Costly living: Mumbai ranks 42 in Alpha Cities Index
NEWDELHI: Where do the world’s wealthiest people like to invest? It’s the cities of London, New York and Tokyo that have emerged as the most popular destinations for ultra-high net worth (UHNW) individuals–those with a net worth of $30 million plus worth of assets. These were the finding sofa report “Global Property Handbook” released by Wealth-X, in collaboration with Warburg Realty and Barnes International Realty. Thereport reviewed the luxury real estate market globally and explored the buying habits of the world’s wealthiest people.
According to Frederick Warburg Peters, CEO of Warburg Realty. “Using the resources of three companies, we’ve taken a deep dive into where the world’s highest earners are living, playing and investing – and explored the practical, emotional and financial factors involved in their buying decisions.”
The Global Property Handbook reveals that 10% of UHNW individuals own five properties or more. To help map these properties, the report includes the new “Alpha Cities Index ,” which ranks the overall attractiveness of a city for wealthy individuals when considering a luxury real estate purchase.
How does a city qualify to bean alpha city? The Alpha Cities Index ranks the most desirable city locations in the world in which to purchase luxury property based on practical factors such as connectivity via air travel, access to leading universities, personal safety, green footprint, etc ., emotional factors such as cultural richness, luxury shopping, etc ., and financial factors like ease of doing business, property value-for-money, taxes, financial safe havens, etc.
Where does India figure in the list? Mumbai is the only city in India listed among The Alpha Cities Index. The city rank sat #42 of 50, tied with Dublin, Sao Paulo, and Kuwait City.
The top five cities from the Index are detailed below:
1. London, UK: Unmatched in its appeal to the wealthy, from culture to financial security, despite recent tax reforms.
2. New York, US: Vying closely for the number one spot, with the largest ultra-wealthy population and score soft he top-class universities.
3. Tokyo, Japan: A luxury shopping destination and the wealth center of Asia, Japan’s capital fuses tradition with financial strength.
4. Sydney, Australia: A lifestyle like no other, with beaches, sunshine, culture, and commerce, its buoyant property market maintains value.
5. Paris, France: A haven for culture, entertainment, shopping, and finance, the City of Light is a magnet to the wealthy property buyer.
The number one ranking for London reflects its strength across the board, ranking in the top four places in more than half of the 11 indicators— cultural richness, luxury shopping, education, connectivity, financial safe haven, ease of doing business, and the number of ultra wealthy individuals living in the city
The US accounts for nearly half of the top 25 cities. It has 12 cities in the top 50( all of which are ranked in the top half of the Index ), the highest of any country, reflecting its large population of ultra-wealthy individuals, relative ease of doing business, its status as one of the world’s top destinations for higher education, its attraction as a financial safe haven, and its impressive connectivity. China has the second largest number of alpha cities in the world with five (of which Hong Kong ranks the highest in 11 th position ), followed by Germany and Switzerland, each with three.
Beyond these premier cities, the Global Property Handbook identifies the top emerging luxury destinations for wealthy real estate buyers. In addition to Cuba, this list includes global capital cities including Lisbon, Portugal; Berlin, Germany; and Tel Aviv, Israel.
London, New York and Tokyo that have emerged as the most popular destinations for ultrahigh net worth (UHNW) individuals