As Austria ranked in the top 10 best countries in which to live and work for expats, Vienna became the European city which has seen the largest influx of high net worth individuals in the past decade.
The population of these high net worth individuals has grown by 67% in the last 10 years, faster than any other major city in Europe. Dusseldorf and Munich follow closely at 64% and 63% respectively, whilst Berlin, a city widely regarded to have one of the best property markets for international investors, has seen a rise of 60%. The high net worth is defined as a person with assets over $30m. London and Paris, two of the European powerhouse cities, have seen rises of 41% and 20% respectively.
Vienna is seen as a strong investment because of the growth potential in its property sector. It has one of the lowest residential ownership rates at 20%, meaning that it possesses a sizeable rental market with a growing demand for landlords. However, the prices are on the rise, with property prices in Austria rising by around 52% on average, but up to 72% since 2008, so the investment time-frame is narrow.
The appeal of Vienna is backed by Austria’s strong performance in expat surveys, where it is ranked highly across multiple factors, including economic factors, work-life balance, quality of life and family. Mercer has also named Vienna the best city in the world for quality of life for the past seven years. With the growth in population of the wealthiest individuals, a property market heading towards a boom and the strongest quality of life on the globe, the lure of Vienna has never been stronger.
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