Here are some insights from the latest Knight-Frank – 2019 Wealth Report – and other luxury market indicators.

Yes, the New York real estate market cooled down in 2018, but the city is still a favorite, amongst the uber rich of the world, for prime property investment.

New York is the world’s leading city for both residential and commercial investment, cementing its position as a global wealth hub. The study, which surveys global trends among the highest-wealth individuals, looked at property investments of $10 million or more.

It wasn’t all good news for New York, however. The city fell to second place on the overall wealth ranking, beaten by London because of two metrics: the number of high net-worth individuals and lifestyle.

New York’s relegation to second place may have been due to “stock market volatility and a strong U.S. dollar, which led some foreign buyers to sit on their hands during 2018,” the report said, and could have been compounded by “the underlying structural issue of oversupply.”

While London beat New York for most resident high net-worth individuals, defined as those with over $30 million, New York still has the most billionaires, God bless them, with 94 that reside in our city. New York also saw the highest rate of NEW high-net worth individuals, adding 55,434 in 2018 alone, well done new comers!

Prices will stay static in New York over the next year, the report predicted. We shall see.

While New York’s results were mixed, there was good news for Los Angeles and Miami, where the report predicted investment by high net-worth individuals would grow by 2 percent and 5 percent respectively in the coming year.

“Florida’s low tax status may spur some U.S. residents to move to the sunshine state in the wake of the new State and Local tax (SALT) deductions,” the report said.