Six of the 10 cities worldwide that most appeal to wealthy individuals as places to live and invest will be located in Asia within a decade, according to research that highlights how the region is rapidly closing the gap with the west.
The 2011 Wealth Report, to be published on Wednesday by Citi Private Bank, shows that Shanghai, Mumbai and Beijing are expected to shoot up the rankings by 2020, outpacing western rivals.
Mumbai – expected to rise from 38th place this year to seventh by 2020 – stands out as one of the fastest movers. Shanghai is forecast to leapfrog Beijing to become the third-highest ranked city in the world.
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