Financial News

The Honey Pot Cities That The Mega Rich Can’t Resist

London and New York are honey pots that lure the meg-rich to live, work and play, according to a new study.

Each year, experts rank the appeal of 100 cities to rank them by appeal, a place to invest, live and spend time.

And every year, New York and London vie for the top places.

The Big Apple tops the table for wealth and investment, but hands the best city for lifestyle title to London and slips behind Paris into third place.

In fact, the USA dominates the top of the listings with eight of the top 21 cities.

Property is key investment for billionaires

Wealth is determined by the number of super rich living in a city.

Investment looks at how much property the super-rich own, while lifestyle looks at facilities for the wealthy, like luxury hotels and restaurants, top universities located nearby and ease of travel to other global cities.

No cities from South America or Africa make the top 20 cut.

The Knight Frank Global Cities Index 2020, which collated the data for a 2020 wealth report, says 27% of the wealth of the billionaires is allocated to property investment.

Property is also the most popular investment, railed by equities (23%), bonds (17%) and cash (11%). The rest is spread across private equity, collectables, precious metals and cryptocurrency.

Best cities for super rich to live

OverallCityCountryWealth InvestmentLifestyle
1New YorkUSANew YorkNew YorkLondon
2LondonUKLos AngelesLondonParis
3ParisFranceTokyoParisNew York
4Hong KongHong KongParisShanghaiHong Kong
5Los AngelesUSALondonHong KongSingapore
7SingaporeSingaporeWashingtonWashingtonLos Angeles
8BeijingChinaSan FranciscoSydneyAmsterdam
10MadridSpainHoustonSan FranciscoMadrid
11San FranciscoUSAMoscowSingaporeTokyo
12ShanghaiChinaHong KongMadridBeijing
14AmsterdamNetherlandsBeijingLos AngelesToronto
15SydneyAustraliaTorontoBostonSan Francisco

Source: Knight Frank

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