Moscow Ranks 17th Most Popular City Among Rich

A report by the world's leading independent property adviser revealed that Moscow was ranked 17th among the world’s 40 most popular cities for financial tycoons.

MOSCOW (Sputnik) — Moscow was ranked 17th among the world’s 40 most popular cities for financial tycoons, a report by the world's leading independent property adviser revealed on Thursday.

The Knight Frank consultancy released its annual Wealth Report earlier in the day, listing the 40 most important cities for ultra-high-net-worth individuals (UHNWI) — people who possess $30million in assets or more.

London tops the list of the most popular cities in the world for people with extreme wealth, while New York and Hong-Kong occupy second and the third place respectively.

"The [list] of the top most important world cities for wealthy people was made according to the following criteria: economic activity in the city, quality of life and its political might at the international arena", Maria Kotova, executive director of Knight Frank’s Russian branch told journalists while presenting the report.

The level of education in the cities was also counted. For example, approximately 27 percent of rich people across the globe plan to send their children to study abroad, whereas 60 percent of Russians send their children to foreign schools and 70 percent to foreign universities.

The report also found that Europe is home to the highest number of UHNWIs, followed by North America and Asia. The overall amount of rich people rose by 3% last year.

At present, the world's 172,850 UHNWIs have capital worth $20.8 trillion in total, according to the report.