The UK’s top private schools have experienced a rush of applicants from the world’s richest families since the fall in sterling following last year’s Brexit vote.

In its annual Wealth Report, real estate consultancy group Knight Frank reported that while rich foreign families have traditionally preferred to send their children to the US for their education, the cheap pound means private education in the UK has become more competitive.

The report details the habits of ultra-high-net-worth individuals (UHNWIs) – those who have $30m (£24m) or more in net assets.

Commenting on evidence published in the report, Ed Richardson, director of education at Keystone Tutors, said that although the US, Switzerland and Australia along with a number of other countries all attract students from overseas, the UK’s private boarding schools are still seen as the “gold standard”.

“Currency, quality of life and access to the best universities are the key trends boosting demand for a British education,” he added.

“Ambitious families in Singapore have traditionally sent their children to schools in the US, not necessarily because they think they are better, but because of the cost.

“Now, they are telling me that the fall in the value of the pound is making the UK look much better value. That sentiment will be echoed in many other places.”

Pound sterling has fallen to a 31-year low following the UK’s referendum vote to leave the EU last year.

Pisa rankings 2015: The best countries in the world for education Show all 20 1 /20 Pisa rankings 2015: The best countries in the world for education Pisa rankings 2015: The best countries in the world for education Singapore Singapore was the top performing country across all three subjects (maths, science and reading) in the 2015 PISA tables. The small Asian country is renowned for its high academic standards and produces excellent results, particularly in mathematics. Pupils here learn maths by what is known as the “mastery method,” which teaches children how to solve problems as a class and errs away from more traditional recitations of formulae. Singapore selects its teachers from the top 5 per cent of graduates, and teachers are very highly regarded as societal influencers. Getty Pisa rankings 2015: The best countries in the world for education Japan Japanese schools came in 2nd for Science, 5th in the world for maths and 8th for reading skills. Japan has one of the best-education populations, with zero illiteracy recorded and strong emphasis on arithmetic and geography. While children around the world typically learn between 26 and 33 letters of the alphabet, Japanese pupils will know 1,006 kanji characters by the time they leave primary school. Getty Pisa rankings 2015: The best countries in the world for education Estonia Dubbed the “new Finland” by some, Estonia has risen rapidly towards the top of the Pisa rankings despite being one of the world’s youngest countries. Estonia spends around 4 per cent of GDP on education. Getty Pisa rankings 2015: The best countries in the world for education Taipei Taiwan has been known as a centre for technical excellence for decades and its students perform consistently well in technology, maths and sciences. Education is compulsory from age six, and some 95 per cent of all students continue their education after age 15. Getty Pisa rankings 2015: The best countries in the world for education Finland Children in Finland don’t start school under age seven, yet consistently produce some of the best results in the world. The country’s education system has a somewhat alternative approach to that of most OECD countries, placing emphasis on playtime and creative learning. Pupils don’t sit tests until they reach 16. Getty Pisa rankings 2015: The best countries in the world for education Macau Most schools in Macau are private or subsidized. There are only a handful of government or state schools, which tend to teach in Portuguese or have a strong emphasis on pupils learning the language. The majority of schools are also selective grammar schools which focus heavily on languages, mathematics and sciences over vocational subjects. Getty Pisa rankings 2015: The best countries in the world for education Hong Kong A former UK colony, Hong Kong education has been closely modelled on the British system in the past,. Education is free and compulsory in primary and junior secondary schools. Independent schools follow the International Baccalaureate, UK or US curricula. The territory participates separately from China (Shanghai, Beijing, Jiangsu, Guangdong) in the Pisa league tables. Rex Pisa rankings 2015: The best countries in the world for education South Korea South Korea has long been one of the world’s top academic achievers, but at the price of very long school days for students. Many start school by 8am, and carry on until late at night at private study clubs. Getty Pisa rankings 2015: The best countries in the world for education New Zealand While the New Zealand school curriculum is not dissimilar to the UK’s, children here are not required to start school until age six. The country also has eight state-funded universities offering degrees in a range of subjects. Getty Pisa rankings 2015: The best countries in the world for education China Getty Pisa rankings 2015: The best countries in the world for education Slovenia Slovenia scored highly in this year’s maths and science results. Basic education for children ages six to 15 is compulsory and free for children in Slovenia. International citizens are taught the Slovenian language at the beginning of school. Rex Pisa rankings 2015: The best countries in the world for education Australia Australian Pisa candidates came in 14th place for Science, 15th place for reading and 23rd place for Maths – slipping down in the ranks on previous years. Australia has the third highest number of international students in the world behind the UK and US, despite having a much lower population overall. The school system is split mainly into government state-funded schools, Catholic faith schools and independent fee-paying schools. Getty Pisa rankings 2015: The best countries in the world for education United Kingdom The UK jumped to 15th place for science in this year’s Pisa tables, up from 21st in 2012. According to the report, teachers in the UK are among the youngest across all developed countries. The total amount spent on British education exceeds that of most other participating countries – and critics argue the education system should provide better results because of this. Getty Pisa rankings 2015: The best countries in the world for education Germany Schooling in Germany is governed by individual states, which each have their own education departments and policies. Normally, children begin primary school at age six but secondary school options vary widely. Germany increased its expenditure on educational institutions from primary to post-secondary non-tertiary levels, despite declining enrolments, and teachers have competitive salaries compared to others as a result. Getty Pisa rankings 2015: The best countries in the world for education Netherlands Dutch children were found to be the happiest in the world in a 2013 Unicef study. Schools typically don't give much homework until secondary level and students report little pressure and stress. Rex Pisa rankings 2015: The best countries in the world for education Switzerland Just five per cent of children attend private schools in Switzerland. Lessons are taught in different languages depending on the region of Switzerland, with German, French or Italian the most common languages of instruction. From secondary onwards students are separated by ability. Rex Pisa rankings 2015: The best countries in the world for education Ireland The majority of secondary schools in Ireland are privately owned and managed but state-funded, but there are also state comprehensives and vocational schools. The country performed especially well in Pisa reading tests - coming in fifth place globally. Rex Pisa rankings 2015: The best countries in the world for education Belgium Belgian schools came in 15th place for science in this year’s Pisa table. Schools here are free, and regulated and financed by three separate communities – Flemish, French and German-speaking. Boys in Belgium perform significantly better than girls in school according the latest OECD reports. Rex Pisa rankings 2015: The best countries in the world for education Vietnam Education in Vietnam is state run system of public and private schools. The country took part in the Pisa tests for the first time in 2012 and scored higher in reading, maths and science than the UK and US. This is believed to be partly a result of high spending levels on education and hardworking culture instilled in children from a young age. Getty Pisa rankings 2015: The best countries in the world for education Canada Education is compulsory up the age of 16 in most Canadian provinces, apart from Manitoba, Ontario and New Brunswick where pupils must stay on until 18 or when high school diploma is achieved. The education system varies between French and English-speaking provinces. Rex

This week economists warned the pound would stay at record lows even after Article 50 is triggered – which the Prime Minister said she intends to do later this month to begin formal exit proceedings.

Chinese students make up the highest proportion of overseas pupils by far, with the number of Chinese pupils in UK private schools increasing by more than 190 per cent in the past ten years.

“It’s not just about the teaching, it’s about quality of life and the extent of extra-curricular activities available,” said Mr Richardson.

“Certainly in China there is a feeling that if you’re going to spend money on Western luxuries it is better to buy them in the West. More credit will be given to Harrow itself than Harrow Beijing.”

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Middle Eastern families also value the fact that British schools provide access to the best universities in both the UK and the US, he added.

“There is a feeling that schools in the US are really only focused on getting people into US universities,” Mr Richardson said.

Many top performing public and independent schools run recruitment campaigns in countries with growing numbers of affluent middle-class families such as China and Hong Kong.

Figures published by the Independent School Council last year suggested five per cent of pupil come from abroad* – a number that is expected to rise over the next few years.

Commenting within the Knight Frank report, William Petty, a director of Bonas MacFarlane, said one of the first questions many overseas parents asked schools was how many people from their own country were already in attendance.

While most schools try to keep the level of overseas students at under 20 per cent, he said, they are also keen to ensure a diverse mix.

“In a world where business is becoming increasingly global, having your children make friends with people from lots of different nationalities is considered very attractive,” he added.