The Top 10 Cities for Ultra-High-Net-Worth Home Buyers
If you had $30 million, where would you live?
Chances are, you would choose New York, London or Hong Kong—or all three—according to a new report.
Sotheby’s International Realty’s 2015 Global Luxury Residential Real Estate Report looks at the property holdings of “ultra-high-net-worth individuals,” or “UHNW,” which it defines as those with a net worth of at least $30 million. New York, London and Hong Kong top its list for owner-occupied residential holdings.
After those three come a trio of U.S. cities—Los Angeles, San Francisco and Washington, D.C., in fourth, fifth and sixth place, respectively, followed by Singapore, Dallas and Mumbai, with Paris rounding out the top 10. The rankings are based on the total number of UHNW individuals who own a residence—either primary or secondary—in each location.
Good security, transparent legal systems and access to high-quality educational institutions are among the primary factors driving UHNW individuals’ real-estate decisions, says Sotheby’s CEO Philip White.