Where do the world's super-rich live?

Two years after the COVID-19 pandemic, major cities around the world are gradually regaining their appeal to the global elite.

Knight Frank's 2022 Prosperity Report just released says New York, Tokyo and Paris are the cities most favored by the super-rich. Followed by London and Los Angeles. The UK's capital is widely regarded as a leading lifestyle and investment destination.

Flora Harley, the report's deputy general manager, said: “Cities are recovering strongly. Mass migration in 2020 is creating a boomerang effect as many people realize that being away from the noisy city life is not necessarily as good as they expected.

The Knight Frank report compiles information before the Russia-Ukraine conflict erupted, triggering the worst geopolitical crisis in decades and decimating global equity markets.

Equity markets have also fallen this year on fears of the pace of monetary tightening, wiping out some of the biggest gains in history.

The report shows that the number of individuals owning ultra-high net worth assets has grown by 9.3% in 2021, as central banks ease restrictions to combat the effects of the pandemic, pushing up house prices. and stocks go up.

According to Knight Frank, the number of people with a net worth of more than $30 million will more than double between 2016 and 2026, to 783,671. Asia will overtake Europe as the region with the second largest number of super-rich people in the world, despite China's "commonwealth" campaign.

China is the country with the most billionaires after the US. According to Bloomberg, there are more than 80 people from China among the world's 500 richest people, with a combined net worth of about $1 trillion.

The Knight Frank report also shows that the cost of luxury homes globally rose to a record last year. Dubai led the increase with 40%. Meanwhile, the lowest price to own a luxury house in Monaco is 1 million USD. 

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