Shanghai, Sao Paolo and Mumbai, highest potential of growth for luxury goods
The 2011 edition of The Wealth Report orchestrated by Knight Frank and Citi Private Bank has shown that six of the 10 cities with the biggest growth were in Asia, highlighting the region’s continuing economic surge.
However, New York and London remain at the head of The Wealth Report’s Global Cities Index, but respondents to the survey predict that Asian cities such as Shanghai and Mumbai will start to close the gap over the next 10 years.
Andrew Shirley, editor of The Wealth Report said: "The collective worth of the global high-net-worth individuals increased by 22 % last year according to data the 2011 Wealth Report, so it is not surprising that many of the world’s luxury markets benefitted. The biggest increase in wealth was in Asia Pacific. 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."
The report has shown a boost in demand for luxury in key locations, with opinions showing that Mumbai has increased in importance by 118 %, Shanghai by 91 % and Sao Paolo by 66 %.
Monaco remains the most expensive residential location in the world, followed by London, an indicator of the consumers living in the cities