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I have a question - define "filthy rich". As in, in terms of net worth, are we talking about:
- $15 million USD+
- $25 million USD+
- $50 million USD+
- $100 m - 1 billion USD+
It would help provide some context, as one of the top questions an ultra high net worth family/individual would ask before relocating anywhere is - what are my tax implications if I were to change my permanent residency? There are some huge legal and tax regime differences between the U.S. and the UK, which can easily tip the balance of this decision.
Currently living in NYC. I haven’t been to London yet so I can’t comment on London and I don’t know if I want to live there. But I have been to Tokyo, Hong Kong and Singapore and I would much rather live in NYC over any of these cities.
If I were filthy rich, I would split my time between Manhattan NYC, Los Angeles and San Francisco and buy mansions in each. NYC, LA and SF are hands down my top three cities in the country after traveling back and forth between all major west and east coast cities over the years.
At least in the US, NYC is really one of a kind city that is unparalleled in its depth and influence. There is no where like Manhattan and there will probably never be.
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Quote:
Originally Posted by bostonkid123
I have a question - define "filthy rich". As in, in terms of net worth, are we talking about:
- $15 million USD+
- $25 million USD+
- $50 million USD+
- $100 m - 1 billion USD+
It would help provide some context, as one of the top questions an ultra high net worth family/individual would ask before relocating anywhere is - what are my tax implications if I were to change my permanent residency? There are some huge legal and tax regime differences between the U.S. and the UK, which can easily tip the balance of this decision.
The main difference being the UK authorities will only tax you for money made in the UK and terms of investments many wealthy people have offshore accounts, so evade most tax.
As for property tax, London has far lower taxes than NYC.
In terms of filthy rich, it's usually billionaires rows these days and London has a number of these type of areas.
It's a close one but I would choose London. I've actually thought about living there, although I've thought about the Hudson Valley area of New York as well. But in 2020, I may be better off in London although I'm not sure how the Brexit situation will affect the city and country. Anyhow, I feel like London looks a bit more relaxed and less of an urban jungle than New York. I also always thought it's like an Anglo/English speaking version of Tokyo, and has more diversity which is one advantage it has over my favorite city where you pretty much have to be Japanese and be able to read, write, speak Japanese fluently to live and work there.
London just isn't that "cool" to me for a huge variety of reasons. I'm sure deep down most people know what they are.. Plus the U.K. is just way too insignificant to even consider living in in the first place. And now that they've left the E.U.? Wow what a mistake that was.
London just isn't that "cool" to me for a huge variety of reasons. I'm sure deep down most people know what they are.. Plus the U.K. is just way too insignificant to even consider living in in the first place. And now that they've left the E.U.? Wow what a mistake that was.
If you filthy rich why would anyone want to live in big citties
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