London Revealed as the Most Important City for Ultra High Net Worth Individuals
In the recent Knight Frank Wealth Report Global Cities survey, London was revealed to be the most important European city for the globally wealthy in 2014. The UK capital along with Geneva, Paris, Zurich and Moscow made up the top five cities of interest to those with a ultra high net worth.
Liam Bailey, global head Knight Frank research commented: “In terms of property performance, European locations that were hardest hit by the downturn, like Dublin and now Madrid, are bouncing back strongly.”
Dublin was revealed as the fastest growing luxury property market in Europe in 2013, having grown at a rate of 17.5%; followed by Munich (10%), Chamonix (8%), London (7.5%) and South West England (6.9%).
The report also examined wealth creation across the world and found that the number of ultra-wealthy individuals across the world rose by 3% last year, despite economic turbulence. Data prepared for the Wealth Report shows that the number of Ultra High Net Worth Individuals (UHNWIs) in 2023, who have $30m or more in net assets, is set to grow by nearly 30% over the next decade.
Data from the Wealth Insight, the global wealth intelligence firm, shows that while Europe will remain home to most UHNWIs, the biggest European growth will be in St Petersburg with a predicted growth of 62% followed by Munich 48%, Istanbul and Oslo 38% and Moscow 33%.
The Wealth Reports Attitude Survey, which reflects the attitudes of more than 23,000 UHNWIs worth an average US$68m each, found 54% of European HNWIs believe global economic conditions will have a positive impact on their ability to generate wealth over the next five years. Of those asked, 70% say they are positive about wealth creation this year. 31% of European HNWIs are expected to increase their spending on luxury investment in 2014.