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Beijing, Shanghai gain fastest on global top cities ranking
By Cherry Cao |
March 28, 2012, Wednesday
|
Online Edition
Online Edition
BEIJING and Shanghai have the most rapid growth in importance to high-net-worth individuals and will rank third and fourth among the world's top cities in 10 years' time, up from their current ninth and eighth position, according to a Knight Frank and Citi Private Bank report.
At present, London and New York are seen as the most important world cities for HNWIs and the two cities will hold their top positions for another 10 years, concluded the report, which defines those with more than US$25 million of investable assets as HNWIs.
Top-scoring indicators to make a global city include personal safety and security, economic openness and social stability, as well as the availability of luxury housing and excellent educational opportunities, the report found.
A shift in wealth distribution towards Asia Pacific 鈥 covering China, Southeast Asia and Japan 鈥 has been confirmed, where there are now 18,000 centa-millionaires (those with over US$100 million in assets) in the region.
This has already outnumbered North America, which has 17,000, and Western Europe with 14,000.
At present, London and New York are seen as the most important world cities for HNWIs and the two cities will hold their top positions for another 10 years, concluded the report, which defines those with more than US$25 million of investable assets as HNWIs.
Top-scoring indicators to make a global city include personal safety and security, economic openness and social stability, as well as the availability of luxury housing and excellent educational opportunities, the report found.
A shift in wealth distribution towards Asia Pacific 鈥 covering China, Southeast Asia and Japan 鈥 has been confirmed, where there are now 18,000 centa-millionaires (those with over US$100 million in assets) in the region.
This has already outnumbered North America, which has 17,000, and Western Europe with 14,000.
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