Trending: How the World’s 10 Wealthiest Cities Navigate Housing Prices
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In a world where the geography of wealth is as dynamic as the markets themselves, Henley & Partners’ recent The World’s Wealthiest Cities Report sheds light on the evolving landscape of global wealth, particularly in urban centers.

The report highlights the 50 cities that have become home to the world’s wealthiest individuals in 2023. The analysis behind the report, created in collaboration with global data intelligence firm New World Wealth, tracks wealth accumulation and movement across the globe.

JamesEdition, as a global luxury marketplace, is at the epicenter of this ever-changing environment. Adding a new dimension to the report’s findings, we explore housing prices in these cities, concentrating on wealthy areas and the favored locales of the global elite.

Exploring the 10 Epicenters of Wealth

Henley & Partners’ CEO Dr. Juerg Steffen highlights that in an ever-changing world, wealthy individuals need a plan B for themselves and their families — “one that offers them a safer place to live in times of crisis, while also providing them with greater access to global business and lifestyle opportunities.”

Investment migration has emerged as a defining trend that is shaping the economics and real estate landscapes of the world’s wealthiest cities. In recent years, this trend has accelerated, as high-net-worth individuals seek not only financial havens but also improved lifestyle and business opportunities across the globe.

These shifts, without a doubt, signal significant trends in luxury real estate and investment migration.

1. New York

HNW Population: 349,500 millionaires, 744 centi-millionaires, and 60 billionaires.

Average Price (JamesEdition): $1,804,618 per listing, $12,532 per sqm.

Real Estate Trends (1)

NYC holds onto the top spot as the world’s wealthiest city. It remains a hot location on the global scene, with high interest in New York real estate. The most coveted neighborhoods include Manhattan, Brooklyn, and Queens.

2. San Francisco Bay Area

HNW Population: 305,700 millionaires, 675 centi-millionaires, and 68 billionaires.

Average Price (JamesEdition): $1,897,000 per listing, $10,538 per sqm.

Real Estate Trends (2)

The Bay Area comes in second place with one of the world’s highest wealth growth rates over the decade. High-end real estate listings in San Fransico are featured by top agencies such as Sotheby’s International Realty, Corcoran, Coldwell Banker, Luxury Portfolio International, Christie’s International Realty, and Century 21.

3. Tokyo

HNW Population: 298,300 millionaires, 267 centi-millionaires, and 14 billionaires.

Average Price (JamesEdition): $1,512,000 per listing, $9,988 per sqm.

Real Estate Trends (3)

Once the world’s wealthiest city,  the Japanese capital now ranks third following a 5% decline in its HNWI population over the past decade. Despite this drop, the Tokyo real estate still draws significant interest, particularly for luxury properties in prime locations like Chuo, Shibuya, and Minato.

4. Singapore

HNW Population: 244,800 millionaires, 336 centi-millionaires, and 30 billionaires.

Average Price (JamesEdition): $1,675,000 per listing, $13,425 per sqm.

Real Estate Trends (4)

Singapore has climbed two places to fourth, experiencing a 64% increase in millionaires over the past decade. The city continues to attract high-net-worth individuals with its business-friendly environment and quality of life. Top luxury homes for sale in Singapore are offered in areas like Orchard Road and Marina Bay.

5. London 

HNW Population: 227,000 millionaires, 370 centi-millionaires, and 35 billionaires.

Average Price (JamesEdition): $2,312,000 per listing, $14,500 per sqm.

Real Estate Trends (5)

London has slipped to fifth place due to a 10% decline in its HNW population over the past decade. Despite its drop in rankings, the appeal of London’s luxury real estate remains strong among buyers, especially in upscale areas such as Kensington and Chelsea.

6. Los Angeles

HNW Population: 212,100 millionaires, 496 centi-millionaires, and 43 billionaires.

Average Price (JamesEdition): $1,990,000 per listing, $11,532 per sqm.

Real Estate Trends (6)

Los Angeles has jumped two places over the last decade, with an impressive 45% growth in its wealthy population. LA continues to thrive as a hotspot for high-net-worth individuals, with significant interest in high-end property in areas like Beverly Hills, Malibu, and Bel Air.

7. Paris & Île-de-France

HNW Population: 165,000 millionaires, 286 centi-millionaires, and 23 billionaires.

Average Price (JamesEdition): $2,050,000 per listing, $13,200 per sqm.

Real Estate Trends (7)

France’s capital retains its position in seventh place, showcasing stable wealth and a resilient housing market. Paris real estate continues to attract luxury property investors with its historic charm and high-end amenities, particularly in sought-after districts like the 16th Arrondissement and Le Marais.

8. Sydney

HNW Population: 147,000 millionaires, 205 centi-millionaires, and 20 billionaires.

Average Price (JamesEdition): $1,750,000 per listing, $11,000 per sqm.

Real Estate Trends (8)

Sydney has ascended to the eighth position due to its strong wealth growth over the past two decades. Sydney’s real estate is buoyed by its scenic views and vibrant lifestyle, with high demand in areas like the Eastern Suburbs and the Northern Beaches.

9. Hong Kong

HNW Population: 143,400 millionaires, 320 centi-millionaires, and 35 billionaires.

Average Price (JamesEdition): $2,550,000 per listing, $25,800 per sqm.

Real Estate Trends (9)

Hong Kong has dropped four places over the past decade, reflecting the region’s volatile economic environment. Despite economic fluctuations, Hong Kong remains a critical hub for luxury real estate listings, particularly in exclusive areas like The Peak and Repulse Bay.

10. Beijing

HNW Population: 125,600 millionaires, 347 centi-millionaires, and 42 billionaires.

Average Price: New wealth expansion in the city has seen property experts suggest that a luxury home in Beijing will sell for a minimum of $1.6 million, $9,449 per sqm.

Real Estate Trends (10)

To Summer Beijing Flagship Store by FOG Architecture. Photo by InSpace-scaled

Beijing, the capital city of China, has entered the Top 10 for the first time, following an impressive 90% growth in its millionaire population over the past decade. Beijing has seen significant investments in luxury real estate and infrastructure, increasing its appeal as a major hub for wealth accumulation. The city’s growing affluent demographic is increasingly seeking high-end properties, reflecting its status on the global wealth stage.

The Future of Investment and Migration on Urban Wealth and Real Estate

The surge in investment migration is closely tied to the dynamics of the real estate markets in these cities. As affluent individuals acquire residences in new countries, they drive demand in these local real estate markets, often leading to price increases and development booms.

This is particularly evident in cities that offer advantageous tax regimes, political stability, and high standards of living. As cities evolve with these global flows of wealth, real estate remains a cornerstone of investment strategies for the wealthy as it provides a tangible asset in prime locations, and also secures long-term yield potential.

Browse Luxury Real Estate on JamesEdition

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