Shanghai and Beijing could rival New York and London to become the top cities for the world’s billionaires in ten years, according to a recent survey by global real estate firm Knight Frank. They surveyed 5,000 individuals with wealth of over $1 billion.
While New York and London won’t be knocked off their top two spots over the next decade, Shanghai and Beijing are expected to climb to become the third and fourth choices for billionaires.
Interestingly, some of the established Asian cities, such as Singapore, Hong Kong and Tokyo, are at risk of declining compared to China’s rising stars, especially Shanghai.
Currently Singapore is the most popular city in Asia Pacific for the global rich to relocate. About 22 percent of the billionaires indicated Singapore as their top choice. However, 14 percent of the respondents said they would move to China.
Paris, Tokyo, Brussels and Los Angeles took the third to sixth positions in the current rankings of the world’s top cities. Singapore is the top city in Asia coming in at seventh, and edging out Beijing which ranked eighth. Shanghai was ranked 18th, right behind Hong Kong.
The wealthy also said they expected some of the cities in Brazil, Russia and India to rise in their global rankings over the coming years.
“The three biggest winners point to a rebalancing within the Brazil, Russia, India and China (Bric) grouping, with the main cities to watch being Mumbai, Moscow and Sao Paulo. They look set for a dramatic upswing in their status, with each expected to climb by between six and eight places over the next decade,” according to the report.