These are the cities with the most Ultra-Rich residents [Infographic]

Many of us are fascinated by the Ultra Rich.

How did they get that way?

Where to they live?  48175800_l

What do they buy?

According to the most recent edition of Knight Frank’s Wealth Report, there are 198,342 ultra high net worth individuals (UHNWIs) with assets over US$30 million around the world.

And not surprisingly most of the world’s ultra-rich population tend to congregate in world-class cities.

You know… places that are conducive to safeguarding and growing their wealth, but that also give them access to top-end amenities that allow them to live comfortably and luxuriously.

Below is Knight Frank’s tally of where the UHNWIs live today and where they’re likely to live in 2023

As you can see Australia is punching above its weight in representation.

Uhnwi City Map

TOP TEN CITIES FOR THE ULTRA-RICH

The following list is ranked based on where Knight Frank expect UHNWIs to live in 2023:

Rank City UHNWIs (2018) UHNWIs (2023e) Change (%)
#1 ?? London 4,944 6,015 21.7%
#2 ?? Singapore 3,598 4,393 22.1%
#3 ?? Tokyo 3,732 4,125 10.5%
#4 ?? New York City 3,378 3,891 15.2%
#5 ?? Beijing 1,673 2,247 34.3%
#6 ?? Paris 1,667 2,031 21.8%
#7 ?? Seoul 1,594 2,020 26.7%
#8 ?? Taipei 1,519 1,864 22.7%
#9 ?? Zurich 1,507 1,796 19.2%
#10 ?? Shanghai 1,263 1,690 33.8%

London continues to top the list.

There are currently 4,944 ultra-rich people living there today and their number is projected to grow by 23% by 2023.

Tokyo has the second highest amount of UHNWIs today, but the city is adding them at a slower rate than other rival cities.

As a result, Singapore will move into the #2 spot overall by 2023, with an expected total of 4,393 high net worth residents.

Finally, it’s worth noting that both Shanghai and Beijing are expected to see growth above a 30% clip over this five-year period, as they add millionaires and billionaires at a faster rate than any of the other heavyweights.

FASTEST GROWING CITIES

Here are the 10 cities that are expected to add UHNWIs the fastest between 2018-2023.

Not surprisingly, all 10 of these cities are located in Asia.

Rank City UHNWIs (2018) UHNWIs (2023e) Change (%)
#1 ?? Mumbai 797 1,101 38.1%
#2 ?? Delhi 211 291 37.9%
#3 ?? Manila 115 157 36.5%
#4 ?? Shenzhen 527 708 34.3%
#5 ?? Beijing 1,673 2,247 34.3%
#6 ?? Guangzhou 394 529 34.3%
#7 ?? Shanghai 1,263 1,690 33.8%
#8 ?? Jakarta 401 529 31.9%
#9 ?? Kuala Lumpur 376 496 31.9%
#10 ?? Seoul 1,594 2,020 26.7%

Interestingly, just missing the above top 10 were a few non-Asian cities: Auckland (#11), Madrid (#12), Munich (#13), and Nairobi (#14) are all expected to grow their UHNWI populations by roughly 25% by 2023.

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About

Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


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