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The Merlion, a symbol of Singapore, is lit up in front of the central business district. The city, one of the world's most competitive, also has the largest GDP per capita anywhere.
By Charles B. Stockdale, 24/7 Wall St.
The votes are in and London is the most important city in the world -- at least, according to the ultra-wealthy. The Wealth Report, a new study by Knight Frank Research and Citi Private Bank, breaks down the 10 international cities that high-net-worth individuals consider the most important. 24/7 Wall St. examined the list to identify what it is that makes these cities exceptional.
The report surveyed individuals worth more than $25 million in investable assets to find which cities impress them the most. The survey focused on several factors that can make cities important, including economic activity, political power, knowledge and influence and quality of life.
A number of cities on the list are traditional hubs for business. New York and London, which sit at the top of list, are considered global financial centers. They are also important to the wealthy for other reasons, including good markets for luxury housing, strong educational resources, social stability, economic openness and personal safety.
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The list also features cities in countries with emerging economies, although they generally rank lower than the established Western urban centers. Beijing and Shanghai, while already two economic powerhouses, are quickly becoming important and represent fierce competition for the old guard. In fact, a number of leading commentators believe Shanghai will be the most important city in 2050.
For each city among the top 10, 24/7 Wall St. included its estimated rank in 10 years. We included the average price of prime property for each city as well. Prime property is defined as ?a location?s most desirable, and usually most expensive, property,? the price of which often reflects demand among the world?s wealthiest individuals. We also included the population of each city?s metropolitan area, which includes surrounding suburbs, based on data from the United Nations. That the cities vary in size reflects the fact that what is important to the rich does not necessarily translate to universal popularity.
These are the most popular cities of the ultra-rich.
1. London
- Estimated rank in 10 years:?1
- Avg. prime property price:?$4,500/sq. ft. (3rd most)
- Population:?8,631,325 (30th most)
London, which is one of the world?s top financial centers, is considered the most important city by high-net-worth individuals -- and by a significant margin. It ranks the highest in economic activity, knowledge and influence, and quality of life categories. It is second in political power, behind only Washington, D.C. The city has an abundant supply of luxury housing, top-tier educational opportunities and a large population of the ultra-wealthy -- all characteristics that appeal to the rich. Despite competition from emerging Asian nations, London is expected to maintain its top position for the next 10 years.
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2. New York
- Estimated rank in 10 years:?2
- Avg. prime property price:?$2,200/sq. ft. (Manhattan) (17th most)
- Population:?19,425,069 (New York-Newark) (6th most)
New York is ranked second in both the economic activity and knowledge and influence categories. It is ranked third in the quality of life and political power categories. In 10 years, the city is expected to remain as the second-most important city. David Adam, managing director at Global Cities, notes in The Wealth Report that New York?s ability to attract a significant foreign workforce will keep it on top.
3. Hong Kong
- Estimated rank in 10 years:?6
- Avg. prime property price:?$4,400/sq. ft. (4th most)
- Population:?7,069,378 (38th most)
Hong Kong is seen as one of the world?s most important economic centers. At $45,301, it has the world?s fourth-largest GDP per capita and is expected to have the second-largest GDP per capita by 2050. Hong Kong is also very highly rated in the quality of life and knowledge and influence categories. The average price per square foot in the city is the fourth-highest for houses and the 10th-highest for apartments.
4. Paris
- Estimated rank in 10 years:?7
- Avg. prime property price:?$2,500/sq. ft. (11th most)
- Population:?10,485,263 (21st most)
Paris performs fairly well in all leadership categories considered by The Wealth Report. The city also has the 11th-most expensive prime property values. According to the report, Paris has long been a popular center for real estate investments by foreigners. Since 2009, prime office rentals have increased by 17 percent. The city is also a major destination for business and tourism. In 10 years, however, the city is expected to fall behind Beijing, Shanghai and Singapore in importance.
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5. Singapore
- Estimated rank in 10 years:?5
- Avg. prime property price:?$2,400/sq. ft. (13th most)
- Population:?4,836,691 (60th most)
Singapore is considered to have the second-highest quality of life. It ranks fifth-highest in economic activity, eighth-highest in knowledge and influence and eleventh-highest in political power. Singapore also is listed among the cities growing fastest in importance. The city currently has the largest GDP per capita in the world at $56,532 per person. It is expected to maintain this position through 2050. According to data from the Economist Intelligence Unit, Singapore is one of the most competitive cities in the world, along with New York and London.
Click here to read the rest of the top 10 cities most favored by the ultra-rich.
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