The 2,000 millionaire households in Mayfair contribute £2.5billion to the London economy, according to a report from Wetherell.

The estate agency revealed the highest earners in the Westminster district helped protect property values and contributed by employing staff, shopping for luxury items, spending on consultants and other expenses.

Of the 4,348 properties in Mayfair, 1,305 are end user, privately owned homes, 870 are social houses, and 2,173 consist of privately rented dwellings occupied by affluent tenants.

Wetherell estimated that, out of the privately owned properties in Mayfair, 5% were worth less than £1million, 50% were worth between £2million and £10million and 45% were valued over £10million.

It also calculated 200 of the 2,000 millionaires were earning nine figure sums, while around 20 were billionaires.

Wetherell chief executive Peter Wetherell said: “A key misapprehension is that Mayfair’s ultra-wealthy residents don’t contribute to the local economy.

“Our report shows very clearly that, in fact, they do make a huge contribution and that the wider shopping, leisure and employment sectors experience a massive trickle-down economic benefit.”

Follow The Wharf on Twitter @the_wharf

Keep up to date with all our articles on Facebook