By Kim Jae-kyoung
Seoul is considered one of the leading innovative cities in the world but is lagging behind its global peers in "lifestyle" and "investment," a recent survey showed.
The survey results suggest Seoul should foster top global universities and house top-end global hotels to become a more popular destination among wealthy investors.
According to the 2018 City Wealth Index by Knight Frank, which surveyed ultra-rich property investors in 300 cities, Seoul scored relatively well in the future component but performed poorly in all other three criteria ― lifestyle, investment and current wealth.
Based on an aggregate of scores on the aforementioned four parameters, the index identifies the cities that matter the most to the wealthy ― where the rich live, spend and invest, where they enjoy their downtime and where they educate their children.
Seoul was ranked 11th in the future category that evaluates the city's 2022 GDP forecast and its innovation level based on the "2thinknow Innovation Cities Index." New York topped the ranking, followed by London and Tokyo.
"Seoul scored highly for the future rank with it being placed 10th for innovation and 32nd for future GDP," said Astrid Etchells, senior PR manager at the London-based global real estate consultancy.
However, Seoul stood at 28th in the lifestyle component, which includes the number of luxury hotels, the number and quality of leading restaurants, average visitor spending, and education measured by the number and quality of universities in the city.
"In the lifestyle category Seoul scored highly for the quality of restaurants but was surpassed by other cities in areas such as top universities and number of luxury hotels," Astrid said.
In the investment component that tracks property investments worth at least $10 million, the capital city was ranked 33rd. It performed even worse in the wealth category that evaluates the wealthy population and its growth rate, at 41st.
As a result, in the overall city wealth Index, Seoul was ranked 22nd in the world and sixth in Asia, behind Asia's major cities, such as Singapore (fifth), Tokyo (eighth), Hong Kong (ninth), Sydney (11th) and Beijing (17th).
"Even though Seoul ranks just outside the top 20, at 22nd place, this is still very high out of the 300 cities covered," Etchells said.
In order to improve the index and become a more attractive city, she recommended Seoul make more efforts to "encourage more investment into property," currently ranked 33rd for level and diversity of investment.
The report shows Seoul should take a cue from Singapore, which made it into the top 10 list in most categories.
Singapore ranked fifth in the overall city wealth index, along with Chicago, behind New York, London, San Francisco and Los Angeles. It performed particularly well on the lifestyle component securing third place.
Seoul is considered one of the leading innovative cities in the world but is lagging behind its global peers in "lifestyle" and "investment," a recent survey showed.
The survey results suggest Seoul should foster top global universities and house top-end global hotels to become a more popular destination among wealthy investors.
According to the 2018 City Wealth Index by Knight Frank, which surveyed ultra-rich property investors in 300 cities, Seoul scored relatively well in the future component but performed poorly in all other three criteria ― lifestyle, investment and current wealth.
Based on an aggregate of scores on the aforementioned four parameters, the index identifies the cities that matter the most to the wealthy ― where the rich live, spend and invest, where they enjoy their downtime and where they educate their children.
Seoul was ranked 11th in the future category that evaluates the city's 2022 GDP forecast and its innovation level based on the "2thinknow Innovation Cities Index." New York topped the ranking, followed by London and Tokyo.
"Seoul scored highly for the future rank with it being placed 10th for innovation and 32nd for future GDP," said Astrid Etchells, senior PR manager at the London-based global real estate consultancy.
However, Seoul stood at 28th in the lifestyle component, which includes the number of luxury hotels, the number and quality of leading restaurants, average visitor spending, and education measured by the number and quality of universities in the city.
"In the lifestyle category Seoul scored highly for the quality of restaurants but was surpassed by other cities in areas such as top universities and number of luxury hotels," Astrid said.
In the investment component that tracks property investments worth at least $10 million, the capital city was ranked 33rd. It performed even worse in the wealth category that evaluates the wealthy population and its growth rate, at 41st.
As a result, in the overall city wealth Index, Seoul was ranked 22nd in the world and sixth in Asia, behind Asia's major cities, such as Singapore (fifth), Tokyo (eighth), Hong Kong (ninth), Sydney (11th) and Beijing (17th).
"Even though Seoul ranks just outside the top 20, at 22nd place, this is still very high out of the 300 cities covered," Etchells said.
In order to improve the index and become a more attractive city, she recommended Seoul make more efforts to "encourage more investment into property," currently ranked 33rd for level and diversity of investment.
The report shows Seoul should take a cue from Singapore, which made it into the top 10 list in most categories.
Singapore ranked fifth in the overall city wealth index, along with Chicago, behind New York, London, San Francisco and Los Angeles. It performed particularly well on the lifestyle component securing third place.
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