Sydney has entered the list of top ten cities most important to the world’s wealthiest people, the latest Wealth Report from global property consultancy Knight Frank reveals. The report, which tracks the super-rich population in 98 cities across 91 countries, defines Ultra High Net Worth Investors as those with US$30 million or more. Sydney has ranked in eighth position this year, up from 14th last year.
The number of these investors in Australia grew by 135 percent between 2005 to 2015, with the firm expecting this growth to slow to 35 percent over the next decade.
However, while Australian wealthy investors increased, globally, almost 6,000 people dropped out of the UHNWI wealth bracket, representing a 3 percent slide. Knight Frank reports this is the first annual dip in ultra-wealthy populations since the global financial crisis began in 2008.
There are now 187,468 UHNWIs globally – marking a 61 percent rise from a global UHNWI population of 116,800 in 2005. By 2025, the global population of UHNWIs is set to rise by 41 percent to 263,483.