Shanghai tipped to become third-most appealing city for superrich

Shanghai is expected to become the third-most appealing city for wealthy individuals to live in worldwide by 2020, the Financial Times reported. The 2011 Wealth Report, a survey published by Citi (C.NYSE) Private Bank, predicts that New York and London will retain first and second place in the rankings, but they are being reeled in by Shanghai (18^th to third), Mumbai (38^th to seventh) and Beijing (eighth to fourth). These Asian cities are tipped to supplant the likes of Paris, Brussels, Berlin and Frankfurt. “The focus is shifting – people in second- and third-tier cities will continue to buy places in Shanghai – it will become like the New York of China,” said Kwang-Meng Quek, global co-head of real estate investment at Citi. “[Property] prices may not go up as fast but still we would expect 10-15% per year.” Hong Kong is expected to rank fifth in 2020, with Singapore sixth and Tokyo eighth.