North America dominates Knight Frank's City Wealth Index

Although there was an element of expectation that New York and London might be battling it out for top spot, there were some more surprising outcomes in some of the specific categories. One eye-catching result was that not one of the top five cities in terms of average spend per overnight visitor featured in the overall top 10 ranking. Melbourne and Sydney are in the top three, either side of Dubai while Tel Aviv is fourth. Europe's only representative in the top 10 is Madrid in fifth.

Brexit appears to have had limited impact on London's overall standing as it comfortably beats all other European cities even 18 months after the vote to leave the EU.

Liam Bailey, Global Head of Research at Knight Frank, commented: "This year's index produced some very interesting results with regard to the projected growth of wealthy households around the world that will be exciting to track. However, North America's domination of the current household wealth tables is unequivocal. Although the economic powerhouses such as New York and London dominated the overall rankings again, it is interesting to note the power of other US cities."

Howard M. Lorber, Chairman of Douglas Elliman Realty, commented: "It is no surprise that New York has become the number one city for today's ultra-high net worth individuals. As the center of world financial markets, fashion, food and entertainment, with world-class architecture framing unparalleled ultra-luxury residential opportunities, in a market that has historically withstood global strife and uncertainty, people around the globe want to be part of our thriving metropolis."

Methodology
The 2018 City Wealth Index uses four critical measures to identify the cities that matter to the wealthy – wealth, investment, lifestyle and future. For more information, please visit:
http://www.elliman.com/wealthreport

Knight Frank City Wealth Index 2018

Sources: Knight Frank, Macrobond, Wealth-X, New World Wealth, RCA, Oxford Economics, Five Star Alliance, Mastercard, Michelin, Times Higher Education, 2thinknow innovation cities index 2016-2017

Cities with the highest number of households earning US$250k+ (2017)

Source: Oxford Economics

To download the report, please click: http://www.elliman.com/wealthreport

NOTES TO EDITORS:

Douglas Elliman together with Knight Frank Residential has a global network spanning 523 offices across 60 countries with a force of over 21,500 property professionals.

SOURCE Douglas Elliman