DUBAI: Luxury estate agent Knight Frank and research firm Wealth-X have released their annual report on where the ultra-wealthy are snapping up property across the world.
The list focuses on high-net-worth individuals (HNWIs) — those with $30 million or more in net assets – and examines their migration patterns.
The report notes: “The latest data on HNWI migration confirms the strong and growing attraction of Australia, the US and Canada as destinations for the footloose wealthy.
“Cities such as Sydney and Melbourne top the list of growth markets,” it adds.
Meanwhile, cities that have historically been seen as the centers of European civilization are now getting the boot with “Paris and Rome seeing outflows of 7,000 and 5,000 HNWIs respectively in a year. London remains an outlier in Europe, maintaining an annual net inflow of 500 HNWIs,” according to the report.
Australia’s Perth and Seattle in the US both make the cut with a 2016 inflow of 1,000 HNWIs each, The Independent reported.
Meanwhile, Vancouver, San Francisco and Dubai attracted 2,000 HNIWs.
Australia’s Melbourne, due to its proximity to China, makes it a prime destination for Chinese HNWIs which contributed to the city’s 3,000.
Sydney, for its part, has attracted a staggering 4,000 HNIWs.