With their emerging markets and rising regional influence, the cities of Belgrade, Panama City, Addis Ababa, and Yangon may soon become global financial capitals and havens for the super-rich, global real estate consultancy Knight Frank predicted in its annual Wealth Report last week.
The report documents the patterns of high-net-worth individuals — those worth over $30 million — to predict how global wealth will evolve in the next decade.
While many of the world’s multimillionaires and billionaires live in the financial capitals of London, Tokyo, and New York, many have begun migrating to cities with emerging markets and untapped opportunities to make even more money.
As the financial and business center of southeastern Europe, Belgrade saw a steady 12% rise in its population of high-net-worth people from 2007 to 2014. The number of super-rich people in Belgrade is expected to grow by 72% over the next decade, especially as tax incentives and grants continue to spur foreign direct investment.
Panama City, Panama
Panama has benefited immensely from its strategically located canal that bridges Latin America and North America. Since 2007, its capital, Panama City, has nearly doubled its population of high-net-worth individuals.
Compared with its Central American neighbors like Honduras, Panama is economically stable. It’s also growing all the time. High-quality transport, healthcare, and a competitive tax environment are expected to draw in over 7,000 super-rich residents by 2024.
Addis Ababa, Ethiopia
Ethiopia is Africa’s fastest-growing economy, and the super-rich have taken notice. The population of high-net-worth individuals in the country’s capital, Addis Ababa, has nearly doubled since 2007 and is expected to double again by 2024.
Home to the African Union headquarters, the headquarters of the United Nations Economic Commission for Africa, and a number of other continental and international organizations, Addis Ababa is often referred to as the political capital of Africa.
Myanmar’s former capital and largest city, Yangon, is a “classic example of emerging market wealth creation,” according to the report. Now a tourist destination for the super-wealthy, Myanmar and its economy have benefited from democratic reforms and the gradual opening up of its economy. Yangon accounts for more than a fifth of Myanmar’s total economic output, and its number of high-net-worth individuals is expected to double over the next 10 years.
This feature is adopted from Business Insider.
Our humans need coffee too! Your support is highly appreciated, thank you!