S'pore among favourite cities of the super-rich

The Republic has been ranked the fifth most important city in the world - up two notches from its previous ranking - by high-net-worth individuals (HNWIs), according to The Wealth Report 2012 by Citi Private Bank and property consultancy Knight Frank.

London took top spot in the ranking, followed by New York, Hong Kong and Paris.

The survey assesses the importance of key cities to HNWIs based on the state of world affairs, opportunities for wealth creation, economic risks and political stability.

When asked for their views on leading cities in 10 years' time, the respondents kept Singapore, London and New York in their current spots. 

Beijing and Shanghai were viewed as the fastest-growing, reflecting the impact of the flourishing economies of the East. They were deemed to be the third and fourth most important cities in 10 years, knocking Paris and Hong Kong down the list. 

HNWIs are keen on investing in prime residential and commercial properties in these top global cities because they are viewed as "safe havens" for long-term investments or as second homes, Knight Frank said. 

"If you look at property investment, most of the HNWIs' attitudes have changed ... for the longer-term perspective and a longer holding period," said Mr Png Poh Soon, head of consultancy and research at Knight Frank. 

"Nobody wants to make a loss. So certainly people are concerned about the impact of the market," he added.

Despite cooling measures, experts say luxury property prices here will remain resilient due to the continued interest among the global super-rich in Singapore properties.

The survey was conducted on 4,000 individuals worth an average of US$100 million (S$126 million) each.