Rich people regard London, New York, Hong Kong and Paris as the most important world cities.
Knight Frank and Citi Private Bank’s sixth wealth report found those cities were considered safe-haven locations and continue to attract private investors looking for residential and commercial property.
Quality of life, knowledge and influence, and economic activity are the key factors for the ultra-wealthy investing in property, according to the report.
Personal security (63%) now ranks above economic openness (60%) in wealthy peoples’ choice of cities to live.
But Dubai, Hong Kong. Beijing and Shanghai also feature high on the list for growth reasons, along with Sao Paulo and Miami.
Monaco Remains the most expensive residential location in the world with one square metre there worth $US58,300 followed by Cap Ferrat, London and Hong Kong.
The wealth Report 2012 confirmed the shift in wealth distribution toward Asia- pacific. China, South East Asia and Japan who now have more centa-millionaires (those with over $US100 million in assets) than North America or Western Europe.
The US and UK are the top second-home destinations for the rich.