The Knight Frank Report has discovered that London is the best place for multi-millionaires to live, do business and educate their children. Part of the Knight Frank Report includes the ‘most important cities to ultra-high-net-worth-individuals’(UHNWI) list. This is according to a report by Knight Frank. London is considered to be the most important city in the world to the super-rich. Multifunctional infrastructure offering some of the best legal, medical and entertainment facilities in the country.High-quality educational institutions – including renowned universities, informational student attendance and research facilities.High percentage of residents employed in the services and information sectors.Centres of media and communications for global networks. Centres of new ideas and innovation in business, economics, culture and politics.Major manufacturing centres with port and container facilities.Domination of the trade and economy of a large surrounding area.The existence of financial headquarters, a stock exchange and major financial institutions.Headquarters of several multinational corporations.A variety of international financial services, notably in finance, insurance, real estate, banking, accountancy and marketing.Due to this, many groups have tried to rank which cities in the world can be seen as global cities.Īlthough what constitutes a global city is still subject to debate, standard characteristics are: World City status is considered to be desired and beneficial to a city’s profile. More recently, the term has been described as being synonymous with a city’s influence and ‘financial capital’, with other factors becoming less relevant. The use of the term ‘world city’ dates back to May 1886 when used to describe Liverpool in ‘The Illustrated London News’. The idea of globalisation can be understood as a city having a direct and tangible effect on global affairs through socio-economic means. The concept comes from geography and urban studies. A world city, also known as global city, is generally a city considered to be an important node in the global economic system.
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