Mumbai, Shanghai and Sao Paulo have been named as the world's future leading cities
by a selection of high net worth individuals from around the world.
While New York and London remain as the world's leading regions, emerging nation centres are catching up, with Mumbai increasing in importance by 118 per cent, Shanghai by 91per cent, and Sao Paolo by 66 per cent.
This is according to the 2011 edition of The Wealth Report, compiled by Knight Frank and Citi Private Bank, which found that prime property remains important to the world's wealthiest people. Indeed, property accounts for 35 per cent of ultra high net worth individuals' investment portfolios.
The report noted that around 40 per cent of the 85 prime city and second-home locations rose in value during 2010.
Andrew Shirley, editor of The Wealth Report, said that prime property in traditional destinations had been boosted by a number of events around the world.
"As we have seen recently in North Africa and the Middle East, a number of major geopolitical shifts are now playing out around the world. These all serve to enhance the desirability of true global centres, like London and New York," he explained.
- Thursday 07 April 2011