According to the most recent edition of Knight Frank’s Wealth Report, there were a grand total of 198,342 ultra-high net worth individuals (UHNWIs) globally with assets over US$30 million in 2018. Although these millionaires and billionaires can be found all over the globe, the reality is that most of the world’s ultra-rich population tends to congregate in world-class cities.
UHNWIs generally look to live in places that are conducive to safeguarding and growing their wealth, all while providing them access to top-end amenities and opportunities that allow them to live comfortably and luxuriously.
Top 10 Cities for the Ultra-Rich
Below is a list of the top 10 global cities where UHNWIs currently reside and are expected to reside in 2023:
London continues to top the list, with a total of 4,944 ultra-rich residents today and projected growth over the coming years to reach 6,000+ by 2023.
Tokyo has the second highest amount of UHNWIs today, but the city is adding them at a slower rate than other rival cities. As a result, Singapore will move into the #2 spot by 2023, with an expected total of 4,393 high net worth residents.
Finally, it’s worth noting that only two cities on the top 10 list are expected to see growth above 30% over this five-year period. Shanghai and Beijing could be cities to watch over the next decade, as they add millionaires and billionaires at a faster rate than any of the other cities.
Fastest Growing Cities
Where are the next billionaire cities of the future? Below are the top 10 future cities that are expected to grow their population of UHNWIs between 2018-2023:
Unsurprisingly, all 10 of these cities are in Asia. Two Indian cities (Delhi and Mumbai) top the list and are likely to add nearly 40% to their ultra-rich populations over the next five years. China also has strong potential. Interestingly, just missing the above top 10 were a few non-Asian cities: Auckland (#11), Madrid (#12), Munich (#13), and Nairobi (#14). These cities are all expected to grow their UHNWI populations by roughly 25% by 2023.
HNWIs and Pursing the United States Through EB-5
Unlike the middle class, wealthy citizens have the means to pursue moving themselves, their families, and their wealth to different countries with more favorable opportunities, thus putting their earnings to better value, such as sending their children to a top university. One of the best values for HNWIs pursuing the American Dream is the U.S. EB-5 Immigrant Investor Program.
The Immigrant Investor Program, also known as “EB-5,” was created by the United States Congress in 1990 to stimulate the U.S. economy through job creation and capital investment by immigrant investors.
There are no language skills, business, or special training experience required to invest in the EB-5 program. The only requirements are to make the required capital investment into a new commercial enterprise located within the United States with legally sourced funds and create 10 American jobs
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