Beijing, March 28 (IANS) Beijing and Shanghai have the most rapid growth in importance to high-net-worth individuals and will rank third and fourth among the world’s top cities in 10 years.
Shanghai Daily reported this Wednesday, quoting a Knight Frank and Citi Private Bank report.
Presently, London and New York are seen as the most important world cities for high net worth individuals,
The two cities will hold their top positions for another 10 years, said the report, which defines those with more than $25 million of assets which can be invested as high net worth individuals.
Top-scoring indicators to make a global city include personal safety and security, economic openness, social stability, availability of luxury housing and excellent educational opportunities.
A shift in wealth distribution towards Asia Pacific – covering China, Southeast Asia and Japan – has been confirmed, where there are now 18,000 centa-millionaires (those with over $100 million in assets).
This has already outnumbered North America, which has 17,000, and Western Europe with 14,000.
