Two Indian cities have made it to the list of top global cities index by the Annual Citi/Knight Frank Wealth Report and the next decade is likely to witness significant improvements from emerging market cities particularly in the Asian behemoths.
New York has topped the overall cities index ranking, followed by London and Paris. New Delhi and Mumbai were ranked 37 and 38 in the coveted list.
The other cities in the top 10 slots include Paris in the third position, followed by Tokyo and Brussels in fourth and fifth ranks, respectively, while Los Angeles was slotted at sixth rank, Singapore (7th), Beijing (8th), Toronto (9th) and Berlin (10th).
Notwithstanding the fact that this year’s ranking looks slightly too European and North American in flavour, in the next 10 years time the list is all set for a big reshuffle, barring the top two slots which are likely to be retained by New York and London, respectively.
The main cities to watch in the coming decade are Mumbai, Moscow and Sao Paulo. They look set for a dramatic upswing in their status, with each expected to climb by between six and eight places over the next decade, the report said.
The 2011 Wealth Report assessed key markets across the world in terms of their provision of investment opportunities and their influence on global business leaders and the political elite.
As many as 14 cities have declined from the list, while 16 have moved upwards. Notably, in the Economic Activity category, the West-to-East shift was very eminent, as eight of the 13 jumps in this space were by Asian cities led by Shanghai and Kuala Lumpur.
“The overall winners this year are a diverse grouping, with Boston, Munich, Milan, Mumbai and Rio de Janeiro among the biggest climbers in our rankings,” the report said.
Meanwhile, according to the Attitudes Survey of the Wealth Report 2011, Mumbai was ranked 13 in the list of top 40 cities for ultra high net worth individuals ahead of cities like Los Angeles, Chicago, Moscow and San Fransisco.
In the next ten years’ time, the list is likely to include Delhi along with Mumbai.
The Wealth Report Attitudes Survey 2011, covered 160 Citi Private Bank wealth advisers representing almost 5,000 UHNWIs from 36 countries were asked to nominate leading cities, in terms of their importance to HNWIs — both now and in 2020.
