Asia is on par with Europe in the latest Knight Frank Global Cities Index, with five cities from each region featured in the top 20.

As part of the Wealth Report 2020, the real estate firm assessed 100 cities across the globe based on their appeal as a place to invest, live and spend time.

Tokyo is home to the most high net worth individuals in Asia coming in fourth overall internationally, whilst for investment volumes alone Beijing comes in on top with over US$42 billion. 

The results show New York has recaptured the top spot from its old rival London, while Paris, Hong Kong and Los Angeles round out the top five.

Hong Kong 4th overall. Source: Depositphotos

Six Australasian cities feature in the overall top 20 Knight Frank City Wealth Index: 

4 - Hong Kong

7 - Singapore

8 - Beijing 

12 - Shanghai

13 - Tokyo

15 - Sydney 

Click here to view a live infographic of the index

Source: Knight Frank 

The Big Apple may have also topped the list for overall investment, but it was Beijing that led the pack for volume alone, with more than US$42 billion put into the city throughout 2019.

Beijing Business Today reported last year that the city had outlined 300 key projects focusing on infrastructure construction, improvement of people's livelihoods and high-tech industries for 2019, with the total number of projects for the improvement of residents' livelihoods, such as hospitals and affordable housing, doubling from 57 in 2018 to 100 last year.

Shanghai 12th overall. Source: Depositphotos

In terms of wealth, Tokyo was found to be home to the most High Net Worth Individuals based on Knight Frank's new Wealth Sizing Model.

Japan's capital was also judged to have the most power stemming from the amount of top global firms based in the city, recording the highest number of Forbes 2000 firms.

Knight Frank’s Head of Residential Research, Australia Michelle Ciesielski, said Asia was expected to be the world’s second-largest wealth hub by 2024.

Knight Frank’s Head of Residential Research, Australia Michelle Ciesielski. Source: Knight Frank

"The number of ultra-wealthy people around the world is predicted to grow by 27 per cent over the next five years, with the population rising by 136,087 to just under 650,000. An additional 31,000 UNHWI were created in 2019, an increase of 6.1 per cent," she said.

“Out of the top 20 fastest growing countries presented in the report, six are located in Asia, with India forecast to have the highest growth of 73 per cent.

"Asia has forecast a five-year growth of 44 per cent, but it will still be only half the size of North America’s ultra-wealthy population, which is forecast to increase by 22 per cent.”

Click here to download the Wealth Report 2020.

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