Skip to main content

Report reveals where world's richest live

By Oliver Joy, CNN
updated 10:55 AM EDT, Tue March 12, 2013
According to a Knight Frank survey of wealth advisers, New York (pictured) and London will remain top destinations for the wealthy until 2023. The global number of high net worth individuals - classified as someone with $30 million or more in net assets -- increased by 8,700, or 5%, in 2012. According to a Knight Frank survey of wealth advisers, New York (pictured) and London will remain top destinations for the wealthy until 2023. The global number of high net worth individuals - classified as someone with $30 million or more in net assets -- increased by 8,700, or 5%, in 2012.
HIDE CAPTION
Where are the richest people in the world?
Where are the richest people in the world?
Where are the richest people in the world?
Where are the richest people in the world?
Where are the richest people in the world?
<<
<
1
2
3
4
5
>
>>
STORY HIGHLIGHTS
  • For the world's wealthy elite, classic cars are the most popular collectible asset with a 395% rise over 10 years
  • The total number of super-rich -- defined as those with $30 million or more in assets -- grew by almost 5% in 2012
  • The Wealth Report by Knight Frank shows Jakarta and Bali recorded the highest growth of luxury property

London (CNN) -- New York and London remain the world's wealthiest spots -- but Asia and Latin America are catching up, a new report by Knight Frank shows.

The bright lights of New York and London will lure the world's wealthy until at least 2023, the report shows, but Asia and Latin America will spawn the highest number of ultra-rich individuals over the next decade.

According to The Wealth Report 2013, released March 6, the world's wealthy will grow by 50%.

READ MORE: Asia's most innovative cities

The total number of super-rich -- defined as those with $30 million or more in assets -- grew by almost 5% in 2012 and another 95,000 individuals are set to break that barrier in the next 10 years, it said.

Jakarta and Bali recorded the highest growth of luxury property across an index of 80 destinations.

The principality of Monaco remains the most expensive location for prime real estate. A home on the French Riviera resort can cost up to $5,920 per square foot.

Key Chinese cities such as Guangzhou and Shanghai have also seen a marked increase in property prices with Hong Kong real estate rising by 8.7% following an influx of wealth from mainland China.

READ MORE: World rich list shows emerging Asian power

Liam Bailey, global head of residential research at Knight Frank noted "in the next decade we will see the biggest increase in ultra-wealthy individuals in cities such as Sao Paulo, Beijing, and Mumbai."

He added: "Wealth creation has not been dented by the global economy slowing, nor has this affected the demand for prime property as the search for safe haven investments has continued."

For much of the world's wealthy elite, classic cars are the most popular collectible asset with prices surging 395% over 10 years, beating other alternative investments such as fine wine and art.

"Investments of passion" are also expected to attract the super-wealthy from emerging markets, particularly in China, as investors seek safer assets in an unsteady global economy, according to the Knight Frank's Luxury Investment index.

ADVERTISEMENT
Part of complete coverage on
updated 10:42 PM EDT, Thu October 23, 2014
Successful launch of lunar orbiter, seen as a precursor for a planned mission to the surface of the moon, marks significant advance for the country's space program.
updated 3:15 PM EDT, Thu October 23, 2014
Cpl. Nathan Cirillo, shot while standing guard at Ottawa's National War Memorial, was known for his easygoing manner and smile.
updated 4:06 PM EDT, Wed October 22, 2014
Non-stop chatter about actress' appearance is nasty, cruel, hurtful, invasive and sexist.
updated 6:08 PM EDT, Thu October 23, 2014
CEO's 30-min Putonghua chat is the perfect charm offensive for Facebook's last untapped market.
updated 11:45 PM EDT, Thu October 23, 2014
Chinese leaders want less odd architecture built in the country.
updated 4:58 PM EDT, Wed October 22, 2014
Air New Zealand's new 'Hobbit' safety video stars Peter Jackson, Elijah Wood, elves and orcs.
updated 10:14 AM EDT, Thu October 23, 2014
A 15-year-old pregnant girl is rescued from slavery, only to be charged with having sex outside of marriage, shocked rights activists say -- a charge potentially punishable by death.
updated 11:33 PM EDT, Tue October 21, 2014
After sushi and ramen, beef is on the list of must-eats for many visitors to Japan.
updated 12:07 PM EDT, Mon October 20, 2014
Airports judged on comfort, conveniences, cleanliness and customer service.
updated 1:48 PM EDT, Wed October 22, 2014
Scientists use CT scans to recreate a life-size image of the ancient king.
updated 5:59 AM EDT, Wed October 22, 2014
Despite billions spent on eradicating poppy production, Afghan farmers are growing bumper crops, a U.S. government report says.
updated 6:21 AM EDT, Fri October 24, 2014
Each day, CNN brings you an image capturing a moment to remember, defining the present in our changing world.
Browse through images from CNN teams around the world that you don't always see on news reports.
ADVERTISEMENT