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Friday, April 13, 2012

One Percent City

Posted by on Fri, Apr 13, 2012 at 8:24 AM

The rich love these cities the most:

New York
Hong Kong

Why do the rich love these cities so much? The surface reason:

The ultra-rich value cities that offer "personal safety and security" most, followed by "economic openness" and "social stability" which top "luxury housing" and "excellent educational opportunities."

The underground (real) reason:

Anyone who has recently tried to make their way through the thronged pavements of Piccadilly in London knows there’s another, more important and less politically-correct answer for why certain cities in the West will remain top dogs. The reason is flight capital. The globe’s rich aren’t really moving to London or New York – they are fleeing their home countries and cities.

Any private banker will tell you, that as soon as a centa-millionaire in Moscow, Beijing or São Paolo makes their fortune, the first thing they do is figure out how they can ferret away large chunks of that wealth to countries that guarantee political and personal freedoms, have sound legal systems, a favorable tax environment, good security and good schools for their kids.

We are not just a rich country, but a country for the rich.


Comments (9) RSS

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Theodore Gorath 1
"countries that guarantee political and personal freedoms, have sound legal systems, a favorable tax environment, good security and good schools for their kids"

Sounds more like a city that is successful, not a city especially for the rich. I suppose it makes sense that rich people would want their money in places that are safe, so these two go hand in hand.

Don't poor people want this too? Security for themselves, their rights, and their property?

And how is Beijing on the list of cities that the rich love, and also included in the section of where the rich want to take their money from?

So it is wrong to move to a place you would prefer to live, if you save/earn enough capital to do so?

Posted by Theodore Gorath on April 13, 2012 at 8:50 AM · Report this
Then you'll be leaving soon for the greener pastures of Zimbabwe, Chuckie?
Posted by Betaraybilly3 on April 13, 2012 at 9:07 AM · Report this
Miami? Seriously, what a shithole.
Posted by decidedlyodd on April 13, 2012 at 9:17 AM · Report this
lark 4
Good Morning Charles,
I've just returned from San Francisco, a city that certainly draws the extremely wealthy. It's quite a lovely place.

I don't dismiss either of those reasons for the ultra-rich being drawn to cities. However, I contend the ultra-poor are drawn to great cities as well and particularly to Occidental ones if they could only get to them. They are simply drawn there because of the largess and/or opportunites. Read: money and/or jobs. That isn't too unusual.

When I rendered Sao Paulo a visit 5 years ago, a local newspaper disclosed as I recall, that for the first time in human history, more people live in cities than in rural areas of the earth. That's quite significant. So, I don't necessarily believe the unber-rich are drawn to cities too much differently than poorer folks.
Posted by lark on April 13, 2012 at 9:27 AM · Report this
Sargon Bighorn 5
Stability, safety, a place to hide money, okay fine by me as long as the Homo folk are not butchered, the women treated with respect, and religion not shoved down citizens throat. I'll take that over most of the world where Homos are butchered, women are treated worse than cattle, and religion is what the str8 citizens kill each other over.
Posted by Sargon Bighorn on April 13, 2012 at 9:27 AM · Report this
True, but except for police states like Singapore, personal safety and the rule of law are functions of economic and political democracy (two examples: queuing and the jury system). As the US, the UK and other Western countries continue moving toward oligarchy, the advantages they hold for the superrich will decline and they'll decide they might as well stay home in Beijing or Moscow.
Posted by Prettybetsy on April 13, 2012 at 10:05 AM · Report this
Thank god the super-rich have no taste.

With the exception of Miami (great coffee in that city), the supreme places for great tasting coffee are Seattle and Santa Cruz (Santa Cruz Dark from Santa Cruz Brewing).

'Nuff said....
Posted by sgt_doom on April 13, 2012 at 12:18 PM · Report this
Dougsf 8
@7 - But have you ever tried living in Santa Cruz? It's like a cross between San Diego and Modesto.
Posted by Dougsf on April 13, 2012 at 2:26 PM · Report this
@8, ..

Just a visitor, Dougsf, just a visitor....

[Yes on I103]
Posted by sgt_doom on April 14, 2012 at 10:22 AM · Report this

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