London regains top spot from New York for leading Wealth Centre
In a study released by the Knight Frank City Wealth Index, London has managed to overtake New York as the leading wealth centre in the world.
According to the Knight Frank City Wealth Index, London has regained top spot ahead of New York as the world’s leading wealth centre.
The Knight Frank City Wealth Index is based upon three categories: wealth, investment and lifestyle, with New York only beating London in the overall investment category, due to US’ strength in private investment.
London has the world’s largest UHNWI (net assets over $30 million) population with 4,944, an increase of 582 over the last five years, the most of any city. The UK capital is also dominant for its diversity of investors. In terms of lifestyle, London also leads due to the high number of five-star hotels - 76 - and the number and quality of its universities.
For HNWIs (net assets over $1 million), Tokyo reigns supreme with 488,582, although New York has seen the highest growth with an additional 55,434 HNWIs as well as the highest concentration of billionaires, with 94.
Growth in Asia is evident, with the number of slots in the Knight Frank City Wealth Index top 20 occupied by cities in the Asia-Pacific region rising to seven, with Asian cities holding six of the top ten spots for the wealth category.
Knight Frank City Wealth Index Top 20
2 NEW YORK
3 HONG KONG
5 LOS ANGELES
14= SAN FRANCISCO
17= WASHINGTON DC
Keywords: Finance, Investments