The world’s top wealth centers are more than just lovely places where wealthy people live.
Real estate firm Knight Frank recently introduced a City Wealth Index in their 2017 Wealth Report. The index incorporates four significant factors in identifying which cities are the most important to ultra high net worth individuals (net assets of $30 million or more)
These criteria include the following:
- The current population of UHNW individuals
- Total 2016 private investment in property (with extra weight for inbound cross-border investment)
- Connectivity, as defined by the number of inbound and outbound first and business class flights.
- Future wealth, as forecast by survey responses from 900 private bankers and wealth managers projecting the UHNW population in 2026.
It doesn’t come as a great surprise to find London at the top of the list, what with its reputation as a nest of wealthy Russians and Middle-Easterners. While it ranks second in current and future wealth, it ranks first in investment and connectivity. London’s ranking aside, Europe under performs overall and has only one city in the top ten.
New York is close behind London, ranking first in wealth and future wealth and second in investment and connectivity. Three other American cities are also in the top ten – Los Angeles and San Francisco in California, and Chicago.
Two Chinese cities are number three and four – Hong Kong and Shanghai. Hong Kong ranks number three in current wealth, number eight in investment, number 6 in connectivity and number four in future wealth. Shanghai ranks number three in connectivity and future wealth, number 7 in current wealth, and number 11 in investment.
Los Angeles is the number five wealth center in the world, followed by Singapore at six, San Franciso at seven. Next come Beinjing and Tokyo, with Chicago following in tenth place.
For the top twenty wealth centers, please visit:
Top 20 Wealth Centers Worldwide | Wealth Management