London is the top destination for ultra-high-net-worth-individuals (UHNWI), according to the Knight Frank Wealth Report 2017.

The City has beaten other global metropolises such as New York, Hong Kong and Shanghai within the report’s City Wealth Index.

Knight Frank has analysed four key measurements: current wealth, investment, connectivity and future wealth.

London topped for both the ‘investment’ and ‘connectivity’ factors, ranking second in ‘current’ and ‘future wealth’, just behind New York.  

The ‘investment’ ranking has been calculated onthe total amount of private property investment in 2016.

The connectivity factor, instead, is based on the number of inbound and outbound first and business class flights.

Powerhouses

The UK capital is also the only European city within the top 10, followed by Paris and Frankfurt, ranked 12th and 13th respectively.

“The global economic powerhouses of London and New York dominate the rankings due to their well-established lead over other cities”, said Liam Bailey, Knight Frank’s head of global research.

“However, looking ahead, future wealth concentrations and investment firepower look set to be dominated by a tussle for supremacy between Asian and North American cities.”

Bailey said that the third and fourth largest concentrations of wealth (Hong Kong and San Francisco) are likely to be “eclipsed” by the rising fortunes of Asian cities such as Singapore, Shanghai or Beijing.

The report highlights that a number of cities in Asia are all expected to have a boost in the number of wealthy individuals over the next decade.

Among them, Pune in India and Shanghai in China are expected to have a 170% and 150% growth respectively.