Dubai: Mumbai has gained in importance as global business city by 118 per cent followed by Shanghai (91 per cent) and Sao Paolo (66 per cent), according to a new report.

The world’s richest and powerful finds New York and London as the leading business center over the next 10 years but emerging nation centres are fast catching up, according to the report.

It said almost 40 per cent of the world’s most exclusive residential property markets increased in value during 2010, of this six of the 10 biggest gainers are in Asia.

"Luxury property price growth was highest in Shanghai with a 37 per cent rise while London and New York saw increases of 10 per cent and 13 per cent respectively. Monaco remains the most expensive residential location in the world, followed by London," the report said.

Schooling and tax are growing drivers for those buying properties, 29 per cent of SE Asia second-home buyers cited "education of children" as the reason for buying an extra housing property.

On average, property accounted for 35 per cent of the investment portfolios of ultra-high-net-worth individuals (UHNWIs). Almost 64 per cent of HNWIs will increase their donations over the next five years, while spending on art, fine wines and private jets and yachts will also rise significantly.

The report shows that prime property remains incredibly important to the world’s wealthiest people.

On an average, property accounts for 35 per cent of UHNWI investment portfolios, second in importance only to investing in their own businesses.