London is the city that matters most to high-net-worth individuals around the globe, followed by New York, Hong Kong, and Paris, according to a new wealth report from Knight Frank and Citi Private Bank.
London ranked first in a survey of Citi’s private wealth advisors and Knight Frank’s luxury property specialists, which assessed factors from investment potential and economic openness to their appeal as places to live or visit. Economic activity, political power, quality of life, and knowledge and influence were also considered.
A decade from now, London and New York will still be the most important cities for high-net-worth individuals, defined as anyone with more than $25 million in investable assets.
But it was the Chinese metropolises of Shanghai and Beijing that ranked highest on the list of cities that were growing most quickly in terms of importance.
And while those surveyed ranked Shanghai and Beijing as the eighth and ninth most important cities for wealthy people currently, they’re expected to be the third and fourth most important cities for the same group a decade from now.
According to the report, there are now 63,000 people worldwide with $100 million or more in assets, a 29 per cent increase from 2006. And wealth has shifted east: there are now 18,000 people worth $100 million or more in Southeast Asia, China and Japan; more than the 17,000 individuals in the same demographic who live in North America.
These are the top 10 rankings for the most important cities for high-net-worth individuals:
Photo: Knight Frank
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