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Top 10 Cities for the Well-Heeled

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By - Tuesday 16 April 2013

Top 10 Cities for the Well-Heeled

When you've got money in your pocket the world is your oyster, but just where should you set your pin on the globe if you want to ensure you are seen in the hottest location? What about if you want to mingle with the rich and famous but still have a hand in all of your investments, assets and businesses?

Here is a rundown of the top ten cities across the globe for the well-heeled, so you know just where to buy your next luxury property.

1. London

London

London has long been seen as the seat of the super-rich and, according to Knight Frank's 2013 Wealth report, this won't be changing anytime soon. It is a global business, legal, intellectual and property centre - everything you need if you have a couple of million behind you!

While you'll still want to have property elsewhere to get your fill of sun and sand, the capital of the UK is the city where you need to make basecamp. It is considered the most important city in the world across four of Knight Frank's seven world regions and real estate in the city keeps going from strength-to-strength, seemingly protected from the international financial and political environment. Read more about the top 10 areas to watch for property investment in London

2. New York

New York

New York may not be as protected as London when it comes to finances, but it still has considerable business and cultural pull. It is also arguably the most fast-paced city in the world. However, show a degree of caution when investing in New York property.

The Federal Reserve Bank of New York explained that while the region escaped the worst of the housing bust, as the rest of the country began to recover, the city experienced a growing backlog of foreclosures. The foreclosure rate now stands higher than the national average, affecting the health of the market.

3. Singapore

Singapore

Singapore is a rapidly growing economy and has one of the highest GDP per capita in the word. Since gaining independence in 1963, the city-state has gone from strength-to-strength.

While in the first quarter of 2013 the economy contracted by 1.3 per cent, this was from a position of 3.3 per cent growth in Q4 2012. With Asia set to rise to greater prominence over the coming years, magnates will want to ensure they have a toe in the Singaporean pond.

4. Dubai

Dubai

Dubai is the hub of the UAE and in Knight Frank's Wealth Report is the sole Middle East representative. It is particularly well thought of among the rich and famous and the price of luxury villas increased by 20 per cent in 2012 thanks to rising demand.

5. Melbourne

Melbourne

Who wouldn't want to have a property holding in one of the hottest countries in the world? If you just can't resist the lure of the sun, Melbourne is a great choice. The housing market is growing stronger in Australia and now you're going to need some money behind you to afford a place in this city - good news if you like rubbing shoulders with other wealthy people.

The Global Property Guide reported that the median home price stands at USD 246 per square foot, compared to an average monthly income of USD 3,979.

6. Oslo

Oslo

Like London, Oslo has emerged as something of a safe haven during the financial crisis. The capital of Norway, it has been relatively protected from the recession and residents are excelling financially. Scandinavian countries enjoy a stability that is welcomed by those with money to invest.

7. Rio de Janeiro

Rio de Janeiro

Rio isn't just one of the most vibrant places in the world - it is also an important industrial, financial and commercial centre for Brazil and South America. The city's thriving tourism industry also ensures constant excitement and buzz.

8. Osaka

Osaka

It is impossible to ignore the rising global status of Asia and among those leading the charge is Japan. Osaka is considered to be one of the most powerful economic centres in the country and as businessmen flock to the city, property prices are rising. If you don't want to spend too much on your property holdings, act swiftly to get a foot in the Osaka market.

9. Geneva

Geneva

Geneva is renowned for its high cost of living and has long been ranked as one of the most expensive cities in the world. If you want to show you have money a plenty, a flashy pad in Geneva will certainly do the trick. The median price per square foot is an astonishing USD 1,102. According to the Global Property Guide, the reason for this is because buildings over eight stories are prohibited, despite the population rapidly expanding.

10. Paris

Paris

While Paris may not have the economic clout of London or New York, it isn't called the best city in the world for nothing. Filled with culture, history and entertainment, it is well worth investment if you have money aplenty - even if it's just for a romantic getaway retreat. House prices are falling in the country at the moment, so you may even be able to pick up a bargain.

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*This page is provided for information purposes only and should not be construed as offering advice. IPIN is not licensed to give financial advice and all information provided by IPIN regarding real estate should never be treated as specific advice or regulations. This is standard practice with property investment companies as the purchase of property as an investment is not regulated by the UK or other Financial Services Authorities.