Wealth centres shifting away from traditional cities to developing countries

Published:  24 Jun at 6 PM
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Tagged: India, Dubai, Money
A new report has revealed that the traditional multi-millionaire haunts of London, Paris, New York and Geneva are losing their super-rich residents to exotic countries previously favoured by adventurous expats.

The survey, undertaken for Knight Frank’s Global Wealth Report, canvassed 23,000 ultra-high net worth multi-millionaires, and came up with some surprising changes. India, Africa, the Middle East and Indonesia are steaming up the lists as the new, trendy places to settle when there’s no lack of capital to fund your lifestyle.

Mumbai, Jakarta and Nairobi have seen high numbers of super-rich newcomers with money to burn, even although those arriving may well have kept their mansions and penthouses in more traditional developed countries’ capitals. The ultra-rich are only considered able to qualify for the title if they have at least four homes, eight cars and at least £17-5 million in disposable cash.

Other hotspots expected to attract increasing numbers of millionaires include Dubai, Dublin, Sao Paulo and even Vietnam’s Ho Chi Minh City. The communist country is busily relaxing its already lax rules for those wishing to import their companies, and the cheap labour force is a major attraction.

Indonesia’s expanding economy is another draw, and Turkey is tempting in spite of its degree of unrest. Ultra-wealthy business moguls are also impressed with countries with a huge pool of younger workers, all with aspirations to join the consumer society in a major manner.
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