Revealed: How only London beats Dubai for $2.8m+ properties in the world

Revealed: How only London beats Dubai for $2.8m+ properties in the world

Only London boasts more 'prime' properties, those worth £2 million or more, than Dubai in the world, according to new research from Knight Frank.

Its Wealth Report 2021 showed that Dubai has a total of 42,356 'prime' homes, the second highest globally. London claimed the top-spot for the largest number of homes considered ‘prime' in each city, with over 68,000 homes while Sydney was third with 27,436 homes.

Henry Faun, partner, Knight Frank Private Office, Middle East, said: "Given the established appeal of London as a cultural and business hub, ease of language, attractive educational system and weaker pound sterling in recent years, we see Middle Eastern demand for prime London homes continuing in future years.”

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The figures were revealed in the Knight Frank City Wealth Index which said London and New York are the most important cities for ultra-high-net-worth individuals (UHNWIs) to live, invest and do business.

Paris followed in third position, with its rankings boosted by the lifestyle the city has to offer.

European cities were the overall leaders of the City Wealth Index this year, claiming eight of the top 20 spots - largely driven by the investment and lifestyle factors.

Tokyo (4th) and Hong Kong (5th) took top spots among the Asian cities analysed.