Where The Top 0.002% Of The World Live [See Map]

Zero Hedge ^ | 03/16/2015 | Tyler Durden

[SeekAndFind]

We’ve talked quite a bit in the past about the foreign oligarch demand-driven boom in Manhattan real estate prices and the dollar strength-induced bust in the market for luxury Miami condos. As the dollar continues to surge and signs emerge that the hot money laundering trade may be waning, here are some clues as to where the 0.002 percenters of the world can be found going forward. 

Mapping the number of people with $30 million or more in assets by city…

...and the breakdown looks like this…

More from Citylab: 

Things have changed since the last edition of the report. Now London is on top, besting New York City, which fell to fourth place. San Francisco, previously number four, has fallen out of the top 20 entirely. Singapore rises into the top 10, to number three, and Hong Kong is up three spots from 2013, to five. The top 10 also has two new European entrants: Frankfurt has the sixth most ultra-high-net individuals, and Paris has the seventh. Osaka, Beijing, and Zurich round out the top 10.

 

The dominance of Asian cities illustrates a larger trend. For the first time, Asia overtook North America as the region with the second-largest growth in ultra-high-net individuals. The wealthy in Asia also now hold more money overall than those in North America: $5.9 trillion compared to $5.5 trillion. However, Europe still reigns supreme, with the greatest growth in the number of super-rich and with the wealthiest super-rich overall. Europe’s high-net individuals hold $6.4 trillion.

As it turns out, Russian oligarchs are especially keen to relocate: 

Not surprisingly, the global super-rich are a highly mobile bunch. According to Knight Frank’s survey of some 500 leading bankers and wealth advisors across the globe, the world’s super-rich continue to flee Russia and Asia* to stash money in real estate in North American and European cities. Russians are the most likely to be looking elsewhere, as the table below shows.  

[2ndDivisionVet]

Someone here recently told me that practically anyone who can read in Singapore is a millionaire or some such.

[mountn man]

Awww...Creflo Dollar didn’t make the cut. He’s only worth $27 million.

[stephenjohnbanker]

Singapore is very expensive.

[2ndDivisionVet]

Hence the need to be a millionaire, nicht wahr? LOL

[Marko413]

What is “Australasia”?

[stephenjohnbanker]

I used to do a “border jump” to Singapore when I lived in Malaysia a dozen years ago. 10 bucks for a Whopper, 8 for a beer. 8 for smokes. Only the upper middle class to the rich could afford to live there.

[broken_clock]

Gotta laugh at seeing Mexico City having more super rich than Los Angeles...

Even the rich Mexicans don't want to live here

[kearnyirish2]

Interesting that four of the top five are English-speaking countries (or had been).

[R. Scott]

$30 mill in assets doesn’t sound like “super rich” unless it is liquid assets. Someone who owns machine shop, construction company or even a sizable farm could easily have that much in assets.

[Jewbacca]

I bought a condo (and established a bank account) in Singapore 20 years ago basically so my family and I could flee to if the wheels fell off the bus,* since they permitted immigration if you had certain finances and real estate (still do have that law).

Been renting it out; best accidental investment I EVER made, bar none. Paid for itself many times over, and have a decent nest egg, in Singapore, from the rent.

* There is an old Jewish question “do you have your bags packed?”

[katana]

That’s laughable. Singapore is a clean and super efficient island city state where one doesn’t see any overt poverty, and in spite of a very diverse ethnic and religious population mix the crime rate is very low (corporal punishment and hanging work ... who knew?). But most of the people there work hard and struggle to makes ends meet just like anyplace else.

[stephenjohnbanker]

Yeah:)

Good investment. I would just keep it forever, barring a political catastrophe.

[SeekAndFind]

RE: What is “Australasia”?

It is a region of Oceania, comprises Australia, New Zealand, the island of New Guinea, and neighbouring islands in the Pacific Ocean. Charles de Brosses coined the term (as French Australasie) in Histoire des navigations aux terres australes (1756)

[SeekAndFind]

RE: Someone who owns machine shop, construction company or even a sizable farm could easily have that much in assets.

Well, the all important question is this — how much of those assets will Uncle Sam take when that person dies?

[tophat9000]

Whats really sad is here is Mexico City.. capital of Mexico.. one on the super rich capitals of the world.. and yet Mexico dumps its poor on the US and US taxpayers back..

[longtermmemmory]

areas of maximum government dependence of the general population too.

IOW slaves.

[longtermmemmory]

aristocratic mindset see anyone else unlike them as mere slaves.

[toast]

Thailand?

[2ndDivisionVet]

No, Singapore.