In fact, the Asia region is now home to more wealthy individuals than Europe, though North America (led by the US) still remains the dominant region for global wealth, accounting for almost 40 per cent of all very high-net worth individuals (VHNWI, valued at US$5 million to US$30 million) and ultra high-net worth individuals (UHNWI valued at US$30+ million). The huge expansion of the luxury sector in China and other emerging markets over the past decade shows the inextricable relationship between the demand for luxury items and the trajectory of wealth. However, it’s Asia that dominates the full index (below) with eight of the top 15 cities located within the region, including Tokyo in second place, followed by Hong Kong. Thanks to New York’s strong luxury retail footprint and abundance of luxury lifestyle opportunities, its wealthy population is forecast to grow steadily over the next five years, in spite of political and economic uncertainty in the US. These findings form part of the Wealth-X Global Luxury Outlook 2020: A World of Changing Preferences report, which explores the relationship between wealth growth and the development of the luxury goods and services industry, and how this relationship is changing in the face of Covid-19 (think increased premiums on privacy and flexibility, such as the growing trend for private jet travel). New York leads the Wealth-X Global Luxury City Index with more wealthy individuals than any other city in the world – and the highest number of five-star hotels and luxury casinos. Where does wealth, high-end retail and luxury lifestyle combine to create the richest city on earth? The Wealth-X Global Luxury City Index 2020 has the latest.

Global city wealth index