London is home to 67 billionaires

The average billionaire is worth £1.79 billion, has four luxury homes and more than £350 million cash in the bank, research revealed yesterday.

There are 2,170 billionaires around the world with a combined worth of £3.88 trillion - double the figure from five years ago.

And London is the number one chosen destination in Western Europe for the super-rich - with 67 of these people living in the capital.

Paris boasts 25 billionaires while tax haven Geneva has just 18 residents with assets running into ten-figures.

Of these, 60 per cent are self-made billionaires, 20 per cent have inherited wealth with 20 per cent having part-inherited, part-made fortunes.

The likes of Roman Abramovich and Lakshmi Mittal will typically own four homes around the world.

 Incredibly, they will never spend less than £10 million on a house in London unless it is for a servant. And it's traditional family homes, which they choose for their number one residence.

This is according to the Ultra Prime Barometer Survey, which yesterday revealed the average billionaire has at least £50 million of homes.

The research, by Beauchamp Estates and Dataloft, looks into the property portfolios of ultra high net worth individuals (UHNWI) across Western Europe.

In London, the elite buy mansions in the 'platinum triangle' of Mayfair, Knightsbridge and Belgravia but also look for palatial residences in St Johns Wood and Regents Park.

It costs a staggering £250,000 a year to maintain each of these London properties with huge amounts spent on insurance, security and utility bills. 

On top of London, billionaires also need a European beachside home in their property portfolio, with the French Riviera, Tel Aviv, Tuscany and Greek islands the most popular locations.

These people are typically worth £1.79 billion and 86 per cent of them are married. They are family people with 2.1 children.

On average, they hold 42 per cent of their wealth (£760m) in private holdings, 35 per cent (£630m) in publicly held companies, 18 per cent (£350m) in cash, three per cent (£50m) in property and two per cent (£35m) in luxury assets such as artwork, yachts and private jet travel.

Three-quarters have a home in a city which is crucial to their financial, banking and business interest.

This helps boost London’s position as the number one Western European destination of the super-rich.

And it is all about the 'S' word with the wealthy buyers wanting a select location, size, space, security and a high specification.

The average London ultra prime residence, which the billionaires battle it out to own, has six bedroom suites and four reception rooms.

Most (96 per cent) have an outside garden, 39 per cent have a private swimming pool, 43 per cent have a cinema and 43 per cent have a gated driveway.

Beauchamp Estate believe it is a 'badge of billionaire membership' to have a London mansion in the 'platinum triangle' or St Johns Wood and Regents Park.

Gary Hersham, director of Beauchamp Estates, said: 'We advise UHNWI buying homes in London and around the Mediterranean to set aside budgets of typically £50 million to acquire the right properties.

'Most UHNWI buying in Western Europe see having an ultra prime home in Prime Central London and on the French Riviera as 'must have' badges.

'Others then decide they also want a Tuscan estate or residence on the Greek islands which adds another £10 million.'

Source-Dailym