Luxury estate agent Knight Frank and Wealth-X, the research firm that concentrates on high net worth individuals, just released their comprehensive annual report on where they are buying property and how much it costs them.
Looking at the world's super-rich elites, the report examined the cities globally that, right now, are attracting the most new millionaires to live. The popularity of a city is calculated on the net number of high net worth individuals (HNWIs)— those with $30 million (£24.2 million) or more in net assets — moving into major cities across the world.
As the report notes: "The latest data on HNWI migration confirms the strong and growing attraction of Australia, the US and Canada as destinations for the footloose wealthy."
"Cities such as Sydney and Melbourne top the list of growth markets," it continues.
On the flipside, it is Europe that is seeing an exodus of HNWIs "with Paris and Rome seeing outflows of 7,000 and 5,000 HNWIs respectively in a year. London remains an outlier in Europe, maintaining an annual net inflow of 500 HNWIs."
Check out the cities attracting the most high net worth individuals below:
T=7. Perth, Australia; 1,000 HNWIs — The southwest city of Perth is not as famous as other Aussie cities like Melbourne and Sydney, but has a population of 2.4 million.
T=7. Seattle, USA: 1,000 HNWIs — On the Pacific northwest coast, Seattle is home to two of the USA's most recognisable brands, Microsoft and Starbucks. That, along with its relative proximity to the Far East, attracted a net inflow of 1,000 HNWIs in 2016, according to Knight Frank.
T=3. Vancouver, Canada: 2,000 HNWIs — Just a few hours drive up the coast from Seattle, Vancouver holds much of the same appeal to HNWIs, particularly those from China and Japan.
T=3. San Francisco, USA: 2,000 HNWIs — The San Francisco and wider Silicon Valley area is renowned for being home to many of the world's biggest tech firms and startups, including Facebook, Google, and Uber. That helps make San Fran a natural home for the super rich.
T=3. Dubai, United Arab Emirates: 2,000 HNWIs — Dubai is pretty much synonymous with vast and lavish wealth, with supercars littering the streets and expensive shops on every corner. It is the perfect fit for the globe's rich elite.
T=3. Tel Aviv, Israel: 2,000 HNWIs — Tel Aviv has developed as a new startup hub in recent years, and as a result is attracting HNWIs involved in the tech scene from around the world.
2. Melbourne, Australia: 3,000 HNWIs — Australia's proximity to China makes it a prime destination for Chinese HNWIs, whole have flocked to the country in droves, with Melbourne a popular spot.
1. Sydney, Australia: 4,000 HNWIs — Melbourne may be popular with the super-rich, but Sydney is even more so. The city has everything anyone could ever need, including great weather.
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