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Main » 2014 » March » 10 » London is Top Global City, but New York Poised to Take Crown
11:28 AM London is Top Global City, but New York Poised to Take Crown |
Dubai, United Arab Emirates. - Wednesday, March 5th 2014 [ME NewsWire]
New York will overtake London as the most important city for the ultra-wealthy by 2024, according to Knight Frank’s Wealth Report, an annual analysis of wealth flows and property investment around the world.
The report shows that three of the top five most important cities by 2024 will be in Asia, knocking Geneva from the top of the charts.
Fig.3: Top 5 Global Locations for UHNWIs
2013
2014
2024
1
London
London
New York
2
New York
New York
London
3
Singapore
Singapore
Hong Kong
4
Hong Kong
Hong Kong
Singapore
5
Geneva
Geneva
Shanghai
Over the last year, the global response to the financial crisis continued to boost property markets in many parts of the world. The latest results from The Wealth Report’s Prime International Residential Index (PIRI) confirm that Asian markets, led by Jakarta, experienced the biggest price growth in 2013, followed by Auckland, Bali, Christchurch and Dublin (fig 2).
James Lewis 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 eighth position globally by 2023.”
In terms of property performance, locations that were hardest hit by the downturn, like Dubai, Dublin and now Madrid, are also bouncing back strongly.
Fig.2: PIRI – Average Price Change 2012 - 2013
Rank
Location
World Region
Annual % change
1
Jakarta
Asia-Pacific
37.7%
2
Auckland
Asia-Pacific
28.8%
3
Bali
Asia-Pacific
22.0%
4
Christchurch
Asia-Pacific
21.4%
5
Dublin
Europe
17.5%
6
Beijing
Asia-Pacific
17.1%
7
Dubai
Middle East
17.0%
8
Abu Dhabi
Middle East
15.0%
9
Guangzhou
Asia-Pacific
14.2%
10
Los Angeles
North America
14.0%
The report also examines wealth creation across the world, finding that the number of ultra-wealthy individuals across the world rose by three per cent last year, despite continued economic turbulence. Exclusive data prepared for the Wealth Report, shows that the number of Ultra High Net Worth Individuals (UHNWIs) in 2023, who have $30m or more in net assets is set to grow by nearly 30% over the next decade.
Data from Wealth Insight, the global wealth intelligence firm, shows that while Europe will remain home to most UHNWIs, the biggest growth will be in Africa. The number of people with $30 million or more in assets will climb by 53% by 2023, underpinned by a 92 per cent rise in Nigeria and a 74 per cent rise in Kenya.
Fig.1. Forecast growth per region of HNWIs
2013
2023
2013-2023
% growth
Africa
1868
2858
53%
Asia
41,114
58,588
43%
Latin America
9677
13,711
42%
Middle East
7052
9498
35%
Europe
60,504
73,396
21%
North America
43,626
52,536
20%
Australia
3828
4526
18%
World Total
167,669
215,113
28%
http://www.knightfrank.com/wealthreport/default.html
Notes to Editors:
Knight Frank LLP is the leading independent global property consultancy. 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 www.knightfrank.com.
Contacts
Liam Bailey ,
liam.bailey@knightfrank.com
Tel: 07919303148
John Williams
john.williams@knightfrank.com
Tel: 07957635892
Bronya Heaver
Bronya.heaver@knightfrank.com
Tel: +44 20 7861 1412
Email: press@knightfrank.com
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