LONDON has beaten New York as the most important global city for ultra- high- net- worth individuals, according to the annual Knight Frank Wealth Report.
The City Wealth Index identifies the cities that matter to the ultrawealthy by analysing four critical measures
Current wealth – the current population of the ultra-wealthy.
Investment – the total, in US dollars, of private investment in property last year, weighted in favour of markets with a high proportion of cross-border inbound investment.
Connectivity – the number of inbound and outbound first and business class flights last year.
Future wealth – a forecast of each city’s ultra-wealthy population in 2026.
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.
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.
The global economic powerhouses of London and New York dominate the rankings, says Liam Bailey, head of global research at Knight Frank.
“However, looking ahead, future wealth concentrations and investment firepower look set to be dominated by a tussle for supremacy between Asian and North American cities,” he says.
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.