The New York real estate market may have cooled in 2018, but the city is still appears to be the most popular place in the world for prime property investment.
New York is the world’s leading city for both residential and commercial investment, cementing its position as a global wealth hub, according to Knight Frank and Douglas Elliman’s 2019 wealth report. The study, which surveys global trends among the highest-wealth individuals, looked at property investments of $10 million or more.
It wasn’t all good news for New York, however. The city fell to second place on the overall wealth ranking, beaten by London because of two metrics: the number of high net-worth individuals and lifestyle, which refers a city’s security and affordability.
While London beat New York for most resident high net-worth individuals, defined as those with over $30 million, New York still has the most billionaires, with 94 resident in the city. New York also saw the highest rate of new high-net worth individuals, adding 55,434 in 2018 alone.
