Riyadh tops Knight Frank KSA wealthy family list

Riyadh has topped Jeddah as the city with most households earning more than $250,000 in Saudi Arabia, according to a Knight Frank survey. (Reuters)
Updated 07 March 2018
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Riyadh tops Knight Frank KSA wealthy family list

LONDON: International property consultancy Knight Frank reported on Wednesday that Riyadh accounted for 198,789 of Saudi Arabian households earning more than $250,000 a year.
Jeddah follows with 130,849. The figures were contained in the firm’s latest Wealth Report 2018.
Regionally, Abu Dhabi has the highest number of households earning more than $250K at 270,686, and this number is forecast to grow seventh fastest globally to 426,890, overtaking London’s 382,807 by 2027, said Knight Frank.
The number of households earning more than $250K in Dubai currently stands at 245,272 and was expected to increase by 36,432 by 2027.
New York topped the table in the City Wealth Index, sweeping the board in every ranking. London was second overall — one of only two non-US cities in the top six along with Singapore, which tied with Chicago for fifth place. North American cities made up 10 of the top 20, with Asian cities occupying five spots.
Although there was an element of expectation that New York and London might be battling it out for top spot, there was a more surprising outcome in the projected growth in the number of households earning $250k and above over the next five years. Jakarta was the runaway leader, with over 223,447 set to break through that threshold, followed by Cairo on 152,643.
In terms of average spend per overnight visit to global cities, Melbourne, Dubai, Sydney and Tel Aviv topped the table. But for overall wealth index rankings — which accounts for factors such as the number of high net worth individuals and amount of investment in commercial property — New York, London and San Francisco were in the lead.
Turning to annual house price growth, Knight Frank reported that in the Middle East, Istanbul took top place with growth of almost 5 percent, but with inflation in Turkey at almost 13 percent in 2017, prices declined in real terms. Dubai’s story in 2017 was one of stabilization.
Knight Frank said: “In the first nine months of the year, prime sales volumes (in Dubai) rose by 6 percent and the total value of prime transactions reached 2.27 billion dirhams, up 9 percent from the same period a year earlier. Ahead of Expo 2020, large-scale investment in new infrastructure projects is expected to filter through into market sentiment.”
In terms of high net worth individuals (HNWIs), New York is a dominant center for HNWIs (based on households earning more than $250,000 annually), with almost double the population of Los Angeles in second place. The top nine places on this measure all go to North American cities, with London filling the tenth spot.
But over the next five years this is expected to change with Jakarta and Cairo seeing the biggest increase in this bracket, followed by New York, Los Angeles and Delhi.
London was top of the hotel rankings, with 75 five-star hotels as listed on reservations website Five Star Alliance, comfortably topping Dubai’s 61. Dubai’s overnight visitors were the biggest spenders, with a total expenditure of $28.5 billion. New York was in second place, with visitors notching up a $17 billion spend. In terms of average overnight visitor spend, Melbourne was on top with an average of $1,925 per person, followed closely by Dubai at $1,917.
The report also revealed that Middle Eastern investors’ exposure to property had increased by 30 percent in 2017. And 57 percent of private bankers and wealth advisers in the Middle East anticipated their client’s wealth would likely increase in the coming years.
Around 62 percent of respondents in a survey of investment advisers, part of the Wealth Report, said that their clients had increased their exposure to equities over the past year. However, the second largest rise was in real estate, with 56 percent on average reporting an increase across the globe.


Toyota recalls 70,000 vehicles to replace air bag inflators

Updated 12 December 2018
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Toyota recalls 70,000 vehicles to replace air bag inflators

  • Takata uses the chemical ammonium nitrate to create a small explosion and inflate the bags
  • Can deteriorate and burn too fast, blowing apart a metal canister

DETROIT: Toyota is recalling about 70,000 Toyota and Lexus brand vehicles in North America to replace air bag inflators that could explode and hurl shrapnel at drivers and passengers.
The recall covers the 2003 to 2005 Corolla, the 2002 to 2005 Sequoia, the 2003 to 2005 Tundra and the 2002 to 2005 Lexus SC.
Takata uses the chemical ammonium nitrate to create a small explosion and inflate the bags. But it can deteriorate and burn too fast, blowing apart a metal canister.
The Toyota and Lexus vehicles were recalled previously and the inflators replaced with new ones that still used ammonium nitrate. In the latest recall, Toyota will use inflators made by another company with a safer chemical.
Owners will be notified early next year. Toyota says it has replacement parts available.
About 65,000 of the recalled vehicles are in the US
Toyota says it’s doing the recall a year ahead of a schedule set by the US National Highway Traffic Safety Administration.
At least 23 people have died worldwide due to the problem caused by inflators made by Takata Corp., resulting in the largest series of auto recalls in US history. They cover 37 million vehicles and about 50 million inflators in the US About 100 million inflators are being recalled worldwide.
The recalls forced Takata of Japan to seek bankruptcy protection.