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Here is everything the richest people in London spend their money on

Here is everything the richest people in London spend their money on

Mayfair is in central west London and is next to Hyde Park and near Buckingham Palace.

Here is everything the richest people in London spend their money on

Wetherell said "entry level” flats in Mayfair now cost over £1 million while the average home costs £4.8 million.

Wetherell said "entry level” flats in Mayfair now cost over £1 million while the average home costs £4.8 million.

The most expensive homes in Mayfair are currently valued up to £200 million, says Wetherell.

The most expensive homes in Mayfair are currently valued up to £200 million, says Wetherell.

But since Mayfair is also the “London address of choice” for wealthy residents from Qatar, Saudi Arabia, Kuwait, Abu Dhabi, as well as many other countries, many choose to rent plush properties instead of purchasing them.

But since Mayfair is also the “London address of choice” for wealthy residents from Qatar, Saudi Arabia, Kuwait, Abu Dhabi, as well as many other countries, many choose to rent plush properties instead of purchasing them.

Wetherell said the number of millionaire residents in Mayfair can double during the summer and winter months. Rental prices in Mayfair go for an average of £1,387 per week.

Wetherell said the number of millionaire residents in Mayfair can double during the summer and winter months. Rental prices in Mayfair go for an average of £1,387 per week.

Over 60% of Mayfair’s residents are born overseas, up from 49% in 2001, and range across 42 nationalities. They are also the area's biggest spenders.

Over 60% of Mayfair’s residents are born overseas, up from 49% in 2001, and range across 42 nationalities. They are also the area

The Wetherell report says that overseas residents in Mayfair homes valued over £15 million typically stay in the area for just 90 days at a time. During this period, the household will spend £4.5 million, while one day "creates expenditure of £50,000 into the local London economy."

The Wetherell report says that overseas residents in Mayfair homes valued over £15 million typically stay in the area for just 90 days at a time. During this period, the household will spend £4.5 million, while one day "creates expenditure of £50,000 into the local London economy."

The average annual household spend goes on services that the ordinary Briton can only dream of. For example, "£325,000 is spent on domestic staff salaries consisting of typically six staff consisting of butler, chef, chauffeur, nanny, housekeeper and maid."

The average annual household spend goes on services that the ordinary Briton can only dream of. For example, "£325,000 is spent on domestic staff salaries consisting of typically six staff consisting of butler, chef, chauffeur, nanny, housekeeper and maid."

The report also highlights how £300,000 is spent on a lawyer, publicist/PR and other professional consultancy fees.

The report also highlights how £300,000 is spent on a lawyer, publicist/PR and other professional consultancy fees.

Those £15 million+ households also typically spend £100,000 a year on medical and cosmetic treatments. Harley Street, nearby, is famous around the world for these types of procedures.

Those £15 million+ households also typically spend £100,000 a year on medical and cosmetic treatments. Harley Street, nearby, is famous around the world for these types of procedures.

£117,500 is also spent on leisure and sports, including personal trainers.

£117,500 is also spent on leisure and sports, including personal trainers.

The report says that out of £2.7 million spent each year on interiors, £750,000 is on artwork and £4,500 is doled out on flowers.

The report says that out of £2.7 million spent each year on interiors, £750,000 is on artwork and £4,500 is doled out on flowers.

Since these high-net worth individuals are usually in high positions of power, they typically spend £150,000 on security too.

Since these high-net worth individuals are usually in high positions of power, they typically spend £150,000 on security too.

Shopping in nearby Bond Street is usually a rite of passage for the rich and famous too. Mayfair residents usually spend over £644,000 per year on shopping.

Shopping in nearby Bond Street is usually a rite of passage for the rich and famous too. Mayfair residents usually spend over £644,000 per year on shopping.

Personal grooming is also a favourite for the ultra-rich — £19,500 is spent on this service per year.

Personal grooming is also a favourite for the ultra-rich — £19,500 is spent on this service per year.

Wetherell says that the Mayfair residents also spend around £137,000 on food and entertaining on average, while £72,000 of this amount goes on just fine wines and champagne. This is because over two-thirds of Mayfair residents typically eat out around four times a week.

Wetherell says that the Mayfair residents also spend around £137,000 on food and entertaining on average, while £72,000 of this amount goes on just fine wines and champagne. This is because over two-thirds of Mayfair residents typically eat out around four times a week.

Around £100,000 is spent on school fees and education – one of the lowest costs for these households.

Around £100,000 is spent on school fees and education – one of the lowest costs for these households.

And, of course, £125,000 on average is spent on electronic gadgets and other "rich-boys toys," said Wetherell.

And, of course, £125,000 on average is spent on electronic gadgets and other "rich-boys toys," said Wetherell.

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