Shanghai a hit with super rich
March 29, 2012, Thursday
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Print Edition
Print Edition
Shanghai and Beijing are growing rapidly in importance in the view of high-net-worth individuals and will take fourth and third places in a list of the world's top cities in 10 years, according to a report by Knight Frank and Citi Private Bank.
They are currently in eighth and ninth positions on this year's list.
London and New York are seen as the most important world cities for the super rich and will remain so for the next 10 years, concluded the report, which defines those with more than US$25 million in investable assets as high-net-worth individuals.
The factors that make a city important to the wealthy include personal safety and security, economic openness and social stability, as well as the availability of luxury housing and excellent educational opportunities, the report said.
It confirmed a shift in wealth distribution towards the Asia Pacific - China, southeast Asia and Japan. The number of Asian centa-millionaires, those who have at least US$100 million in disposable assets, overtook North America's tally for the first time.
There were 18,000 centa-millionaires in southeast Asia, China and Japan at the end of 2011, compared to 17,000 in North America and 14,000 in western Europe, the sixth annual report said.
"We believe the number and concentration of centa-millionaires accentuates the trajectory of current global wealth flows," James Lawson, director at Ledbury Research, said. "Trends seen in this wealth bracket are likely to be replicated in lower wealth tiers in years to come."
Southeast Asian deca-millionaires, those with US$10 million or more, already outnumber those in Europe and are expected to overtake those in the United States in the next 10 years.
Ledbury Research also expected the Asia Pacific region to have extended its lead by 2016, with 26,000 centa-millionaires, compared with 21,000 in North America and 15,000 in western Europe. On a country-by-country basis, the US will still dominate in 2016, with 17,100 centa-millionaires, but China will be catching up fast with numbers set to double to 14,000.
"This year's wealth report contains even more evidence that the world's wealthy are weathering the economic slowdown better than the wider population, and nowhere is this better reflected than in prime property markets," said Andrew Shirley, the report's editor. "Those markets considered 'safe-haven' locations continue to attract private investors looking for both prime residential and commercial property."
Knight Frank also predicted growth in interest in commercial property from the world's wealthy, forecasting US$74.1 billion in private transactions this year, 5 percent up on 2011.
They are currently in eighth and ninth positions on this year's list.
London and New York are seen as the most important world cities for the super rich and will remain so for the next 10 years, concluded the report, which defines those with more than US$25 million in investable assets as high-net-worth individuals.
The factors that make a city important to the wealthy include personal safety and security, economic openness and social stability, as well as the availability of luxury housing and excellent educational opportunities, the report said.
It confirmed a shift in wealth distribution towards the Asia Pacific - China, southeast Asia and Japan. The number of Asian centa-millionaires, those who have at least US$100 million in disposable assets, overtook North America's tally for the first time.
There were 18,000 centa-millionaires in southeast Asia, China and Japan at the end of 2011, compared to 17,000 in North America and 14,000 in western Europe, the sixth annual report said.
"We believe the number and concentration of centa-millionaires accentuates the trajectory of current global wealth flows," James Lawson, director at Ledbury Research, said. "Trends seen in this wealth bracket are likely to be replicated in lower wealth tiers in years to come."
Southeast Asian deca-millionaires, those with US$10 million or more, already outnumber those in Europe and are expected to overtake those in the United States in the next 10 years.
Ledbury Research also expected the Asia Pacific region to have extended its lead by 2016, with 26,000 centa-millionaires, compared with 21,000 in North America and 15,000 in western Europe. On a country-by-country basis, the US will still dominate in 2016, with 17,100 centa-millionaires, but China will be catching up fast with numbers set to double to 14,000.
"This year's wealth report contains even more evidence that the world's wealthy are weathering the economic slowdown better than the wider population, and nowhere is this better reflected than in prime property markets," said Andrew Shirley, the report's editor. "Those markets considered 'safe-haven' locations continue to attract private investors looking for both prime residential and commercial property."
Knight Frank also predicted growth in interest in commercial property from the world's wealthy, forecasting US$74.1 billion in private transactions this year, 5 percent up on 2011.
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