By Staff writer
Knight Frank Wealth Report shows emirate has grown in importance over past year; London named top city globally
Dubai has been named the fifth most important city in the world for the ultra-wealthy, according to Knight Frank’s Wealth Report.
The report, an annual analysis of wealth flows and property investment around the world, showed that the importance of Dubai to ultra high net worth individuals (UHNWIs) - those with $30 million or more in net assets - has grown over the past 12 months.
Dubai jumped three places in the Knight Frank ranking from eighth to fifth, overtaking cities such as Shanghai, Miami and Paris.
Globally, London beat New York for the second year in a row as the most important city for the ultra-wealthy.
The Global Cities Survey looks at the most important cities globally in terms of where the world’s wealthy live, invest, educate their children, grow their business and spend leisure time.
Also included in the list of the top 10 cities were Singapore, Hong Kong, Sydney, Beijing and Geneva.
Liam Bailey, head of research, Knight Frank said: “Our survey results confirm that London and New York’s positions at the top of our survey results look invincible for the immediate future due to their and long-established lead over other cities.
"However, further down the leader board the main battleground is Asia, where our respondents predict that Shanghai will eclipse Hong Kong’s position, in terms of its importance to the wealthy over the next ten years.”
The report also looked at which city has the best connections to the world's wealthy. This analysis was undertaken by combining an assessment of city level UHNWI population and flight time.
Paris topped the list as the most accessible city to UHNWIs based on travel time, with more than 16,900 UHNWIs living within two hours of the city.
Although New York has most UHNWI residents, London’s geographical position means that within a two hour flight time, the city is accessible to more than 16,000 UHNWIs, compared to New York’s 8,300, helping to explain London’s primary importance to the global UHNWI population.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.