July 11, 2013
Favorite Cities Of The Super Rich
Multi-millionaires have their pick of the litter. They can live in the world's most expensive cities, like Monte Carlo, and have a second home in Miami. It's almost too easy. For real estate investors looking to tap into the hottest real estate markets in the world, luxury real estate consultancy Knight Frank says these are the cities of choice of the super rich.
No. 1 London
London appears to have a lock as the home town of preference to the world's rich. Whether it's a corrupt Middle Eastern dictator in exile, or a Russian oligarch, London will still be the world's No. 1 piece of real estate in the next 10 years.
No. 2 New York City
Like London, New York is poised to remain at No. 2 for the next 10 years. So long as Wall Street remains the world's biggest equities market, New York real estate will be attracting millionaire investors and second home buyers for decades to come.
No. 3 Hong Kong
Hong Kong is one of the most expensive cities in the world, even more expensive than New York. It is a favorite of the super rich, but will lose out to Beijing in 10 years time, slipping to No. 6.
No. 4 Paris
Paris will be replaced by Shanghai within 10 years and slip to No. 7.
No. 5 Singapore
Singapore is the largest port city in the world and has benefited greatly from Asian growth. It is the hub for commodities traded and entering the Asian markets, and by most accounts it is more 21st century than American cities. Singapore will remain at No. 5 for the next 10 years.
No. 6 Miami
Miami is being bought up by foreigners even as the general American population in and around the city are watching their home values plummet, and face foreclosure. Miami will fall off the list in 10 years, replaced by Asian cities. But it will still be a favorite among rich Latin Americans who consider it second only to New York as the world's most important city.
No. 7 Geneva
Geneva, Switzerland. Ski mecca. Will be replaced by emerging market cities and slip down to No. 9 within 10 years.
No. 8 Shanghai
Shanghai continues to be seen as one of the most desirable and important urban cities among the world's wealthy. It will rise to No. 4 in 10 years, knocking out Paris.
No. 9 Beijing
Beijing will move up to No. 3 within 10 years, replacing Hong Kong.
No. 10 Berlin
Berlin is, and will remain, the 10th city of choice for high net worth individuals.
Newcomer: SÃ£o Paulo
SÃ£o Paulo is the commercial hub of South America and Brazil, in particular. It is one of the largest cities in the world and a hot spot for residential and commercial real estate investors. High net worth individuals see SÃ£o Paulo taking Shanghai's old spot at No. 8 in 10 years.