New York City is not the favorite place in the world for the rich and famous to call “home.” tThe city that doesn’t sleep has been displaced by a European metropolis: London. In previous years, the Big Apple has been chosen by those who travel the world and have the opportunity to own homes on both sides of the Atlantic as the greatest city of them all, but according to the eighth annual World Report the balance has been tipped in favor of the British capital.
The rich and famous are trading the skyscrapers for the more historic city by the river Thames, which according to the study offers ease in visa rules, is a political and financial center, has cultural excellence, with theaters and art galleries aplenty, and an excellent system of elite private schools for the children. Global property consultants Knight Frank’s — who conducts the study yearly — head of research Liam Bailey told The Daily Beast:
“London is a much more international city than New York, it is the capital city of Europe when it comes to finance, politics, advertising and media whereas New York shares some of those functions with other cities in America. Its dominance isn’t as clear cut.”
This is the second year in a row that London has displaced New York City as the favorite place multimillionaires choose to invest in personal property and the trend is expected to continue well into 2023, when an expected 5,000 billionaires will be calling the British capital home.
London and New York City have been sharing the top spots in the annual list for the last few years, however, it is expected they will both be eclipsed by Asian cities, where the luxury property markets are extremely popular and attractive for foreign investors.
Bailey acknowledges that London and New York City will always be popular: “London wins over New York: It’s more diverse. There are more nationalities living here and it’s a more global city,” he adds.
This year, Singapore, Hong Kong, and Geneva round up the top five cities for the world’s millionaires and billionaires. Shanghai is expected to take over fifth-placed Geneva by 2023, continuing the trend of Asian cities to make the top of the list.
The UK has also become the most popular place for multimillionaires looking for a home, even though Asians still prefer the US. New York City, however, is poised to take over as the most popular city in the world again in 2024 followed by London, Hong Kong, Singapore, and Shanghai.