FILTHY RICH: Report lists London, Tokyo, and S’pore as home to people worth at least $30 mn each
With multiple houses and private jets in their kitties, the world’s super rich humans are the ultimate globetrotters.
However, nearly half of this elite population have their main place of residence within a group of only 10 cities, according to Knight Frank’s 2019 Wealth Report, which lists London, Tokyo and Singapore as home to most human beings worth at least $30 million. Although the US is the world’s largest economy, New York is its only city in the real estate brokerage’s top 10.
The data highlights the concentration of the ultra-wealthy living in the biggest metropolises. Business opportunities, lifestyle desires, hospitals and transportation infrastructure are all factors that draw the super-rich to splash out on homes in large cities. Despite Brexit, that’s especially true with London — the UK’s political and financial center, and the world’s top wealth hub — where foreign property buyers have faced criticism for pushing up prices. London’s richest include members of the billionaire Rausing family, who own packaging company Tetra Laval, and Chelsea neighborhood landowner Charles Cadogan.
“London has a very unique proposition,” said Liam Bailey, Knight Frank’s global head of residential research. “There’s no other city that compares as a global hub for so many different sectors.”
The world had almost 2,00,000 ultra-high-net worth individuals last year, according to the broker’s wealth study, with more than two-thirds of them across Asia, Europe and North America. Europe is the biggest regional centre for this population globally.
SNEAK PEEK
- The data highlights the concentration of the ultra-wealthy living in the biggest metropolises
- Business opportunities, lifestyle desires, hospitals, and infrastructure projects are factors that draw the super-rich to splash out on homes in large cities
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