New York claimed the top spot for the world’s growing ultra-wealthy population in 2017, according to a report Wednesday by Knight Frank.
New York ranked No.1 in all five categories—wealth, investment, lifestyle, education and future—which are explored in Knight Frank’s City Wealth Index. The indexgauges where the ultra-wealthy live, spend, invest, enjoy their leisure time and educate their children.
More:Beijing is ‘Billionaire Capital of the World’
The world’s ultra-wealthy population, defined as those with a net worth of at least US$50 million, grew 10% year-over-year in 2017 to 129,730.
London is ranked second, followed by San Francisco and Los Angeles. Chicago and Singapore tied for the fifth place.
U.S. cities dominated the the City Wealth Index, taking up half of the Top 10 and Top 20 lists.
"Although the economic powerhouses such as New York and London dominated the overall rankings again, it is interesting to note the power of other U.S. cities," Liam Bailey, global head of research at Knight Frank, said in the report.
Globally, among the top 10 cities with the highest number of households earning at least US$250,000, the first nine spots were occupied by U.S. cities. London lands the 10th spot with 272,604 wealthy households, approximately a quarter of New York’s 1,167,131.
This is one category that is measured in the overall City Wealth Index.
"This year’s index produced some very interesting results with regard to the projected growth of wealthy households around the world that will be exciting to track. However, North America’s domination of the current household wealth tables is unequivocal," Mr. Bailey said.
Guangzhou saw the highest home price growth
Three Chinese cities—Hong Kong, Beijing and Shanghai—squeezed in the top 20 spots in City Wealth Index.
Zeroing in on luxury real estate, Guangzhou led Knight Frank’s Prime International Residential Index with an annual 27.4% home price increase.
Cape Town, South Africa ranked second with a 19.9% home price growth.
More:Christie’s Real Estate Chief Pinpoints the Safest Markets in the World
European markets saw a solid recovery after a decade of weak growth, taking up four of the top 10 performing cities."Heightened domestic interest, combined with capital flight from turbulent markets overseas has strengthened prices in Amsterdam, Frankfurt, Paris and Madrid," Kate Everett-Allen, head of international residential research at Knight Frank, said in the report.
Aspen,Colorado, and Seattle were the two U.S. cities to make the top 10, with home prices increasing 19% and 12.2%, respectively.