London is number 1 playground for super rich
Published by Max Salsbury for 24dash.com in Communities and also in Finance, Housing
LondonImage: London via Shutterstock
London is the top city for the world's super rich, according to Knight Frank's latest wealth report.
However, the report predicts that by 2023 the capital will be overtaken by New York as the destination of choice amongst the moneyed elite.
In good news for rich people, the report reveals that the number of ultra-high net worth individuals (UHNWIs) across the world rose by 3% last year.
And the number of UHNWIs is predicted to grow by nearly 30% over the next decade.
Knight Frank's report, an annual analysis of wealth flows and property investment around the world, shows that Asian property markets, led by Jakarta, experienced the biggest price growth in 2013, followed by Auckland, Bali, Christchurch and Dublin.
Liam Bailey, Knight Frank's global head of residential research, said: “History, location and their long-established wealth mean that London and New York’s positions look unassailable, at least for now.
"It is further down our leader board that the real city wars are being waged. The main battleground is Asia, where a handful of locations are slugging it out in the hope of establishing a clear lead as the region’s alpha urban hub.
“By region, the Middle East top five includes Istanbul and Abu Dhabi, two centres from our “hotspots” list – cities that are set to rapidly increase their influence on Ultra High Net Worth Individuals* (UHWNIs) – close behind Dubai in prime position.
"One legacy of the Arab Spring is the enhanced status of Turkey as a safe haven location for investors from the Gulf and North Africa.
“Although it still trails some way behind the top four cities in Asia-Pacific, Sydney is steadily growing in importance as a wealth hub for the region. Despite its geographical remoteness, it comes in as the fifth placed hotspot. Sao Paulo heads the current Latin American top five list.
"Current trends suggest that the city is also set to see its UHNWI population ranking rise from 11th to 8th position globally by 2023.”