Skip to comments.Why London, New York Draw the Wealthy
Posted on 04/03/2012 6:28:42 AM PDT by SeekAndFind
Citi Private Bank and the London-based real estate advisors, Knight Frank , just came out with their Wealth Report 2012, a study of the globes ultra rich and where they are buying property. Consider it a global version of Pentas much-read annual list, Best Places for Second Homes. It makes for an interesting read.
According to Ledbury Research, there are 63,000 people globally in possession of $100 million or more in assets, with 18,000 centa-millionaires located in South East Asia, China and Japan. That compares with 17,000 in North America and 14,000 in Western Europe. The number of centa-millionaires rose 29% globally between 2006 and 2011, with the U.S. accounting for a 6% rise.
Applying their pencil scratching to regional GDP-growth projections for the coming years, the wealth researchers figure that by 2016, the U.S. will still have the most centa-millionaires on a country-by-country basis, with 17,100, but probably not for much longer after that. China, it is assumed, will in that short time double its number of centa-millionaires to 14,000. Its all, of course, about the globes wealth-creation center of gravity shifting from somewhere in the mid-Atlantic to somewhere over in Asia. Its the ongoing and painful global restructuring we read about in the newspapers every day.
So Citi and Knight Frank pored over these new-wealth projections and asked themselves, what are the globes main real-estate hubs today for the worlds richest folk and what are these hubs likely to be in a decade or more from now? According to Citi and Knight Frank, these are the cities that currently matter most to the worlds richest folk
(Excerpt) Read more at blogs.barrons.com ...
For the skeptics among you, here is the explanation as to why London and NYC will still draw most of the wealth....
The most significant driving force of any city is its people. It is crucial to have a livable environment for increasingly mobile populations, and to attract a significant workforce. More than one-third of the people in New York and London are foreign-born. Despite their astonishing growth, Asian economic powerhouses fail to reach that level of cosmopolitan culture. New York or London will continue to top the indices, but only if they ensure their strong cultural offers are unmatched and maintain open immigration policies.
‘Culture’ is such a funny concept. In New York, or any other major city, you can pay a fortune to live in a relatively small space with little greenery or natural beauty around, walk down concrete sidewalks that people routinely spit on, and nearly get run over by a taxi cab. For a ‘cultural’ experience you can then go to the Metropolitan Museum of Art where you can see paintings of nature. Go figure.
I’m not ‘dissing’ the city. I was joking. I grew up in a major city. I just think that where you live doesn’t define the validity of your views.
There’s so much life in NYC. It literally vibrates with energy. It’s the theatre, all the museums (MOMA doesn’t have too many nature studies), truly great restaurants, giant organic green markets, beautiful parks and open spaces (my apartment is near the lovely Madison Square), fascinating architecture, dynamic boroughs filled with young, ambitious people and the remnants of the great Jewish/Irish/Italian culture that still hangs on in our language and food.
And don’t get me started on the glories of London!
And remember, even in a city that's 70% liberal, 3 out of every 10 people you meet are relatively normal.
I agree about NY, and Chicago, and London, and multiple other cities I’ve had the privilege of spending time in. However, having lived in cities, and having spent time on mountain tops and in the wilderness, I have to say that ‘culture’ is what is in your soul. I’ve had the same feeling listening to a bird sing as I’ve had listening to Vivaldi being played by a major urban orchestra.
I get nervous on mountaintops and in the wilderness. Cement is in my soul, lol!
Perceived Culture. I see the same attitude here in Denver. People think because they know of a “great little place” to eat at 3:00AM they are hip, cool, and “in the know”. I’ve actually heard a female dork once say, “the scene”. I haven’t heard that phrase since the disco days.
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