Apart from 36 others, Cape Town is best
DESPITE uncertainty over Brexit, London has topped the global rankings in the first Alpha Cities Index.
The index, which aims to determine the most desirable city in which to buy high-end homes, was compiled by Warburg & Barnes in association with Wealth-X. It ranks cities on a range of practical, emotional and financial factors, and awards each a mark out of 100.
London, with a score of 77, saw off competition from New York (75), Tokyo (70) and Sydney (61) to take the top spot.
Here are the key stories behind the numbers.
London reigns supreme
London residential property still holds the most appeal for the world’s super-rich, despite being buffeted by the Brexit vote and a rise in stamp duty. According to the Alpha Cities Index, London reigns across three main differentiating factors: practical, emotional and financial.
The fall in sterling in the immediate aftermath of Brexit will have played its part, but the lure of London property remained strong even before that. However, prices have increased in tandem with its appeal.
Manchester is the next choice for the super-rich seeking British property, ranking joint 26th with Copenhagen.
The super-rich follow the American dream
The US is overwhelmingly the most popular country repre- sented in the index. US cities account for 12 of the top 25. Chicago and San Francisco were in joint sixth.
Washington DC is joint ninth with Toronto in Canada, while Los Angeles, Boston and Miami ranked highly as property destinations for the wealthy.
There’s competition from emerging markets
Although generally lower down on the list, some emerging-market countries are challenging more established centres of wealth. Mexico City, at 23, is the top-ranked city from a developing country, beating Zurich and Geneva, both in 30th position.
Those cities also tied with Beijing, which is awash with newly minted billionaires.
South Africa rises
South Africa is the coming nation in the index. Two cities, Cape Town at 37 and Johannesburg, 46th (with Shenzhen in China and Rio de Janeiro in Brazil), reveal just how far the country has come, post-apartheid, in terms of attracting — and retaining — the super-rich.