valentino, and Roberto Cavalli, have set shop on Sloane Street. Its chic setting for showing luxurious brands makes it an excellent destination for window shoppers.
Sloane Street is located in the Royal Borough of Kensington and Chelsea, a few minutes from Sloane Square station.
London Restaurants, Bars, and Clubs the Rich and Famous Love
London’s vibrant nightlife and culinary scene has been offering celebrities, investors, and athletes unparalleled entertainment and dining experiences for years. Below are some of the spots the rich and famous love to visit:
1. Mahiki
Nestled in Dover Street, the Mahiki Club is famous for its Polynesian-themed fun. It’s regarded as London’s legendary Tiki paradise because its atmosphere, music, and decor are inspired by the tiki culture from the ’60s.
A lot of affluent and famous individuals frequent this club for memorable nights out in London. Here, they get to enjoy tropical-themed drinks, light bites, live performances, and karaoke nights. Moreover, it offers a versatile space for event planners as well.
Some of the well-known faces that have been spotted in Mahiki include Jay Z and Beyonce, Prince Williams, Rihanna, and Jade Thirwell. It’s worth noting that reserving a table at Mahiki will cost you around £20 per head. And that’s besides the minimum spend.
2. Bluebird
Bluebird’s gorgeous interior is probably one of the reasons the rich and famous Londoners love to dine and wine in this restaurant. Located in the Chelsea neighbourhood, the building itself was converted from a garage designed for the Bluebird Motor Company in 1923, making Bluebird an excellent spot for contemporary dining.
Inside, Bluebird restaurant features a sultry-looking cocktail bar surrounded by art deco with a modern setting. The menu of this place usually consists of European food and cocktails. Familiar faces to have stepped foot in Bluebird include Kimberly Garner, Pippa Middleton, Lottie Muss, and Millie Mackintosh.
3. Raffles London at The OWO
The walls of this prestigious hotel ooze history the moment you lay your eyes on it. The building was designed to serve the British Army in the 1900s. Moreover, Raffles was once home to Sir Winston Churchill, an aspect that has significantly contributed to its charm and allure.
The Raffles London at the OWO opened its doors to the public in 2023. It offers luxurious amenities like spacious rooms and suites, bars and restaurants, and spaces for private events. Other amenities include a state-of-the-art gym and movement studio, a pool, and a serene restorative spa for skin care and beauty treatments. Additionally, its rooftop offers panoramic views of the vibrant city of London.
Raffles London at the OWO is also famous for its premier dining experience. Here, guests have up to 9 restaurants where globally acclaimed Michelin-starred chefs and renowned dining brands showcase their top-notch dining options to the wealthy and famous individuals staying at this hotel. It also has three bars serving exquisite cocktails, excellent cognacs, and expensive champagnes.
Members Clubs in London for the Rich and Famous
The history of members’ clubs in London dates back to the 17th century, during the days of gentlemen’s clubs. Normally, individuals joining these private members’ clubs are required to pay annual membership fees. There are also a range of upmarket casinos in London’s famous Mayfair district, popular with the rich and famous who like a flutter.
In terms of London members clubs, here are some where wealthy Londoner set love to hang out:
1. Soho House Club
Soho House is a private members’ club founded in 1995 to provide a venue for like-minded creative thinkers to meet, socialise, and grow. The club has grown immensely over the years, giving birth to a global chain of hotels and other private clubs. It now boasts 28 clubs, eight of which are based in London.
Members enjoy comfortable and unique experiences each time they visit these venues, including relaxing, drinking, working, and exercising.
Typically, members with full house memberships are given access to all the clubs affiliated with Soho House, including the services being offered. Annual local membership costs $1,950, and the Every House membership costs $4,500.
The best part is that individuals aged below 27 years pay a lower membership fee until they are 30. They also get a 30% discount on food and drinks from time to time.
2. The Ned
Soho House and Sydell Group launched The Ned in 2017, marking the birth of a new private members’ club in the history of London’s private clubs. The building itself is indeed iconic. It’s a former Midland Bank building designed in the 1920s and took around five years to repurpose.
The Ned club members have access to 250 bedrooms, a gym, a spa, 17 bars, 10 restrooms, an events and private meetings floor, and a rooftop pool.
What’s fascinating is that the original 20-tone, two-metre-wide bank vault is still there. The all-hour cocktail bar is called The Vault Bar & Lounge.
3. Groucho Club
Groucho Club is located in Soho, Central London. It was founded in 1985 by a group of mostly women publishers to offer a stylish and sophisticated venue for like-minded creatives to meet, work, and socialise.
Today, the Groucho Club serves as an iconic cultural institution that offers a refuge for literature, art, and media folk. It houses a collection of over 22,500 volumes of contemporary art and literature by prominent artists.
Groucho Club aims to attract younger generations while preserving its legacy and heritage. It’s an excellent club for mentoring future creatives. It promises a vibrant and thrilling atmosphere for its members. The club consists of members’ bedrooms, as well as a bar and restaurant.
London Hotels for the Rich and Famous
Wealthy visitors to London without their own luxury London holiday home often chose to stay in some of the most luxurious hotels in the world, located here in London. The London hotels popular with the uber-wealthy and global celebrities include The Lanesborough, The Ritz London, Mandarin Oriental Hyde Park, Claridge’s, The Connaught, The Dorchester, Shangri-La at The Shard, The Savoy, Rosewood London and the Bulgari Hotel London. For those with the means to buy a slice of London’s super prime property, there are some opportunities to be had..
Navigating London’s Super-Prime Properties Scene
Now, let’s explore the high-end real estate market of London. As noted earlier, London attracts wealthy buyers from around the world due to its investment potential.
However, London’s property market tends to pause whenever there are uncertainties. This was evident during the pandemic, the Brexit vote, and the financial crisis in 2008.
Nonetheless, London has recorded a sales increase of properties worth more than GBP10 million between 2022 and 2023. Neighbourhoods like Mayfair, Kensington, and Belgravia recorded billions in property sales across London, marking the highest sale of Super prime properties in 15 years. The increase can be attributed to the fact that the UK had just come out of lockdown.
A Forecast of Prime Property Prices in London
According to a Statista report early this year (2024), the price of houses in London would slightly fall throughout the year. However, a lot of real estate experts believe that the prime residential property market in London could increase due to the 2024 election.
Besides, the availability of new super prime properties will dwindle in the future since the projects that had started before the pandemic are expected to be completed, with very few projects being started to replace them. As such, the lack of fresh-build projects could impact property sales in London.
Another reason London is expected to experience a slow rate of prime new-build properties is due to the restrictions on the constructions of apartments larger than 200 Square metres. In that case, estate agents have been urging investors to snap up bargains early enough to secure the right properties.
2024 is Likely a Buyers’ Market for Those Interested in London’s Prime Properties
Regardless of election uncertainties, 2024 and beyond is most likely to be a buyers’ market. Some real estate agents have noted that prime properties in London have been selling faster compared to last year, citing the fact that the rise in inflation and interest rates held investors back in 2023.
Moreover, properties worth £10 million and above have shown a better performance compared to 2023.
Local Insights Into London’s Prime Property Market
If you intend to own property in London’s affluent areas, take a look at the insights below.
- Mayfair and St James’s: Reportedly, properties in Mayfair and St James’s are offering good investment opportunities. The price of property in these prestigious neighbourhoods is 20%+ below their peak levels. The cost per square foot is averaging at around £2000, 18.6% below the peak price. The last time the price per square foot was below £2000 was in 2017.
- Knightsbridge and Belgravia: Massive discounts in property prices have been recorded in Knightsbridge and Belgravia as well. They are 17.6% below the peak levels, with flats remaining in high demand.
- Kings Cross: Typically, flats account for the majority of property sales in these neighbourhoods. Currently, the average new peak of properties in King Cross is £1,270 per square foot.
Final Thought
London, the capital of the UK, is among the most expensive cities globally. Its rich history and culture have provided the discerning rich and famous with an outstanding living experience for many years. The city offers good investment opportunities and has a relatively favourable legal system for the rich.
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