World’s wealthiest cities, according to Knight Frank-The Wealth Report-2017
Knight Frank has released its The Wealth Report-2017 which provides the global perspective on prime property and wealth. This annual publication includes performance data for 100 key global luxury property markets as well as the results of The Wealth Report Attitudes Survey and Knight Frank’s Global Cities Index.
The Knight Frank City Wealth Index offers a fresh perspective on the urban hot spots and networks that are shaping the UHNWI world, now and in the future.
The City Wealth Index uses four critical measures to identify the cities that matter to the wealthy:
1-Current wealth – the current population of UHNWIs.
2-Investment – the total amount, in US$, of private investment in property during 2016, weighted in favour of those markets with a high proportion of cross-border inbound investment.
3-Connectivity – the number of inbound and outbound first and business class flights in 2016 (illustrated in more detail opposite).
4-Future wealth – a forecast of each city’s UHNWI population in 2026, weighted in accordance with the findings of our Attitudes Survey.
According to this methodology, London emerges just ahead of New York overall with top scores for both investment and connectivity, while New York leads on both current and future wealth. However, from a European perspective, there is little to celebrate: London is the only European city in our top 10 and, with the exception of Moscow and London, all European cities score lower for future than for current wealth.
Future wealth concentrations and investment firepower look set to be dominated by a tussle for supremacy between Asian and North American cities.
The third and fourth largest concentrations of wealth today, Hong Kong and San Francisco, are likely to be eclipsed by the rising fortunes of Singapore, Shanghai and Beijing, which are all expected to see their wealthy populations grow rapidly over the next decade.
World’s wealthiest cities;
1- London – Europe
2- New York – North America
3- Hong Kong – Asia
4- Shanghai – Asia
5- Los Angeles – North America
6- Singapore – Asia
7- San Francisco – North America
8- Beijing – Asia
9- Tokyo – Asia
10- Chicago – North America
11- Sydney – Australasia
12- Paris – Europe
13- Frankfurt – Europe
14- Seoul – Asia
15- Taipei – Asia
16- Dubai – Middle East
17- Geneva – Europe
18- Zurich – Europe
19- Houston – North America
20- Melbourne – Australasia
Source: Knight Frank