1. London, United KingdomA view of the London Eye overlooking the river Thames in central London. London will continue to be the leading global city of economic importance “if it continues to follow structural adjustments in its economy. These include bringing large institutional investors into the rental market, which will turn Londoners into renters rather than owners and divert the surplus from real estate into more productive capital,” Dr. Savvas Verdis, Chief Executive, Rankdesk, London, said in the report.
2. New YorkNew York’s rich cultural mix keeps it in the top league of world cities, according to the Wealth Report 2012. More than one-third of people in New York and London are foreign-born. The report states that New York will continue to be a leading global city of economic importance if it maintains open immigration policies and have a livable environment for increasingly mobile populations, and to attract a significant foreign workforce. (Pictured: Lower Manhattan, looking north from the Statue of Liberty).
No. 1 Hong Kong2011 International Arrivals: 21.8 million Growth: 8.8 percent
4. ShanghaiShanghai, China’s most important city has a well-educated and strong labor force. It has the world’s largest container port, fastest train, longest metro system and is currently working on the world’s second tallest building. Jim Rogers, an investor in Singapore said in the report that Shanghai’s economy is growing faster than the infrastructure. “Market Liberalization will help Shanghai become a global financial centre and it is forging ahead as a cultural hub and global tourist destination,” Fast Future Research in London said. Pictured: Aerial view shows boats participating in dragon boat race to celebrate Dragon Boat Festival, also known as Duanwu Festival, on Suzhou river in Shanghai.
No. 10 SingaporeSingapore remained at No. 10 thanks to its high quality of available human resources and excellent transport infrastructure, including one of best airports in the world.
No. 7 China (tie)
Some 34 percent of Chinese admitted to stealing from hotels. Favorite items to nab: furnishings like lamps, clocks and artwork.
7. DubaiAn aerial view of The Palm Jumeirah and Atlantis hotel in Dubai January 7, 2012.
9. TokyoTokyo is one of the ten most important cities, in terms of economic activity, in the world, according to Knight Frank "Wealth Report 2012." Pictured: The 634-metre (2080-feet) Tokyo Sky Tree, world's tallest broadcasting tower, is illuminated by LED lights to to mourn victims of March 11, 2011 earthquake and tsunami and 1945's great Tokyo air raids during World War II in Tokyo March 10, 2012.
No. 7 Frankfurt, Germany
Frankfurt, Germany ranked No. 7 on Mercer's survey.
The Knight Frank Wealth Report 2012 has listed the top ten most important cities of the world, in terms of economic activity.
The ten cities have been chosen on the basis of their growing economic importance to the high-net-worth individuals (HNWIs), or those having over $25 million of investable assets).
The Wealth Report 2012 is published by Knight Frank, a London-based independent global residential and commercial property consultancy, in partnership with Citi Private Bank, Citigroup's wealth management services arm for ultra high net worth individuals, law firms, and institutional investors.
Click on Start to view the top ten cities of economic importance.