LONDON and New York are still the best places for the world’s elite to buy houses, a new study revealed yesterday – but competition is growing rapidly from Beijing and Dubai.
Quality of life, knowledge, influence and economic activity are all key factors for the ultra-wealthy in choosing where to invest, according to the latest wealth report from Knight Frank and City Private Bank.
London came top of the list in almost every area, though Washington DC pipped it at the post to be named top city for political influence.
In terms of economic growth, too, the UK dropped behind – every one of the top 10 cities on that measure is in China. However, despite the rapid growth in China, London is still expected to be top of the list in a decade’s time with New York still in second place, although Hong Kong is expected to have dropped from third in the rankings to sixth as Bejing, Shanghai and Singapore keep advancing.
Similarly Paris is forecast to fall from fourth to seventh over the period.
“Wealthy individuals and families, especially those originating from Europe, the Middle East, Africa and Asia, have become extraordinarily global in nature,” said Citi’s Luigi Pigorini. “With English a popular second language and a relatively weak pound, the global wealthy have focused their interest on London and the wealth preservation it can afford.”