Tax laws encourage billionaires to reside in London, according to new survey

London attracts the most wealthy people from around the world due to its mild tax laws.

The city has 23 resident billionaires, of which 11 are not homegrown. Although New York can claim 34 billionaires residing in the city, most are from the US, according to a survey by Forbes.com

Lakshmi Mittal of Mittal Steel, Chelsea FC owner Roman Abramovich, and Dutch heiress Charlene de Carvalho-Heineken are the richest billionaires residing in London.

Forbes.com's Paul Maidment said that UK tax laws enabling foreigners to be taxed only on UK earnings meant that the UK was viewed as a tax haven by the 'mega-rich'.