Top 5 Cities Where the Ultra-Wealthy Own Property Revealed in New Report

The World Ultra Wealth Report, published by Altrata and powered by Wealth-X data, reveals intriguing insights into where the ultra-wealthy-those with a net worth of $30 million or more choose to own property. Despite accounting for just 1.2% of the global high net worth (HNW) population, these ultra-high net worth (UHNW) individuals hold over 31% of this group's total wealth. In the first half of 2022, the global UHNW population declined 6% to 392,410 people.

North America Leads in Ultra Wealth

North America tops the list of regions for storing high net worth, holding approximately 34% of the global share. American cities are represented at the top; however, amongst all the options, New York is the most preferred destination for large investors. According to the report, it was pointed that the two most dominating UHNW cities are Hong Kong and New York, with a population base.

Hong Kong

Hong Kong, a Chinese special administrative territory, is one of the world's foremost financial and commercial ports. As of December 2018, the Hong Kong Stock Exchange was the seventh-largest globally, with a market capitalization of HK$30.4 trillion (US$3.87 trillion). In February 2022, a 21,173 sq ft residential land site in Repulse Bay was sold for a record-breaking HK$1.9 billion (US$242 million), underscoring the city's appeal to the ultra-wealthy.

New York

The largest city in the United States with the largest population density is New York and, as part of Koch's research, is home to more billionaires than any other city. The GMP is higher than $2 trillion, and it assigns Metro as Australia's second most populated region with 4. Around $4 trillion in 2021, the New York area features the largest economy of any metropolitan area globally. On the whole, it is conceivable that if this region were a country in its own right, it would boast of the eighth-largest economy in the global arena. The city is well known for its banking and finance destinations; however, it also offers other specialized medical, biomedical, media, and property industries. One of the largest sales was recently closing on a Rafael Vinoly built penthouse at 432 Park Avenue for ninety million. Another cost of $6 million includes the rotating circular louvers, which offer a panoramic view of the city.

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Los Angeles

Los Angeles, with its diverse economy and bustling port, is the third wealthiest city in the world. Hollywood's integration with Los Angeles in 1910 catalyzed its transformation into the global film industry's epicenter, shielding the city from much of the economic damage during the Great Depression. Despite its wealth, the city grapples with significant homelessness, highlighting the stark contrast within its population.

Tokyo

Tokyo, Japan's most populous capital, is the country's economic hub. It is the second-largest urban economy worldwide by gross domestic product, trailing only New York City. Categorized as an Alpha+ city, Tokyo was deemed the most expensive city globally by the Economist Intelligence Unit for 14 consecutive years until 2006.

London

London, the capital of England and the United Kingdom, wields significant influence across various sectors, including finance, arts, and education. As Europe's largest urban economy, London is a key global financial center. The city ranks fifth in UHNW population but is second in ultra-wealthy homeownership. Despite economic challenges, London attracts the wealthy, with a significant UHNW footprint of nearly 16,000 individuals. Notably, a mega-mansion in Knightsbridge, owned by Hui Ka Yan, is on the market for around £200 million (US$222.5 million).

These cities exemplify the diverse preferences of the ultra-wealthy regarding property ownership. Each offers unique economic and cultural advantages that continue to attract high-net-worth individuals from around the world.

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