London most important city to the world’s ultra-wealth, but Paris is the best connected

Posted On Tuesday, 15 March 2016 12:29 Published by
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London has beaten New York for the second year in a row as the most important city for the ultra-wealthy, according to Knight Frank’s Wealth Report, an annual analysis of wealth flows and property investment around the world.

The Global Cities Survey looks at the most important cities globally in terms of where the world’s wealthy live, invest, educate their children, grow their business and spend leisure time.

 

 

Most important cities to UHNWIs 2015

Most important cities to UHNWIs 2016

 

1

London

London

 

2

New York

New York

 

3

Hong Kong

Singapore

 

4

Singapore

Hong Kong

 

5

Shanghai

Dubai

 

6

Miami

Shanghai

 

7

Paris

Paris

 

8

Dubai

Sydney

 

9

Beijing

Beijing

 

10

Zurich

Geneva

 

Liam Bailey, head of research, Knight Frank said: “Our survey results confirm that London and New York’s positions at the top of our survey results look invincible for the immediate future due to their and long-established lead over other cities. However, further down the leader board the main battleground is Asia, where our respondents predict that Shanghai will eclipse Hong Kong’s position, in terms of its importance to the wealthy over the next ten years.”

Which city is best connected?

The report also looks at which city has the best connections to the world's wealthy. This analysis was undertaken by combining an assessment of city level Ultra-High-Net-Worth-Individuals (UHNWI) population and flight time. Paris tops the list as the most accessible city to UHNWIs based on travel time, with more than 16,900 UHNWIs living within two hours of the city.

Although New York has most UHNWI residents, London’s geographical position means that within a two hour flight time, the city is accessible to more than 16,000 UHNWIs, compared to New York’s 8,300, helping to explain London’s primary importance to the global UHNWI population.

The concentration of wealth within Europe propels cities in this region high up the ranking of “wealth accessibility” on this measure. 

Last modified on Tuesday, 15 March 2016 13:06

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