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  #1  
Old Posted Mar 29, 2012, 6:46 PM
dave8721 dave8721 is offline
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London the most important city to the world's wealthy (top 10 list)

Today's top ten 10 list how the 1% views the world. Its more interesting to look at the changes they see in 10 years such as Hong Kong declining in influence with Beijing and Shanghai rising (yet at the same time rate Hong Kong as one of the cities whose influence is fastest growing?) and have Miami dropping off the list in 10 years being replaced by Sao Paolo:

http://globalbriefing.knightfrank.co...s-wealthy.aspx

Quote:
London is the city that matters most to global high-net-worth individuals, followed by New York, Hong Kong and Paris, according to exclusive new research published in The Wealth Report 2012.

The findings reflect the results of a sentiment survey sent to Citi Private Bank's wealth advisors and Knight Frank's luxury property specialists around the world, which assesses the importance of key cities to HNWIs based on everything from economic openness to their appeal as somewhere to live or visit.

We asked respondents to rank the most important global and regional cities to HNWIs now and in 10 years, and to pinpoint those growing most quickly in importance. We also asked them to rank cities in terms of economic activity, political power, quality of life, and knowledge and influence.

London came top in virtually every category of the survey.


Most important now
1. London
2. New York
3. Hong Kong
4. Paris
5. Singapore
6. Miami
7. Geneva
8. Shanghai
9. Beijing
10. Berlin

Most Important in 10 years:
1. London
2. New York
3. Beijing
4. Shanghai
5. Singapore
6. Hong Kong
7. Paris
8. Sao Paulo
9. Geneva
10. Berlin

Fastest growing in importance:
1. Beijing
2. Shanghai
3. London
4. Singapore
5. Hong Kong
6. New York
7. Sao Paulo
8. Dubai
9. Mumbai
10. Paris
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  #2  
Old Posted Mar 29, 2012, 6:58 PM
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Miami as the second most important US city "to the wealthy" (or really for anything) seems odd.

Not a knock against Miami, just saying.
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  #3  
Old Posted Mar 29, 2012, 7:13 PM
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Originally Posted by Gordo View Post
Miami as the second most important US city "to the wealthy" (or really for anything) seems odd.

Not a knock against Miami, just saying.
I don't think it's anymore ridiculous than London being the most important city for the world's 1%.
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  #4  
Old Posted Mar 29, 2012, 7:41 PM
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Originally Posted by iheartthed View Post
I don't think it's anymore ridiculous than London being the most important city for the world's 1%.
I think it's absolutely true that London is the most important city for the global wealthy.

Miami is odd... I would expect it to be behind Los Angeles, the Bay Area (though they may have split SF and Silicon Valley). And Washington DC... political influence is important, and if Berlin is on the list then DC certainly needs to be.

How are they defining "high net worth"? I expect it's much narrower than the "world's 1%"... it doesn't take much to be in the top 1% globally given the typical person's income in the developing world.
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Old Posted Mar 30, 2012, 5:09 AM
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Quote:
Originally Posted by Gordo View Post
Miami as the second most important US city "to the wealthy" (or really for anything) seems odd.

Not a knock against Miami, just saying.
Why? There's no income taxes there, so it's extremely important that the wealthy establish a residence there. Also, Art Basel is in Miami and it's important to get your hands on at least one Gerhard Richter.
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Old Posted Mar 29, 2012, 8:03 PM
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It is hard to see any real data in this article. They're reporting on a survey. Even if we assume the financial advisors et al. really know what their clients want and can predict the future, the article says nothing about the sampling or the resulting data itself.

What if they had 15 respondents and 2 said they liked Miami while 1 guy liked Geneve and 0 people happened to put down LA and the Bay Area? When they don't say you have to wonder.

The top 1% in the world are not very wealthy. I think the top 1% of earners make something like $50k a year.
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  #7  
Old Posted Mar 29, 2012, 8:06 PM
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The "top 1%" was my little tongue in cheek commentary. The article says they survey was about what cities are important to "high net worth individuals" from around the world. Miami got on the list because it was basically tied for #1 (with NYC) among respondents from South America.
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  #8  
Old Posted Mar 29, 2012, 8:07 PM
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It seems likely that the list is prejudiced by the fact that the only people consulted for the survey were Citi Wealth Management specialists and Knight Frank Property people. I suspect that Citi does a lot of business in Miami for example and not so much in LA or the Bay Area were Citi has never been a real player. Knight Frank is a British outfit it would seem based on a quick look at their web site. They do business in the UK, Europe and Russia, the Far East, and the Caribbean. THat might skew their view of things considerably. DId they actually poll any 1 percenters for their opinions??
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  #9  
Old Posted Mar 29, 2012, 8:26 PM
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Originally Posted by someone123 View Post
It is hard to see any real data in this article. They're reporting on a survey. Even if we assume the financial advisors et al. really know what their clients want and can predict the future, the article says nothing about the sampling or the resulting data itself.

What if they had 15 respondents and 2 said they liked Miami while 1 guy liked Geneve and 0 people happened to put down LA and the Bay Area? When they don't say you have to wonder.

The top 1% in the world are not very wealthy. I think the top 1% of earners make something like $50k a year.
I'm pretty sure it's a bit higher than $50K. The median personal income in the U.S. if roughly $40K, and the top half of earners in the U.S. alone is more than 1% of the world's total population.
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  #10  
Old Posted Mar 29, 2012, 9:59 PM
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Originally Posted by iheartthed View Post
I'm pretty sure it's a bit higher than $50K. The median personal income in the U.S. if roughly $40K, and the top half of earners in the U.S. alone is more than 1% of the world's total population.
There are different income statistics and many are limited to people who report that they work full time. I was talking about 1% of the world's population, including people who did not work.

The mean per capita income in the US is $27,334 according to this -- http://quickfacts.census.gov/qfd/states/00000.html. That figure is the total amount of income reported in the US divided by the number of people.
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  #11  
Old Posted Mar 30, 2012, 2:20 PM
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Quote:
Originally Posted by someone123 View Post
There are different income statistics and many are limited to people who report that they work full time. I was talking about 1% of the world's population, including people who did not work.

The mean per capita income in the US is $27,334 according to this -- http://quickfacts.census.gov/qfd/states/00000.html. That figure is the total amount of income reported in the US divided by the number of people.
But the mean is not a good measure, not least because it's diluted by people who are not in the workforce (like kids and senior citizens). The median is better for quantifying how many people actually make what. Since the median income of working people in the U.S. that means half of the workers in the U.S. make more than $40K. There are roughly 150,000,000 in the U.S. workforce so 75,000,000 in the U.S. alone make more than $40K. That's already more than 1% of the world's population.
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  #12  
Old Posted Mar 30, 2012, 1:27 PM
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Quote:
Originally Posted by someone123 View Post
It is hard to see any real data in this article. They're reporting on a survey. Even if we assume the financial advisors et al. really know what their clients want and can predict the future, the article says nothing about the sampling or the resulting data itself.

What if they had 15 respondents and 2 said they liked Miami while 1 guy liked Geneve and 0 people happened to put down LA and the Bay Area? When they don't say you have to wonder.

The top 1% in the world are not very wealthy. I think the top 1% of earners make something like $50k a year.


The bolded number you claim may even be less than the paltry 50K if you base it on the multiple billions of people that are dirt poor and make less than 1 K/year globaly a of course the "world's " top 1% ers as a whole group might not really have any truely wealth other than a real small numbers of the real wealthy. If you knocked it down x a factor of 100 and showed the top 0.01%ers than that is where the real Global money is.
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  #13  
Old Posted Mar 29, 2012, 8:09 PM
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Waiting for that clown to arrive and decry the list because Munich isn't on it.
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  #14  
Old Posted Mar 29, 2012, 8:15 PM
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What about Austin?
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  #15  
Old Posted Mar 29, 2012, 8:44 PM
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This is a list I'm glad my city didn't make.
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  #16  
Old Posted Mar 29, 2012, 10:16 PM
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Quote:
Originally Posted by fflint View Post
This is a list I'm glad my city didn't make.
And ironically, it should have, at least if we're talking about the full Bay Area.


As for the whole "global 1%" discussion... the top 1% in the U.S., by income, is people earning over about $500K, which really isn't that much, and the global top 1% is obviously going to be considerably lower (considering the U.S. is the wealthiest large country). I'm fairly certain that "global high-net-worth individuals" represents a narrower group than the top 1%, whether that's the top 0.1% or the top 0.01%, etc.
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  #17  
Old Posted Mar 30, 2012, 4:56 PM
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Quote:
Originally Posted by fflint View Post
This is a list I'm glad my city didn't make.
This list is based on the opinions of Knight Frank and Citi Wealth Advisors of what they think their clients think.

Perhaps they dont have many clients in California?

Because we know for a fact that as far as the actual residence of the rich, LA and SF have more ultra high net worth individuals than any US or European city save New York and London.

This chart combines the Top 10 US and Top 10 European cities based on the number of residents with a net worth of $30M+


Wealth-X doesnt publish the numbers for Asian cities but based on their national estimates, they are well below the numbers for US and European Cities(Tokyo is probably the exception)
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  #18  
Old Posted Mar 30, 2012, 5:17 PM
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OK, so how did Berlin make it on the list of cities which are are most important to the world's wealthy, eventhough there are no wealthy in Berlin at all, Moscow or Tokyo on the other hand are missing....
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  #19  
Old Posted Apr 1, 2012, 1:42 AM
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Originally Posted by fflint View Post
This is a list I'm glad my city didn't make.
Same here, thrilled actually.

Surprised to see no Tokyo or Moscow, but what do I know about the mindset of the super wealthy.

That Austin comment made me crack up!
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  #20  
Old Posted Mar 30, 2012, 8:21 AM
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SHHHHHHHHHH......nobody and I mean nobody tell Lear about this thread. God help us if he finds out.
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