Given that the global economy is shifting more towards emerging markets, the report explores the market growth potential that luxury brands could see in 10 emerging cities. To come to its conclusions, WealthInsight used its database's latest forecast and interviews with luxury consultants, suppliers and affluent consumers living in chosen cities, including Tel Aviv and Jakarta.
Demand for luxury goods is expected to shine for Istanbul, as the Turkish city expects to see a high increase in high net worth individuals (HNWIs) – who have $1 million or more – by 2019 to 65,000, up from 58,000 currently.
The city was also home to 1,110 ultra-high net worth individuals (UHNWIs) in 2014, beating Shanghai's number of 1,095. It also receives a boost from affluent Middle Eastern tourists and an increasing growth in the female working population.
India's thriving financial hub, Mumbai, also topped the recommended list, with the city expecting to see up to 138,500 HNWIs enter the city by 2019, attracted by many factors including its already prospering luxury scene and Bollywood.
Gucci, Burberry and Chanel have currently set up camp in the city, profiting from the city's rising middle-class population and wealthy expatriates. Mexico City was also considered high up for its affluent population and emerging middle class.