Zurich has replaced Paris to emerge as the favourite city of the ultra rich, according to a new property ranking table.
The Swiss city overtook the French capital which was rated as the most popular city among the megarich last year and dropped down to 7th place in the latest index by London-based real estate consulting firm BARNES International.
New York, which was ranked 2nd place in the previous year, also fell out of favour and only came 11th in the new chart that reflected big changes in the global property market provoked by the Covid-19 pandemic.
Each year, BARNES International, a London-based real estate consulting firm, produced a list of the top 50 cities for high-net-worth individuals in its annual handbook
Zurich has replaced Paris to emerge as the favourite city of the ultra rich, according to a new property ranking table (file photo)
Copenhagen (pictured in file), which came second in the 2020 rankings, soared up from 35th place in 2019, followed by Tokyo and Miami
Each year, BARNES produces a list of the top 50 cities for high-net-worth individuals after compiling and analysing different aspects of every metropolis based on the company’s internal data, according to its handbook.
The rankings are consolidated by various key criteria including education opportunities, levels of taxation and the city’s ecological commitments.
Other indicators included cultural experience, personal safety and proliferation of business.
The index is specific to a multi-million market that only a small minority of people in the world are able to take part in.
In the BARNES table last year, Paris was rated as the world’s most popular city of the ultra rich, followed by New York at 2nd place.
The Japanese capital Tokyo has remained at 3rd place in the BARNES new rankings in 2020
Miami has been ranked at 4th place in the property table produced by BARNES International
But the ‘City of Light’ lost its title to Zurich in this year’s ranking table, dropping down to 7th place.
The Swiss city, which was at 30th place previously, emerged to become the winner of the new table.
Bordeaux in the southwest France made it on the top 50 list for the first time ever.
This was partly due to the coronavirus pandemic which had forced many Parisians to move elsewhere after they were ordered to work from home, a Barnes representative in Bordeaux told French newspaper Le Parisien.
In addition to the pandemic, a string of episodes of social turmoil, such as the ‘yellow vest’ movement, also affected Paris’s image internationally in recent years, the French outlet said.
In BARNES’s table last year, Paris was rated as the most popular city in the world of the ultra rich, followed by New York at 2nd place. Paris dropped to 7th in this year’s index (file)
New York (pictured in stock photo), which was ranked as the second favourite city in 2019, fell down to 11th this year following a year-long battle against the virus
New York, which was ranked as the second favourite city in 2019, fell down to 11th this year following a year-long battle against the virus.
Other metropolises including Copenhagen, Tokyo and Miami also overtook Paris in the new table.
Copenhagen, which came second in the 2020 rankings, soared up from 35th place in 2019, followed by Tokyo and Miami.
Sweden’s capital city Stockholm moved up from 22nd to 5th place. London, the only British city that made to the list, is ranked 6th.
Seoul, the capital of South Korea, which had never before entered the index, found itself at all the way up at 13th place in 2020.
Zurich replaces Paris as favourite city of rich in property rankings