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 5:45 PM EST, Tue December 16, 2014
Pakistan Taliban say the school attack was revenge for the killing of children in a military offensive -- but they are being pressed by defections to ISIS.
A group that claims it hacked Sony Pictures has posted a public threat against moviegoers who see Sony's "The Interview."
updated 9:43 PM EST, Wed December 17, 2014
The gunman behind the deadly siege in Sydney this week was not on a security watch list, and Australia's Prime Minister wants to know why.
updated 4:48 AM EST, Thu December 18, 2014
Bestselling author Marjorie Liu had set her sights on being a lawyer, but realized it wasn't what she wanted to do for the rest of her life.
updated 3:27 PM EST, Tue December 16, 2014
CNN's Matthew Chance looks into an HRW report saying Russia has "legalized discrimination against LGBT people."
updated 9:12 PM EST, Mon December 15, 2014
The Sydney siege has brought home some troubling truths to Australians. They are not immune to what are often called "lone-wolf" terror attacks.
updated 7:12 PM EST, Mon December 15, 2014
A social media campaign condemning Islamophobia under the hashtag #illridewithyou has taken off after Sydney hostage siege.
Bill Cosby has kept quiet as sexual assault allegations mounted against him, but his wife, Camille, finally spoke out in defense of her husband.
updated 6:44 AM EST, Mon December 15, 2014
China-bound AirAsia flight turns back to Bangkok after passenger throws water over crew member.
updated 5:26 AM EST, Mon December 15, 2014
It takes Nepalese eye doctor, Sanduk Ruit about five minutes to change someone's life.
updated 5:54 AM EST, Tue December 16, 2014
This epic journey crosses 13,000 kilometers, eight countries over 21 days. Find out where.
updated 9:16 AM EST, Thu December 18, 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