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New Delhi, The Indian ultra-rich allocate 17 per cent of their investable wealth towards luxury items, with maximum preference to watches followed by art and jewellery, according to <keyword id="19895043" type="General" weightage="20" keywordseo="knight-frank" source="keywords">Knight Frank</keyword>. In a virtual press conference, real estate consultant Knight Frank released 'The Wealth Report 2024', highlighting that 17 per cent of the investable wealth of Indian Ultra-high Net Worth Individuals (<keyword id="20759156" type="General" weightage="20" keywordseo="uhnwi" source="keywords">UHNWI</keyword>) is allocated towards luxury or passion investments. <br /><br /> UHNWI are defined as individuals with a net worth of USD 30 million and above. <br /><br /> The joy of ownership has been cited in the survey as the prime reason for Indian UHNWIs for making investments into luxury assets, the consultant said. <br /><br /> Among Indian UHNWIs, luxury watches are the most coveted investment category, followed by art and jewellery. <br /><br /> Classic cars are at 4th position, followed by luxury handbags, wine, rare whisky, furniture, coloured diamonds, and coins. <br /><br /> However, on a global scale, the super-rich show their preference for luxury watches and classic cars. <br /><br /> <keyword id="19895044" type="General" weightage="20" keywordseo="knight-frank-india" source="keywords">Knight Frank India</keyword> Chairman and Managing Director <keyword id="20404833" type="General" weightage="20" keywordseo="shishir-baijal" source="keywords">Shishir Baijal</keyword> said in a report, "<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s affluent class has long shown a fondness for collectibles spanning various categories. With both domestic and global markets offering significantly higher returns for such items, India's ultra-wealthy are actively pursuing investment opportunities in areas aligned with their passions." <br /><br /> The demand for rare collectibles is on the rise across different age groups in India, he added. <br /><br /> "... as wealth continues to grow in the country, we can anticipate further investments in these asset classes," Baijal hoped. <br /><br /> According to the annual Knight Frank Luxury Investment Index (KFLII), which tracks the performance of 10 popular investments of passion, art was the best-performing luxury asset class with prices rising 11 per cent in 2023. "Despite witnessing a depreciation of 9 per cent in the last 12-month, over a longer period of 10-year, rare whisky continued to command its premium value registering 280 per cent returns," the report said. <br /><br /> Despite the major auction houses observing a year of record-breaking sales in the luxury investment market, the KFLII edged into marginal negative territory for the second time, declining 1 per cent in 2023. <br /><br /> This was because several constituents of the index dropped into the red zone or showed minimal gains.

India's super rich put 17% of investable wealth in luxury items says Knight Frank

<ul class="summary-list"><li>Knight Frank's new wealth report shows that about 70 people a day became uber-rich last year.</li><li>The total number of people worth at least $30 million rose by 4.2% to about 627,000 worldwide.</li></ul><p>Almost 70 people a day joined the ranks of the uber-wealthy last year, Knight Frank has revealed.</p><p>The newly minted members boosted the worldwide number of ultra-high-net-worth individuals (UHNWIs) by 4.2% to about 627,000, the real estate group said in its latest <a target="_blank" href="https://www.knightfrank.com/wealthreport">Wealth Report</a> released on Wednesday.</p><p>A net worth of at least $30 million is required to be classed as a UHNWI. However, it only takes $5.8 million to rank in the top 1% of wealthy Americans, Knight Frank said.</p><p>North America had the fastest growth among the world's regions, with its UHNWIs rising by 7.2%. That reflected a strong showing from US stocks and a <a target="_blank" href="https://markets.businessinsider.com/news/stocks/economy-stock-market-rally-federal-reserve-inflation-recession-soft-landing-2024-2">buoyant US economy</a> as inflation cooled, hopes for <a target="_blank" href="https://www.businessinsider.com/how-ai-is-changing-everything">AI advances</a> and <a target="_blank" href="https://www.businessinsider.com/interest-rates-fed-pauses-increases-december-rate-cuts-powell-inflation-2023-12">interest-rate cuts</a> grew, growth proved resilient, and unemployment stayed at historic lows.</p><p>"The improving interest rate outlook, the robust performance of the US economy, and a sharp uptick in equity markets helped wealth creation globally," said Liam Bailey, global head of research at Knight Frank, in a press release.</p><p>Affluent people benefited from other assets rising in price as well. Gold gained 15%, bitcoin jumped 155%, residential property values in the world's top markets rose by 3.1%, and rents climbed at triple their long-term average pace, Knight Frank said.</p><p>On the other hand, the Knight Frank Luxury Investment Index suffered a rare decline of less than 1%. While prices for art, jewelry, and watches rose, the value of whisky, cars, handbags, and furniture declined.</p><h2>Millennials set to get richer</h2><p>Knight Frank also projected a 28% surge in the total number of wealthy people over the next five years, led by India and mainland China.</p><p>Moreover, it heralded the transfer of $90 trillion of assets from older generations to millennials over the next two decades, which it expects to create "the richest generation in history."</p><p>Strikingly, women accounted for just 11% of UHNWIs worldwide, although that was up from 8% less than 10 years ago.</p><p>Wealthy boomers also seem more pessimistic about markets and the economy, with only 52% predicting their wealth will grow in the next year, compared to 7% of the Gen Z members surveyed.</p><p>Fewer than 10% of boomers expect to buy a home this year, compared to more than 20% of millennials.</p><p>The difference might reflect that more boomers already own homes; they're more concerned about taking on a mortgage when rates are near a 20-year high; or they're more worried about a stock-market crash or recession and thus reluctant to make any big outlays.</p>

Almost 630,000 people worldwide are now worth at least $30 million, Knight Frank says

<ul class="summary-list"><li>The world's ultra-rich lost 13.6%, or $13.8 trillion, of their wealth in 2022, per a Knight Frank report.</li><li>The Ukraine war, the energy crisis, and interest rate hikes hit investment portfolios.</li></ul><p>Even the ultra-rich had a bad 2022 — it's not surprising, given the fallout from the Ukraine war, the energy crisis, and the Fed's rate hikes hitting their investment portfolios.</p><p>The triple crisis that roiled the global economy saw the world's richest lose about $13.8 trillion worth of assets — that's 13.6% of their wealth in 2022—  according to <a href="https://www.knightfrank.com/wealthreport/2023-03-01-combatting-wealth-shrinking-what-are-2023-investor-strategies-" target="_blank" rel="noopener">Knight Frank's wealth report</a> published Wednesday.</p><p>The London-based real estate consultancy surveyed 500 private bankers, wealth advisors, and family offices who manage over $2.5 trillion in collective wealth for ultra-high net worth individuals. </p><p>Just four in 10 ultra-wealthy people saw a boost to their wealth in 2022, but the "overwhelming trend" was negative, Knight Frank said in the report.</p><p>For example, just four people — Tesla CEO Elon Musk, Amazon founder Jeff Bezos, Binance CEO Changpeng Zhao, and Meta co-founder Mark Zuckerberg — saw $392 billion wiped off their collective fortunes last year, according to the <a href="https://www.bloomberg.com/news/features/2022-12-29/billionaire-wealth-losses-in-2022-hit-1-4-trillion-led-by-elon-musk-jeff-bezos" target="_blank" rel="noopener">Bloomberg Billionaires Index.</a></p><p>In 2022, the ultra-rich in Europe experienced the largest decline in wealth with a drop of 17%, followed by Australiasia with 11%, and the Americas by 10%, according to Knight Frank. The ultra-rich in Africa and Asia saw the smallest declines with a 5% and 7% drop, respectively.</p><p>The wealth rout came on the back of the Russia-Ukraine war and the resulting rising inflation. To curb a rapid rise in inflation, most major central banks — including the US Federal Reserve — <a href="https://www.reuters.com/markets/global-central-banks-deliver-historic-rate-hike-blast-2022-2022-12-23/" target="_blank" rel="noopener">started raising interest rates last year</a> to curb rapid price increases. </p><p>However, this further depressed the markets. Higher rates mean companies tend to borrow less for investment and growth, which impacts their earnings. A rise in interest rates also hits <a href="https://www.businessinsider.com/housing-market-crash-home-prices-mortgage-rates-case-shiller-kpmg-2023-1">demand for real estate</a> because mortgages will cost more.</p><p>The ultra-rich are not immune to these policy changes that hit their investment portfolios.</p><p>According to Knight Frank, the ultra-rich parked 32% of their total wealth in their residential properties. They stashed another 26% and 21% of their wealth in equities and commercial properties, respectively.</p><p>"The fall in wealth is unsurprising given the dramatic pivot in monetary policy that culminated in the worst performance for the traditional blended portfolio since the 1930s," wrote Flora Harley, the executive editor of Knight Frank's wealth report.</p>

The world's ultra-rich lost about $14 trillion of their wealth in 2022, Knight Frank study shows

<ul class="summary-list"><li>The US has the highest number of ultra-high net worth individuals.</li><li>You need $4.4 million in the US to be in the richest 1%, according to the 2021 <keyword id="6363605" type="UNKNOWN" weightage="60" keywordseo="knight-frank">Knight Frank</keyword> <keyword id="6383453" type="UNKNOWN" weightage="60" keywordseo="wealth">Wealth</keyword> Report.</li><li>Monaco had the highest barrier to entry, requiring $7.9 million to crack into <keyword id="10828663" type="UNKNOWN" weightage="60" keywordseo="the-1">the 1%</keyword>.</li></ul><p>Curious to know what the cutoff is to be in the wealthiest 1%? The new annual Wealth Report from <a href="https://www.knightfrank.com/">Knight Frank</a> breaks the numbers down for the US and other countries around the world.</p><p>An individual in the US needs a net wealth of $4.4 million to be among the richest 1% in the world, according to the Knight Frank 2021 Wealth Report. Compared to the rest of the world, the US has the third-highest wealth threshold to break into the 1%.</p><p>However, the US has the highest number of what Knight Frank calls UHNWI residents - ultra-high net worth individuals. The real-estate consultancy firm defines a UHNWI resident as someone whose net wealth exceeds $30 million.</p><p>Switzerland has the second-highest wealth threshold, with a person needing $5.1 million to join the richest 1%.</p><p>Monaco -  where the densest population of the super-rich reside according to Knight Frank- has the highest mark to hit for the 1%: $7.9 million.</p><div type="image" title="FlyingHigh" height="993" width="939" msid="81213768" hostid="261"></div><p>Others listed in the report included No. 4 Singapore at $2.9 million, positioning it as Asia's highest entry ahead of Hong Kong, which requires a net wealth of $2.8 million. The highest entry to the richest 1% for Latin America is Argentina at $360,000. South Africa has the highest wealth threshold out of any other country in Africa, at $180,000.</p><p>Countries with the lowest wealth thresholds to crack into the 1% include Indonesia, where a person needs $60,000, and Kenya, where a net wealth of $20,000 is needed for that status. </p><p>The report predicts that India's 1% threshold will almost double within the next five years and increase by about 70% for the Chinese Mainland from $850,000 in 2020.</p><p>Around 90% of respondents polled in the Knight Frank's Wealth Report Attitudes Survey said they see investment opportunities after the Coronavirus pandemic.</p><p>"We are entering a new economic cycle and the prospects for wealth creation and growth are huge," David Bailin, Chief Investment Officer at Citi Private Bank, told Knight Frank.</p>

This is how much you need to be worth to be in the richest 1% in the US - and other countries

New Delhi, The increase in interest rates on home loans have affected the affordability of residential properties across all eight major cities during the first six months of this year, according to Knight Frank India.  On Wednesday, real estate consultant Knight Frank India released its 'Affordability Index' for the top eight cities for the first six months of 2023 calendar year. <br /><br /> The index tracks the EMI (Equated Monthly Instalment)-to-income ratio for an average household. <br /><br /> It indicates the proportion of income that a household requires, to fund the EMI of a housing unit in a particular city. <br /><br /> The index showed that higher home loan rates have reduced affordability across all markets so far in 2023. <br /><br /> Ahmedabad is the most affordable housing market amongst the top eight cities, with a ratio of 23 per cent followed by Pune and Kolkata at 26 per cent each; Bengaluru and Chennai at 28 per cent each; Delhi-NCR at 30 per cent; Hyderabad 31 per cent; and Mumbai 55 per cent. <br /><br /> A Knight Frank Affordability index level of 40 per cent for a city implies that on an average, households in that city need to spend 40 per cent of their income to fund the EMI of housing loan for that unit. <br /><br /> An EMI/Income ratio over 50 per cent is considered unaffordable as it is the limit beyond which banks rarely underwrite a mortgage, it said. <br /><br /> Knight Frank noted that affordability index witnessed steady improvement from 2010 to 2021 across the eight cities of India especially during the pandemic when the RBI cut repo rates to decadal lows. <br /><br /> "The central bank has raised the REPO rate by 250 bps since then to address growing inflation. This has impacted affordability by an average of 2.5 per cent across cities and increased the EMI load by 14.4 per cent since then," the consultant said.

Ahmedabad most affordable homes, Mumbai most unaffordable says Knight Frank

<p>Jakarta and Bali, both in <keyword id="8692" type="COUNTRY" weightage="60" keywordseo="Indonesia">Indonesia</keyword>, ranked highly on <keyword id="6354553" type="COMPANY" weightage="60" keywordseo="real-estate">real estate</keyword> firm Knight Frank's <a href="http://www.knightfrank.com/wealthreport">new index of price growth</a> in the world's luxury real estate markets.</p>
<p>The capital city of Jakarta, where prices increased 38 percent year-over-year, topped the list this year. And Bali ranked second, tying Dubai with a 20 percent increase in luxury real estate prices between 2011 and 2012.</p>
<p>Knight Frank explained the growth:</p>
<p style="padding-left: 30px;">Jakarta benefited from continued strong GDP growth, which has stood at or above 6% for five out of the past six years and, in particular, from rapid growth in middle-class wealth. Increased access for non-resident purchasers could help sustain the trend through 2013.</p>
<p>In Jakarta, prices jumped from $250 per square foot to $346 per square foot. And in Bali, they went from $224 per square foot to $269 per square foot, according to Knight Frank.</p>
<p>While a third of the cities in the report experienced price growth in 2012, prices declined in around half of the cities analyzed in the report. Overall, the Asia-Pacific region fared well, while Europe struggled.</p>
<p>According to Knight Frank, the dichotomy stems from the aftermath of the financial crisis:</p>
<p style="padding-left: 30px;">The search for safe haven investments has continued to propel prices higher in key global cities; some of the markets worst hit by the global financial crisis appear at long last to be recovering; and the impact of growing global wealth flows has kept governments busy in their attempts to limit price growth and deflate nascent real-estate bubbles before they explode.</p>
<p>Even with the upswing, Jakarta and Bali still fell outside <a href="http://www.businessinsider.com/most-expensive-real-estate-markets-2013-3">Knight Frank's list of the 20 most expensive places to buy luxury property</a>.</p>
<p>Here are the 20 cities (out of 80 analyzed by Knight Frank) where prices on luxury residential real estate rose the most in 2012:</p>
<p><table class="image-container" width="200"><tr><td><div class="image"></div><p class="source">Knight Frank</p></td></tr></table></p>
<p>And the markets where they decreased the most:</p>
<p><table class="image-container" width="200"><tr><td><div class="image"></div><p class="source">Knight Frank</p></td></tr></table></p>

Indonesia Has The Fastest-Growing Luxury Real Estate Prices In The World

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image"></div><p></p></div></div>The price of luxury real estate is rising faster in the United States than it is anywhere else on earth, according to the latest World Wealth Report from real estate firm Knight Frank.</p><p>Prices rose by almost 13% across US cities last year, compared with just 2.5% across Europe, the report said. And worldwide, growth was even flatter, with global luxury property prices rising by just over 2% in 2014.</p><p>New York saw the highest jump, with luxury residential real estate prices rising 18.8% year over year. In 2013, Knight Frank <a href="http://www.businessinsider.com/what-1-million-buys-in-global-housing-markets-2014-4">found that $1 million could buy 40.2 square meters</a> of property in Manhattan; a year later, that figure has shrunk to 34 square meters.</p><p>Monaco still has the most expensive luxury real estate overall, followed by Hong Kong and London.</p><p><span>The chart below, via Knight Frank, gives a great visualization of what $1 million buys in various luxury housing markets around the globe.</span></p><p><span><div class="KonaFilter image-container display-table"><div><div class="image"></div><p></p></div></div><br /></span></p><p> While Monaco may be a magnet for wealth real estate buyers, The super-rich (defined in Knight Frank's report as those with $30 million or more in net assets) <a href="http://www.businessinsider.com/most-important-cities-for-the-wealthy-2015-3">say that London, New York, and Hong Kong are the most important cities</a> when it comes to doing business.</p><p> </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/iphone-headphones-tricks-2015-2">14 things you didn't know your iPhone headphones could do</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="o2OGM3czpWcydnvhjbkDBd6feXPuExiD" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Here's what a million dollars buys in housing markets around the world

Despite a slowdown in the economic, <keyword id="1390483" type="PERSON" weightage="20" keywordseo="housing-sales">housing sales</keyword> witnessed a marginal rise 2019 across eight major cities to nearly 2.46 lakh units, according to property consultant <keyword id="6363605" type="UNKNOWN" weightage="20" keywordseo="knight-frank">Knight Frank</keyword>. Releasing its latest report, India <keyword id="6354553" type="COMPANY" weightage="20" keywordseo="real-estate">Real Estate</keyword>: H2 2019, Knight Frank said that "despite headwinds of <keyword id="36141" type="ORGANIZATION" weightage="20" keywordseo="economic-slowdown">economic slowdown</keyword>, Indian real estate sector has recorded an overall growth in 2019." <br /><br /> The <keyword id="35281" type="PERSON" weightage="20" keywordseo="residential-property">residential property</keyword> market in top eight cities recorded a growth of 1 per cent year-on-year (YoY) in sales volume in 2019. <br /><br /> Total sales volume was recorded at 2,45,861 units in 2019 over 2,42,328 in 2018 as affordability improved, and developers aligned themselves with the needs of homebuyers by reducing ticket-sizes and unit-sizes in a bid to encourage sales, the consultant said. 
<br /><br /> "Housing market grew last year beating all odds," Knight Frank India Executive Director ( Valuation and Advisory, Retail and Hospitality) Ghulam Zia told reporters. 
<br /><br /> Housing sales increased in Delhi-NCR, Bengaluru, Chennai, Hyderabad and Ahmedabad, but dropped in Mumbai, Pune and Kolkata. 
<br /><br /> According to the report, Bengaluru saw maximum rise in housing sales of 10 per cent at 48,076 units.
<br /><br /> Housing sales in Chennai increased by 6 per cent to 16,959 units, while the national capital region saw 5 per cent rise at 42,828 units. 
<br /><br /> "Steady sales volumes is a positive sign for the reeling NCR residential market," said Muddasir Zaidi, Executive Director (North) Knight Frank India. 
<br /><br /> Average housing prices rose by 4-5 per cent last year, but it is still lower than 2015 level, Zaidi added.
<br /><br /> Hyderabad witnessed 4 per cent rise in sales to 16,267 units and Ahmedabad reported 3 per cent increase at 16,713 units. 
<br /><br /> However, Kolkata saw a decline of 12 per cent in housing sales at 11,266 units.
<br /><br /> Housing sales in Mumbai and Pune fell by 5 per cent and 2 per cent, respectively. Sales of apartments stood at 60,943 units in the financial capital and 32,809 units in Pune.
<br /><br /> New residential unit launches rose by 23 per cent YoY in 2019 to be recorded at 2,23,325 units.
<br /><br /> In the office segment, leasing of space rose by 27 per cent to touch record 60.6 million square feet (msf), backed by a surge in leasing activity by the information technology sector. New supply of office space surged by 56 per cent in 2019 and was recorded at 61.3 msf. 
<br /><br /> Shishir Baijal, Chairman and Managing Director, Knight Frank India said, "2019 can be seen as a relatively positive year for the real estate sector. The historic rise in the office transactions is a significant growth indicator for the office market as it represents the continued commitment of domestic and global corporations in the country's growth potential despite the ongoing economic slowdown."
<br /><br /> The residential sector also overcame the negative market outlook by registering a growth in sales volumes as well as new launches, he added.
<br /><br /> "Economic headwinds such as slower GDP growth, reduced industrial output, poor consumer sentiments, amongst others, presented significant challenges to the residential market throughout the year. 
<br /><br /> "However, the slew of recent fiscal and monetary incentives by the government and Reserve Bank of India, seem to have had an arrestive impact on the real estate sector," Baijal said.  MJH  ANS
ANS

Housing sales saw marginal rise last year in India despite economic slowdown: Knight Frank

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Knight Frank</span></p></div><p></p></div></div>LONDON - House prices in parts of central London have collapsed by as much as 13% over the last year, according to new figures from property consultancy and advisory Knight Frank.</p><p>Prices in "prime" central London fell by 6.3% in December compared to a year earlier, Knight Frank said in a release on Thursday, despite an uptick in sales volumes. November was the second highest month for prime central London sales in 2016.</p><p>However, Knight Frank says the uptick in sales is a reaction to the collapse in prices. The company says in a research note: "The second half of 2016 was marked by a steady improvement in sales volumes as vendors lowered asking prices to reflect the changed regulatory backdrop in prime central London."</p><p>The new regulatory backdrop refers to changes to stamp duty introduced in April. The changes to the tax charged on house sales mean people pay much more than before when buying houses worth more than £1 million, while property under that value sees a tax cut on a sliding scale.</p><p>Knight Frank argue that the "prime" market, where £1 million for a house counts as a bargain, has adjusted to this tax change by lowering initial asking prices, factoring in the higher tax burden that potential buyers will face.</p><p>Annual residential price growth in December ranged from 0% in the City &amp; the fringes to as much as a 13.5% fall in Chelsea and Hyde Park.<div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Knight Frank</span></p></div><p></p></div></div></p><p>Knight Frank says it expects "broadly flat price growth in 2017 as declines start to bottom out," but adds: "Whether strengthening sales volumes in the second half of 2016 will provide a reliable indicator for the first six months of 2017 remains to be seen.</p><p>"Political uncertainty is unlikely to subside in the early part of next year as the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> triggers the process to leave the European Union, Donald Trump potentially charts a new economic course in the US and ahead of elections in several European countries."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/wwe-cmo-vince-mcmahon-lesson-success-risk-2016-12">WWE CMO: The most valuable lesson Vince McMahon taught me about business</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="dvbGU5ODE6TIggiWm-Cbjw37nsucxefB" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Property prices in central London are diving

<p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span><a href="http://www.flickr.com/photos/kevinpoh/5723949892/">Flickr/kevinpoh</a></span></p></div><p></p></div></div>London is the most important city in the world for the rich, <a href="http://www.thewealthreport.net/#sthash.6Rqvw3LH.dpbs">according to the latest Wealth Report</a> from <span>real estate consulting firm</span> Knight Frank. But it won't hold onto its title for long.</p>
<p>According to the report, New York is set to overtake London as the top city for the wealthy in the next decade. And Asian cities like <span style="line-height: 1.5em;">Singapore, Hong Kong, and Shanghai will also become more important over the next 10 years.</span></p>
<p><span style="line-height: 1.5em;">Knight Frank determined its eighth-annual "global cities" ranking based on four factors: economic activity, political power, quality of life, and influence and power. It also took into account each city's population of ultra-high-net-worth individuals (those with $30 million or more in net assets, excluding their primary residence), and responses from an attitude survey of wealth advisors around the world.</span></p>
<p><span style="line-height: 1.5em;">"Our results suggest that by 2024 New York should surpass London as its share of the world's UHNWIs rises and the city becomes increasingly important to Chinese, Russian and even European UHNWIs," the Knight Frank report concludes.</span></p>
<p><span style="line-height: 1.5em;">The chart below shows which cities were most important last year and this year, and the forecasted ranking for 2024.</span></p>
<p><span style="line-height: 1.5em;"><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Knight Frank</span></p></div><p></p></div></div><br /></span></p>
<p><span style="line-height: 1.5em;">The report also notes an impending "power struggle" among Asia's top cities. "</span><span style="line-height: 1.5em;">One of the key differences, however, between Asia and Europe and North America is Asia's lack of a single dominant city," the report says. "This is why we are now seeing the power struggle ... with Singapore, Hong Kong, Shanghai and even Beijing all contenders for the title of future leading Asian city."</span></p>
<p class="p1"><span style="line-height: 1.5em;">Hong Kong will eventually overtake Singapore because "</span><span style="line-height: 1.5em;">the dominance of China is unavoidable and Hong Kong's unofficial role as the portal between its big brother and the rest of the world will ensure the growing dominance of the city over the next decade," Knight Frank concludes.</span></p>
<p class="p1"><span style="line-height: 1.5em;">Knight Frank also identified the five most important cities in each region of the globe, as well as five future "hotspots." Sao Paulo leads the "hotspot" ranking, as its population of ultra-wealthy individuals is set to rise in the next decade.</span><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="Knight Frank" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/53569589eab8ea4a079bb13c-960/screen shot 2014-04-22 at 12.00.59 pm.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>Knight Frank</span></p></div><p></p></div></div></p>

The Most Important Cities In The World

<ul class="summary-list"><li>Global luxury home prices turned negative for the first time since 2009, Knight Frank reported.</li><li>Its Prime Global Cities Index dipped 0.4% annually in the first quarter after climbing 3% in the fourth quarter.</li></ul><p>The price of luxury homes in the world's top markets has turned negative for the first time since 2009, according to real estate tracker <a href="http://ocs.google.com" target="_blank" rel="noopener">Knight Frank</a>.</p><p>The firm's Prime Global Cities Index, which covers prices in 46 leading markets, dipped 0.4% annually in the first quarter.</p><p>That's down from a <a href="https://content.knightfrank.com/research/323/documents/en/prime-global-cities-index-q4-2022-9939.pdf" target="_blank" rel="noopener">3% increase in the fourth quarter</a> and continues a sharp reversal from the peak in late 2021, when prices were up by 10.1%.</p><p>"The slowdown in growth has overwhelmingly been driven by sharply higher interest rates following recent tightening in global monetary policy," Knight Frank said.</p><p>Although two-thirds of prime markets appreciated in the first quarter, steep price slides in the remaining markets caused the overall index to decline. </p><p>In the first quarter, 16 out of the 46 tracked markets declined, led by drops in New Zealand's top cities. Meanwhile, Dubai and Miami saw double-digit increase.</p><p>Since 2020's first quarter, prices in the Middle Eastern city have jumped 149% as a result of structural change in the country's market. </p><p>Aggressive monetary policy worldwide has caused a surge in interest rates, which has brought up mortgage rates. And an expected pause in tightening may not bring much relief. </p><p>"While the Federal Reserve and other central banks may be closing in on peak rates, it is likely that even prime housing markets will experience continued downward pressure on prices for the next few quarters," Knight Frank said.</p>

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The Most Important Cities In The World

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