Sydney, Melbourne make top 20 for Knight Frank Prime Residential Index

Contact

Mar 7, 2018

Sydney, Melbourne make top 20 for Knight Frank Prime Residential Index

Knight Frank's 12th edition of The Wealth Report incorporates a new City Wealth Index, on which Sydney ranks 11th, and Melbourne ranks equal 20th.

Image: Thomas Habr via Unsplash.

New York made first place in Knight Frank's 2018 City Wealth Index.

Knight Frank's 12th edition of The Wealth Report incorporates a new City Wealth Index, on which Sydney ranks 11th, and Melbourne ranks equal 20th.

The City Wealth Index examines four critical measures for the cities most popular with high net worth individuals: current wealth, investment, lifestyle, and future economic performance.

New York won in each of the four categories, knocking London from last year's winner's podium.

Knight Frank City Wealth Index 2018 - Top 20

Source: Knight Frank Research, Wealth-X, New World Wealth, Sabre, Real Capital Analytics, Oxford Economics, Five Star Alliance, Mastercard, Michelin, Times Higher Education, 2Thinknow Innovation Cities Index 2016-2017; The Wealth Report 2018.

Knight Frank’s Head of Residential Research, Australia, Michelle Ciesielski, said "Sydney sits at 11th overall on the City Wealth Index, influenced by ranking seventh in the category ‘investment’ in property over the two years ending 2017." (See page 28 of The Wealth Report.)

“Melbourne is at equal 20th with Madrid on the overall index, also performing well in ‘investment’ in 15th place. When looking closer at the diversity of demand measured by the number of different nationalities making investments, Sydney is 5th while Melbourne is equal 6th with Hong Kong and San Francisco.”

Sydney (14th) and Melbourne (25th) also did well in the lifestyle categories. Melbourne led in the ‘spend per overnight visitor’ sub-category, with an average spend of $2,474 (US$1,925), followed by Dubai's $2,463 (US$1,917), and then Sydney's $2,351 (US$1,829).

Liam Bailey, Global Head of Research at Knight Frank, said, "North America’s domination of the current household wealth tables is unequivocal. Although the economic powerhouses such as New York and London dominated the overall rankings again, it is interesting to note the power of other US cities."

Click here to read the Knight Frank 2018 Wealth Report.