Mumbai ranked 12th most wealthy city in the world; London takes top spot despite Brexit concerns: Knight Frank survey

Mumbai has emerged 12th wealthiest city in a global ranking of cities in Knight Frank’s City Wealth Index 2019—a list that investors rely on to identify global urban powerhouses. Despite Brexit concerns, London took the number one spot overall, reclaiming the spot from New York, which dominated last year’s standings, according to a survey by Knight Frank. London replaced New York in the number one spot, overall. Among Asian countries, Hong Kong ranked third and Singapore fourth on the index. Mumbai bettered its previous position of 18 in terms of wealth on the index in 2017. Bengaluru was placed 60th in terms of investments superseding Mumbai and Delhi. Other Asia-Pacific countries ranked in the top 10 include Shanghai, Sydney and Tokyo. In the wealth category, Hong Kong and Beijing ranked third globally while Singapore took fifth place. In terms of investment, Hong Kong remains the top destination for private capital in Asia-Pacific. On lifestyle, Singapore beat New York and Hong Kong to share first place with London. [caption id=“attachment_96157” align=“alignleft” width=“380”]  Mumbai skyline
Reuters[/caption] Growth in the Asia-Pacific region is noticeable with Asian cities holding five of the top ten spots in the wealth category. Besides Hong Kong, Beijing and Singapore, the ranking includes Seoul in seventh place and Shanghai in eighth. highlighting significant wealth creation in these cities. Nicholas Holt, Head of Research, Knight Frank Asia-Pacific, said, “The thriving cities of Seoul and Shanghai continue to benefit from buoyant economies, due to their statuses as financial centres with burgeoning technology scenes.”  Asian countries will also see the fastest growth in ultra high net worth individuals (UHNWIs), defined as those with net assets of $30 million or more, in the period between 2018 and 2023. Of the 59 countries and territories in Knight Frank’s forecasts, 8 of the top ten countries by future growth are in Asia. Investment opportunities North American cities led the ranking for investment, occupying six of the top 10 spots in this category with New York, Los Angeles, Washington DC and Chicago. In Asia-Pacific, besides Hong Kong, countries that are in the top 10 of the Index’s investment category include Sydney, which takes sixth place and Singapore in ninth place. “The rise of the Asian Pacific middle class will be a major driving force for growth and over the coming decade, ensuring that the region will offer an attractive proposition for investors,” Holt said. Lifestyle category The lifestyle category of the City Wealth Index is based on key decision influencers drawn from Knight Frank’s annual Attitudes Survey. For instance, a significant factor for purchasing first and second homes internationally is education, represented by the number and quality of universities in a specific city. Security is another key factor, as are luxury indicators including the number of five-star hotels and the quantity and quality of leading restaurants. While London dominated this category with its significant number of five-star hotels and the quality of its universities, Singapore swoops in for a tie in the number one spot, while Hong Kong and Tokyo hold the fourth and fifth spots respectively. Victoria Garret, Head of Residential, Knight Frank Asia Pacific said, “Asia’s top gateway cities are fast becoming favored destinations for UHNWIs who seek to preserve wealth. Long term growth prospects, and quality of life improvements are also key in their decision-making.”