Real Estate News: Where are the Wealthy Buying?
Popular cities for the Ultra-Rich
London is the most important City in the World according to the ultra-wealthy.
The Wealth Report, a new study by Knight Frank Research and Citi Private Bank, list the 10 International cities that high-net-worth individuals consider the most important.
The report surveyed individuals worth more than $25-Min investable assets to find which cities impress them the most.
The survey focused on several factors that can make cities important, including economic activity, political power, knowledge and influence and quality of life.
A number of cities on the list are traditional hubs for business. New York and London sit at the Top of the List and are considered Global financial centers.
They are also important to the wealthy for other reasons, including good markets for luxury housing, strong educational resources, social stability, economic openness and personal safety.
The list also features cities in countries with emerging economies, although they generally rank lower than the established Western urban centers.
Beijing and Shanghai, while already 2 economic powerhouses, are fast becoming important and represent strong competition for the Old Guard. In fact, a number of leading commentators believe Shanghai will be the most important city in Y 2050.
10. Berlin, Germany: Political power is what makes Berlin so important, according to those questioned by The Wealth Report. It is “the seat of the European Union’s most powerful economy,” as writer Saskia Sassen notes in the report.
9. Beijing, China: Beijing is the capital of the People’s Republic of China (PRC) the most populous country in the World. As a result, it is rated among the highest in the political power category. Although China is an emerging economy, Beijing does fairly well in the categories of economic activity, where it ranks sixth, and knowledge and influence, where it ranks ninth. Perhaps most notable is the fact that Beijing is rated as the city fastest growing in importance. As evidence, Beijing is expected to become the third-most important city to the wealthy in 10 years, which will put it right behind London and New York.
8. Shanghai, China; Shanghai’s status among the super-rich is increasing. Currently, Shanghai is rated 4th-highest in the economic activity category, behind Hong Kong, New York and London. The City, China’s industrial and financial center, is growing faster in importance than any other city aside from Beijing. In a survey asking what the “World’s Top City” will be in Y 2050, The Wealth Report found the most popular in the World answer is Shanghai.
7. Geneva, Switzerland; Geneva’s greatest strength is its quality of life. In this category, the City ranks 4th. Geneva also performs well in knowledge and influence, and, to a lesser extent, in economic activity and political power. The Wealth Report notes that because of the City’s “critical mass and mix of institutions devoted to social questions and justice for the powerless,” Prime real estate is particularly expensive in Geneva, another sign that it is a haven for the wealthy.
6. Miami, United States: Miami’s inclusion on this list is largely because many Latin American high-net-worth individuals consider it one of the World’s most important cities. Miami is becoming an increasingly important center for South Americans doing business in North America. Miami has seen a major influx of money from overseas, which has pushed prime property values way up. Miami is the only one on the list that is expected to drop in importance in 10 yrs and to be replaced by Sao Paulo, Brazil.
5. Singapore: Singapore is considered to have the 2nd-highest quality of life. It ranks 5th-highest in economic activity, 8th-highest in knowledge and influence and 11th-highest in political power. Singapore also is listed among the cities growing fastest in importance. The city currently has the largest GDP per capita in the world at $56,532 per person. It is expected to maintain this position through Y 2050. According to data from the Economist Intelligence Unit, Singapore is one of the most competitive cities in the World, along with New York and London.
4. Paris, France: Paris performs fairly well in all leadership categories considered by The Wealth Report. The City also has the 11th-most expensive prime property values. According to the report, Paris has long been a popular center for real estate investments by foreigners. Since Y 2009, prime office rentals have increased by 17%. The city is also a major destination for business and tourism. In 10 yrs, however, the City is expected to fall behind Beijing, Shanghai and Singapore in importance.
3. Hong Kong: Hong Kong is seen as one of the World’s most important economic centers. At $45,301, it has the world’s 4th-largest GDP per capita and is expected to have the 2nd-largest GDP per capita by Y 2050. Hong Kong is also very highly rated in the quality of life and knowledge and influence categories. The average price per square foot in the city is the 4th-highest for houses and the 10th-highest for apartments.
2. New York, United States: New York is ranked 2nd in both the economic activity and knowledge and influence categories. It is ranked 3rd in the quality of life and political power categories. In 10 yrs, the City is expected to remain as the 2nd most important city. David Adam, managing director at Global Cities, notes in The Wealth Report that New York’s ability to attract a significant foreign workforce will keep it on Top for some time to come.
1. London, England: London, is one of the World’s Top financial centers and is considered the most important City by high-net-worth individuals. It ranks the highest in economic activity, knowledge and influence, and quality of life categories. It is 2nd in political power, behind Washington, D.C. The City has an abundant supply of luxury housing, top-tier educational opportunities and a large population of the ultra-wealthy, all characteristics that appeal to the rich. Despite competition from emerging Asian nations, London is expected to maintain its Top position for the next 10 yrs.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.
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