Whatever the case may be, if you qualify as a high net worth individual it’s very likely you have a soft spot for New York or London.
Knight Frank and Citi Private Bank’s 2013 Wealth Report describes the two financial powerhouses as the most important for the super-rich of the world, even while emerging economies are creating extraordinary amounts of wealth.
The London-based property consultancy placed New York and London at number one and two, respectively, on their list of “Top 30 Global Cities by High Net Worth Individual Population.” A high net worth individual (HNWI) is a person with net assets of over $30 million US.
According to Knight Frank, New York was home to 7,580 HNWI in 2012. The population of HNWI’s is expected to rise 36 percent to 10,306 by 2022. London will also experience a 36 percent increase in its population of HWNIs, from 6,015 by 2012’s count to 8,202 in 2022.
Six other US cities were ranked in the top 30 global cities list. Mexico City in the 12th spot and Toronto in the 20th spot were the only other North American entries. Tokyo, San Francisco and Los Angeles rounded out the top five.
While more HNWIs live in New York, Knight Frank and Citi found that more uber-affluent individuals prefer London to New York in its Attitude Survey included in The Wealth Report (it might have something to do with the cooler phone booths).
“Based on global sentiment alone, London leapfrogs New York, which lags behind by some distance,” the report states. “Geography must play a part in this. While statistics make New York the global leader, its distance from the wealth hubs of the Middle East, Russia and Asia-Pacific puts it at something of a disadvantage compared with the more centrally located London.”
The report also noted that Shanghai and Beijing are rising through the sentiment rankings, knocking European centers Paris and Geneva down the list.
However, in its “Overall Cities That Matter to HNWIs” list, New York manages to edge out London with superior rankings in Economic Activity and Quality of Life.
Urban centers in emerging economies like Brazil and China, may climb higher in the rankings over the next decade, but it’s unlikely that any city will unseat New York and London from the top spots any time soon.