Singapore retained its position as the 3rd most important global city for Ultra High Net Worth Individuals (UHNWIs) in 2014 behind New York and London, according to the latest Knight Frank Wealth Report.
But the city-state is top for UHNWIs in Asia, beating out Hong Kong which took 4th spot globally, while Shanghai was in 6th place and Beijing (9th). However come 2024, these cities will be vying for the number one spot in Asia.
“History, location and their long-established wealth mean that London and New York’s positions look unassailable, at least for now. It is further down our leader board that the real city wars are being waged,” said Nicholas Holt, Knight Frank’s Head of Research for Asia Pacific.
“The main battleground is Asia, where a handful of locations are slugging it out in the hope of establishing a clear lead as the region’s alpha urban hub,” he added.
Singapore also emerged as the next best location for second-home ownership among UHNWIs, behind the UK. The 3rd and 4th places were clinched by the US and Australia respectively.
The republic also has the 4th most expensive luxury property, trailing London, Hong Kong and Monaco. Specifically, US$1 million in Singapore can buy 32.6 sq m of high-end property compared to 25.2 sq m in London, 20.6 sq m for Hong Kong and 15 sq m in Monaco.
The Wealth Report asked nearly 600 private bankers and wealth advisors around the world to provide insight into their UHNWI clients’ attitudes towards a wide range of topics, including their homes, investments and ability to generate further wealth. The results represent the views of over 23,000 UHNWIs with an average worth of US$68 million and totalling about US$1.5 trillion.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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