Mumbai, Shanghai seen as leading future business hubs

The world’s rich and powerful see New York and London as the leading business hubs over the next 10 years but emerging nation centres are fast catching up, according to a new report.

According to Annual Citi/Knight Frank Wealth Report, Mumbai has gained in importance as global business city by 118 per cent followed by Shanghai (91 per cent) and Sao Paolo (66 per cent).

It said almost 40 per cent of the world’s most exclusive residential property markets increased in value during 2010: Of this, six of the 10 biggest gainers were in Asia.

“Luxury property price growth was highest in Shanghai with a 37 per cent rise while London and New York saw increases of 10 per cent and 13 per cent respectively. Monaco remains the most expensive residential location in the world, followed by London,” the report said.

Schooling and tax are growing drivers for those buying properties: 29 per cent of SE Asia second-home buyers cited “education of children” as the reason for buying an extra housing property.

On average, property accounted for 35 per cent of the investment portfolios of ultra-high-net-worth individuals.

The 2011 edition of The Wealth Report shows that prime property remains incredibly important to the world’s wealthiest people.

On an average, property accounts for 35 percent of ultra-high-net-worth individuals investment portfolios, second in importance only to investing in their own businesses.

Almost 40 percent of the 85 prime city and second-home locations in 40 countries that were analysed by the report’s Prime International Index rose in value during 2010.

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