Costly liv­ing: Mum­bai ranks 42 in Al­pha Cities In­dex

Hindustan Times (Chandigarh) - Estates - - FRONT PAGE - Nam­rata Kohli feed­back@livemint.com Nam­rata Kohli tracks ev­ery­thing from House to Home, from real es­tate to in­te­ri­ors and cap­tur­ing key trends in prop­erty mar­kets in In­dia and glob­ally)

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.

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MINT/FILE

Lon­don, New York and Tokyo that have emerged as the most pop­u­lar des­ti­na­tions for ul­tra­high net worth (UHNW) in­di­vid­u­als

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