Sydney has come in at sixth place for investment, and eighth overall according to the latest 2019 City Wealth Index which measures global cities by three categories: wealth, lifestyle and investment.
Knight Frank’s latest City Wealth Index takes in the world’s leading cities to provide insights for investors.
Sydney came in at sixth spot for the report's investment category, this section looks at where the wealthy are investing says Knight Frank’s head of residential research Australia Michelle Ciesielski.
“Globally, we assessed data on major property investments – residential and commercial worth US$10 million or more – by private individuals and family offices,” Ciesielski said.
The ranking takes into account the volume of investment and diversity measuring the number of different nationalities investing.
Sydney came in 16th place for the lifestyle ranking.
Ciesielski said this category draws on key lifestyle decision influencers such as education, security, and luxury indicators which include the number of five-star hotels and the quantity and quality of restaurants.
“Finally, the wealth category, in which Sydney ranked 27th, uses data from analyst GlobalData WealthInsight to look at current ultra-wealthy populations in each city, as well as analysing recent growth performance,” Ciesielski said.
Sydney’s population of ultra-high-net-worth individuals, that is someone with a net worth of more than US$30 million excluding their primary residence, is also set to grow.
“The population of UHNWIs in Sydney was estimated at 875 in 2018 and this is projected to grow by 20 per cent over the next five years,” Ciesielski said.
This is in line with the expected 22 per cent increase in the global UHNWI population projected for the five years to 2023.
Topping the global chart is London, which now has a population of 4,944 UHNWIs, the largest of any city in the world following a rise of 582 in the last five years.
“Hard Brexit, no Brexit, Brexit-lite: whatever the outcome, London will remain the leading global wealth centre in 2019” Knight Frank’s global head of research Liam Bailey said.
“The city sweeps the board in our annual City Wealth Index, pushing its only serious rival New York into second place.”
|Top 10: Knight Frank|