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London beats New York as most important city for ultra-wealthy

17 April 2017

Asian cities Hong Kong and Shanghai ranked top 5 on new index

 

Malaysia, 13 April 2017 – Knight Frank, the independent global property consultancy, today launches the 11th edition of The Wealth Report, incorporating the new City Wealth Index.  The index identifies the cities that matter to the ultra-wealthy by analysing four critical measures of current wealth, investment, connectivity and future wealth. Using 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.

 

The third and fourth largest concentrations of wealth, 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.

From a European perspective, London is the only European city in the top 10; and with the exception of Moscow and London, all European cities score lower for future than for current wealth.

Dominic Heaton-Watson, International Project Marketing, Knight Frank Malaysia, comments “The global economic powerhouses of London and New York continue to dominate the rankings in the City Wealth Index 2017 due to their well-established lead over other cities. It is no surprise when you look at the investment environment in London and infrastructure projects such as Crossrail. However, looking ahead, future concentrations and investment firepower look set to be dominated by a tussle for supremacy between Asian and North American cities.” 

Nicholas Holt, Head of Research for Asia Pacific, Knight Frank Asia Pacific, says, “The prominence of Asian cities in the top 10 of the City Wealth Index demonstrates the increasing global significance of the region’s urban centres. Greater China is strongly represented with three of the top ten cities, second only behind the US which accounts for four. Looking forward, with wealth concentrations set to increase in the key Asian hubs, we are likely to see them increasingly compete with London and New York at the top of the table.” 

The Knight Frank City Wealth Index 2017

 

Overall rank

City

Region

Rank by factor

Wealth

Investment

Connectivity

Future

1

London

Europe

2

1

1

2

2

New York

North America

1

2

2

1

3

Hong Kong

Asia

3

8

6

4

4

Shanghai

Asia

7

13

3

3

5

Los Angeles

North America

5

3

10

8

6

Singapore

Asia

9

7

7

6

7

San Francisco

North America

4

6

13

7

8

Beijing

Asia

6

23

4

5

9

Tokyo

Asia

10

16

5

10

10

Chicago

North America

12

9

17

17

11

Sydney

Australasia

20

4

19

16

12

Paris

Europe

19

5

11

27

13

Frankfurt

Europe

15

18

18

19

14

Seoul

Asia

13

25

20

13

15

Taipei

Asia

23

30

8

26

16

Dubai

Middle East

24

31

12

21

17

Geneva

Europe

8

29

39

9

18

Zurich

Europe

11

36

30

12

19

Houston

North America

16

27

29

18

20

Melbourne

Australasia

28

10

25

23

21

Mumbai

Asia

18

38

24

11

22

Toronto

North America

17

24

37

15

23

Moscow

Europe

14

34

34

14

24

Dallas

North America

22

20

33

24

25

Miami

North America

31

15

21

30

26

Shenzhen

Asia

34

35

15

20

27

Washington DC

North America

38

12

9

38

28

Munich

Europe

25

14

28

34

29

Osaka

Asia

32

32

16

33

30

Atlanta

North America

26

22

31

28

31

Kuala Lumpur

Asia

37

17

22

32

32

Sao Paulo

Latin America

27

26

32

31

33

Mexico City

Latin America

21

28

40

22

34

Amsterdam

Europe

36

10

26

40

35

Delhi

Asia

35

39

23

25

36

Rome

Europe

29

18

36

35

37

Bangkok

Asia

40

37

14

37

38

Tel Aviv

Middle East

30

33

38

29

39

Seattle

North America

39

21

35

39

40

Jakarta

Asia

33

40

27

36

Source: Knight Frank Research, New World Wealth, Sabre, Real Capital Analytics, The Wealth Report 2017 (Pg 22)

NOTE: In the print edition of The Wealth Report 2017, the number of ranked cities was capped at 20. Following demand from readers for more insight, we have published the full ranking of 40 cities in all online editions. There are some differences in the factor ranks between the top 20 and the top 40 versions which result from the fact that that in the print edition we capped all ranks at 20.

Notes to editors: Methodology

The City Wealth Index uses four critical measures to identify the cities that matter to the wealthy:

  •  Current wealth – the current population of UHNWIs.
  •  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.
  • Connectivity – the number of inbound and outbound first and business class flights in 2016.
  • Future wealth – a forecast of each city’s UHNWI population in 2026, weighted in accordance with the findings of our Attitudes Survey.

 

To download the report, please visit:

http://www.knightfrank.com/wealthreport

 

For further information, please contact:

Mr Nicholas Holt, Asia-Pacific Head of Research

nicholas.holt@asia.knightfrank.com +86 10 6113 8030 @nholtKF

 

Ms Rachel Loke, Asia-Pacific Head of Marketing, Communications & Digital

rachel.loke@asia.knightfrank.com +65 6429 3587 @knightfrank

 

Ms Denise Nah, Asia-Pacific Public Relations & Communications Manager

denise.nah@asia.knightfrank.com +65 6429 3599 @knightfrank

 

Ms Seline Soo, Marketing & Communications Manager, Knight Frank Malaysia

seline.soo@my.knightfrank.com +603 2289 9669 @KnightFrank_my

 

 

Notes to editors

Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank has more than 14,000 people operating from 413 offices across 60 countries. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants. For further information about the Company, please visit knightfrank.com.