Dubai is the most attractive town for top rich

7 years ago - Published in Finance, Technical Analysis

Luxury estate agent Knight Frank and research firm Wealth-X have released their annual report on where the ultra-wealthy are snapping up property across the world. The list focuses on high-net-worth individuals (HNWIs) — those with $30 million or more in net assets – and examines their migration patterns.
The report notes: “The latest data on HNWI migration confirms the strong and growing attraction of Australia, the US and Canada as destinations for the footloose wealthy. “Cities such as Sydney and Melbourne top the list of growth markets,” it adds. 

The Knight Frank report also highlighted the Middle East’s rapid growth in the number of ultra high net-worth individuals (UHNWIs), generally defined as those with investible assets of more than US$30 million.
It said the number of UHNWIs in the region grew by 48 per cent between 2006 and 2016 and now numbers 7.370, with a combined wealth of $810 billion.

Worldwide, Knight Frank estimates the total number of multimillionaires in question to nearly 200.000, many of whom have turned their backs on European cities, with the exception of London.

Meanwhile, cities that have historically been seen as the centers of European civilization are now getting the boot with “Paris and Rome seeing outflows of 7,000 and 5,000 HNWIs respectively in a year. London remains an outlier in Europe, maintaining an annual net inflow of 500 HNWIs,” according to the report.
Australia’s Perth and Seattle in the US both make the cut with a 2016 inflow of 1,000 HNWIs each, The Independent reported.
Meanwhile, Vancouver, San Francisco and Dubai attracted 2,000 HNIWs. Australia’s Melbourne, due to its proximity to China, makes it a prime destination for Chinese HNWIs which contributed to the city’s 3,000.

Regarding Switzerland, about 7000 people have more than 30 million francs: their number increased by 5% in the last year. Geneva ranked eighth, Zurich is just after the first ten. The super-rich are concentrated in Zurich (2300) and Geneva (2500), a place that in 2016 attracted more people than the city on the Limmat.