New York giving London a run for money

New York is poised to steal London's crown as the city favoured by the world's super-rich, according to the Knight Frank property agency.

London is currently home to the largest community of ultra-high-net-worth individuals, or those with net assets worth more than $30-million. They have been attracted by a favourable tax regime, a secure political and economic environment and the prestige of an address in one of the most glamorous cities.

According to a report from Knight Frank, there are now 4363 ultra-high-net-worth individuals living in London.

But other cities are catching up fast. The report predicts that, over the next 10 years, Singapore will attract 1752 more ultra-high-net-worth individuals, 1251 will buy homes in Hong Kong, and 1013 will go mansion shopping in New York. Only 907 will choose London.

Liam Bailey, head of research at Knight Frank, said: "This relates to the huge outperformance of the US economy versus the economy in Europe and the UK over this period.

"The US is becoming a bigger target for safe-haven wealth flows from Europe, the Middle East and Africa, and this trend is expected to continue."

Knight Frank predicted New York will knock London off the top spot by 2025. Beijing will rise from ninth to sixth position in the top 10, pushing Paris down a few places.