London (AFP)

The UK election campaign has shone the spotlight on the ultra-rich, a closed world whose Labor Party has consistently targeted privileges against much more conciliatory conservatives.

Attractive tax regime, prestigious private schools, global financial center: an overview of what makes the UK and London so attractive to the wealthiest.

- Who are the ultra-rich? -

The Sunday Times counted last May 151 billionaires in the country. The 1,000 richest individuals and families hold a wealth of 771.3 billion pounds, a record.

The greatest fortunes come from all over the world, from Asia and from Russia and the United Kingdom.

Two brothers of Indian origin, who lead the Hinduja conglomerate, are at the top of the ranking with a wealth of 22 billion pounds. The Russian businessman Alicher Usmanov is in eighth place ahead of his compatriot Roman Abramovich.

According to figures from the National Bureau of Statistics (ONS) for the period between 2014 and 2016, London, known for its upscale neighborhoods like Mayfair or Belgravia, alone has 515,000 individuals with a wealth of more than one million pounds.

- Favorable tax regime -

If the UK is so attractive, it owes it to a particular part of its tax regime, namely the "non-dom" status that allows some UK residents to keep a tax domiciliation abroad and not to pay income tax earned outside the United Kingdom.

For Andrew Summers, assistant professor at the London School of Economics (LSE), this measure is especially advantageous "for foreigners who derive significant income from their investments because this is the easiest way to get out of British taxation through non-dom status ".

According to the latest figures from the UK's Tax and Customs Service, 78,300 people were granted this status in 2017-2018, which allowed them to pay 2 billion pounds less tax to the Treasury.

Another advantage of the UK tax system is that capital income can be taxed very little by means of rebates, and the tax on real estate is derisory on the most expensive residences. And unlike France, there is no wealth tax in the UK.

- Education and financial services -

"Many wealthy people decide to come first for the education of their children," says AFP Efun Chin, who runs the law firm Mayfair Legal in London.

"This is what attracts the most since many heads of state in the world are graduates of British universities," he said. And the UK is known for its priceless private schools where children from wealthy families benefit from privileged teachings.

In addition, anyone investing at least 2 million pounds in the country can benefit from a visa (Golden visa) allowing them to stay five years.

"It would be a mistake to think that paying less taxes is the only reason" that attracts the most fortunate, observes Mr. Summers, interviewed by AFP.

It discusses the benefits of doing business, international openness, the widely shared English language, a respected legal system and the stability of its political institutions.

London and its City benefit especially from an international radiation and are full of business bankers and lawyers able to accompany the most fortunate ones.

-Brexit and Labor, foils? -

Despite the vote for Brexit 2016 and uncertainties on the release date, the country remains a preferred destination for the ultra-rich. "Of course they talked about Brexit, but that did not stop them," Chin said.

Diplomatic tensions in 2018 between the United Kingdom and Russia, for example, may have had a much larger temporary effect.

Mr Summers observes, however, that the United Kingdom has so far benefited from its "gateway position to the EU, but this status is now less certain" with Brexit.

Remain in the shorter term, a hypothetical victory in the next Labor Party elections that promised to target the rich. "If Labor is going to close independent private schools, I think that would have an effect," says Chin.

© 2019 AFP