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By Kim Hyun-cheol
Staff Reporter
Seoul ranked 13th in the list of the world's top cities favored by wealthy investors, according to a recent survey, down two places from last year.
It was behind Tokyo, Singapore and Beijing among Asian cities, but ahead of Hong Kong and Frankfurt in the overall rankings, according to the 2010 Wealth Report by Citi Private Bank and real estate agent Knight Frank.
New York was named No. 1, dethroning London from the top spot for the first time since 2007. Paris, Tokyo and Los Angeles rounded out the top five.
The overall survey was divided into four areas ― economic activity, knowledge and influence, political power and quality of life. Each city was ranked from one to a maximum of 40. The aggregate score determined the overall ranking.
Seoul ranked ninth in economic activity; 18th in political power, and knowledge and influence; and 16th in quality of life.
South Korea was said to have been ``very impressive'' through the recent economic downturn along with Taiwan and Indonesia.
Overall, rich investors are starting to feel more confident about the future and generally believe that they will be better off at the end of the year than they are now, according to the report.
As investors' faith in investing in real estate continues, property prices will recover during the year, the report said.
Property accounts for one-third of the portfolios of affluent investors, according to the 2010 Attitudes Survey, part of the wealth report.
More than 70 percent of respondents ― high net-worth individuals worldwide ― said 2010 will be a good year to invest in property, and half of them predicted residential property will be the sector's top performer.
Citi Private Bank Korea said the results show wealthy investors see the current downturn as a chance for investment in real estates.
``Interest in property is on the rise among wealthy Koreans recently, as they begin to eye tangible assets with the belief of a rebound soon,'' CEO Jung Bok-ki said in a statement.
hckim@koreatimes.co.kr
