CITIES AND THE SUPER-RICH Real Estate, Elite Practices, and Urban Political Economies edited by RAY FORREST SIN YEE KOH BART WISSINK The Contemporary City Series Editors Ray Forrest City University of Hong Kong Kowloon Tong, Hong Kong Richard Ronald University of Amsterdam Amsterdam, The Netherlands In recent decades cities have been variously impacted by neoliberalism, economic crises, climate change, industrialization and post-industrialization and widening inequalities So what is it like to live in these contemporary cities? What are the key drivers shaping cities and neighborhoods? To what extent are people being bound together or driven apart? How these factors vary cross-culturally and cross nationally? This book series aims to explore the various aspects of the contemporary urban experience from a strongly interdisciplinary and international perspective With editors based in Amsterdam and Hong Kong the series is drawn on an axis between old and new cities in the West and East We are seeking book proposals from across the social sciences but anticipate a core audience rooted in critical approaches in sociology, human geography, anthropology and political science Economic issues are a key concern but our interest lies more with political economy and non-orthodox economics New scholars are particularly welcome to contact the editors with ideas for books More information about this series at http://www.springer.com/series/14446 Ray Forrest  •  Sin Yee Koh  •  Bart Wissink Editors Cities and the Super-Rich Real Estate, Elite Practices, and Urban Political Economies Editors Ray Forrest City University of Hong Kong Kowloon Tong, Hong Kong Bart Wissink City University of Hong Kong Kowloon Tong, Hong Kong Sin Yee Koh Institute of Asian Studies University Brunei Darussalam Gadong, Brunei Darussalam The Contemporary City ISBN 978-1-137-55715-5    ISBN 978-1-137-54834-4 (eBook) DOI 10.1057/978-1-137-54834-4 Library of Congress Control Number: 2016959012 © The Editor(s) (if applicable) and The Author(s) 2017 This work is subject to copyright All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed The use of general descriptive names, registered names, trademarks, service marks, etc in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations Cover illustration: © Magictorch / Alamy Stock Photo Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Nature America Inc The registered company address is: New York Plaza, New York, NY 10004, U.S.A Acknowledgements This book grew out of a two-day workshop hosted by the Urban Research Group at the City University of Hong Kong on 15–16 January 2015 The editors would like to acknowledge the financial and logistical support provided by the Department of Public Policy This enabled us to bring together a small international and interdisciplinary group of scholars and to engage in an intense but informal debate around cities and the super-­ rich in a round-table setting Some of the research for the book was also supported by a grant from the ESRC/RGC Joint Research Scheme sponsored by the Hong Kong Research Grants Council and the Economic and Social Research Council in the United Kingdom (Project reference no: ES/K010263/1) v Contents 1 In Search of the Super-Rich: Who Are They? Where Are They?   1 Ray Forrest, Sin Yee Koh, and Bart Wissink 2 Elites Without Hierarchies: Intermediaries, ‘Agency’ and the Super-Rich  19 William Davies Part I  Real Estate Investments  39 3 Real Estate Holdings Among the Super-Rich in the USA  41 Richard A Benton, Lisa A Keister, and Hang Young Lee 4 The Super-Rich and Transnational Housing Markets: Asians Buying Australian Housing  63 Chris Paris 5 Becoming a Super-Rich Foreign Real Estate Investor: Globalising Real Estate Data, Publications and Events  85 Dallas Rogers vii viii  Contents Part II  Elite Spatialities and Practices 105   6 Beyond the City: Exploring the Maritime Geographies of the Super-Rich 107 Emma Spence   7 Reviving Transnational Elite Sociality: Social Clubs in Shanghai 127 Yannan Ding   8 Old Money, Networks and Distinction: The Social and Service Clubs of Milan’s Upper Classes 147 Bruno Cousin and Sébastien Chauvin   9 Arts and the Super-Rich: Emerging Relations in the Gulf and the East 167 Sarina Wakefield Part III  Urban Political Economies 187 10 Selling the Tokyo Sky: Urban Regeneration and  Luxury Housing 189 Yosuke Hirayama 11 Elite Informality, Spaces of Exception and the Super-Rich in Singapore 209 Choon-Piew Pow 12 Tycoon City: Political Economy, Real Estate and the Super-Rich in Hong Kong   229 Bart Wissink, Sin Yee Koh, and Ray Forrest Contents  ix 13 Minimum City? The Deeper Impacts of the ‘Super-Rich’ on Urban Life   253 Rowland Atkinson, Roger Burrows, Luna Glucksberg, Hang Kei Ho, Caroline Knowles, and David Rhodes 14 Hyper-Divided Cities and the ‘Immoral’ Super-Rich: Five Parting Questions   273 Ray Forrest, Sin Yee Koh, and Bart Wissink Index   289 List of Contributors Rowland Atkinson  is Research Chair in Inclusive Societies at the Department of Urban Studies, University of Sheffield He is an urban sociologist with interests in poverty, wealth and crime in city contexts His work has focused on diverse aspects of neighbourhood change including social exclusion and area effects, the role of the wealthy and middle-classes in cities via his work on gentrification, gated communities and, more recently, the very wealthy The primary focus of his work is to engage with less visible social problems and questions of exclusion, segregation and social harms more broadly Richard A. Benton  is Assistant Professor of Labor and Employment Relations at the University of Illinois His research focuses on economic sociology, organisations, social capital and social networks His recent publications appear in Social Forces and Research in the Sociology of Work Roger Burrows  is Professor of Cities in the School of Architecture, Planning and Landscape at Newcastle University, UK. Prior to this, he was Professor of Sociology and Pro-Warden for Interdisciplinary Development at Goldsmiths, University of London He has published almost 150 articles, chapters, books and reports on various topics throughout his career Sébastien  Chauvin  is a sociologist and an associate professor at the Centre en Etudes Genre of the University of Lausanne in Switzerland His interests include economic sociology, international migration, citizenship, gender, and sexuality His recent work with Bruno Cousin investigates the cultural dimensions of class inequality Bruno Cousin  is an assistant professor of sociology at Sciences Po and a researcher at the Centre d’Etudes Européennes, Paris His research stands at the intersection xi HYPER-DIVIDED CITIES AND THE ‘IMMORAL’ SUPER-RICH: FIVE PARTING   281 Nonetheless, these sentiments are often quite explicit Michael Bloomberg, the former New  York Mayor and multi-billionaire told the New York Times, ‘If we can find a bunch of billionaires around the world to move here, that would be a godsend’ (The Gulf Time, 2015) Boris Johnson, the Mayor of London, expressed similar views, albeit in more colourful language, when he commented, ‘London is to the billionaire as the jungles of Sumatra are to the orangutan (…) We’re proud of that’ (Ceasar, 2015) Mind you, the analogy ends there given the shrinking habitat for the orangutan In line with these views, various governments have explicit policies to attract the super-rich (Part III of this volume) At the same time, national and municipal governments are sequentially dismantling policies and regulations that could help ease the detrimental effects of rising inequalities (Wissink et al., this volume) There is also the increasingly cosy relationship between government and business—the revolving doors which facilitate close association between global finance and local and central governments Thus, when we are attributing blame for the growing disparities of power and wealth in our cities, should we not be looking at our governments and their policies, rather than the super-rich? Urban policies in general, and real estate policies in particular, are the obvious starting points in this endeavour However, we would also suggest examining other government policies that may collectively present the city as an attractive place for the super-rich to park their wealth, anchor their homes and live their lives These include immigration, education, business and entrepreneurship, finance and economy, as well as taxation in all spheres (e.g personal, corporate, inheritance, estate, duty, capital gains and so on) Super-rich capital is transnationally mobile It is therefore especially sensitive to political instability, currency fluctuations, and transnational agreements.2 These may in fact be more influential than urban and real estate policies in shaping the global flows of such footloose capital Is It the Super-Rich or Transformed Urban Economies? A key concern in urban studies is real estate and the implications of super-­ rich capital on cities However, super-rich investment in real estate is only one element in a more complicated and (probably) essentially indigenous driven process of the transformation of urban economies As Moreno 282  R FORREST ET AL (2014) convincingly argues, financialisation and urbanisation are systematically interdependent In his words (pp 264–265): Financialisation has not only produced a space conducive to the needs and requirements of wealthy individuals, this process has used real estate as a medium to harness and regulate the way urban value is socially structured Urban space now provides … a complex apparatus through which the interlocking forms of landed, financial and technological capital construct a new kind of ‘spatial-cognitive fix’ In other words, the financialisation–urbanisation nexus has become a structural process where all players—including the super-rich and the middle-classes—seek to profit from real estate, which has now turned into a form of financialised asset The super-rich may be in the rarefied uplands of extreme wealth but the lower slopes are occupied by increasing numbers of households with surplus funds looking for a relatively safe home in real estate As Forrest and Hirayama (2015, p 239) have argued, in the current climate of low savings rates and volatile stock markets, for those with substantial savings ‘the sensible financial strategy is to own your own home and somebody else’s as well’ It may be argued, therefore, that a disproportionate amount of attention has been directed at ‘buy to leave’ rather than ‘buy to rent’—at ‘foreign’ investors leaving high profile addresses empty or severely underused rather than at the funds pouring into the new rental markets from a variety of sources Certainly, when houses are left empty, they are taken off the market, which will drive up prices as it limits supply Similarly, when governments start to target high-end markets (see Part III of this volume), again supply in other brackets will diminish But with the ‘buy to rent’ market, this is more complicated Much of the international real estate investments go into properties that are rented out locally These properties may be owned by the super-rich, but rents are supported by a home economy that feeds these rising rents There is therefore no simple causal connection between rising property prices and super-rich investments Rather, wider structural economic transformations are the culprit (cf Chiu & Lui, 2009; Hamnett, 1994; Sassen, 1991) This clearly seems the case in Amsterdam, where price rises are substantial, but empty properties relating to ‘buy to leave’ are still a relatively rare phenomenon There is, therefore, a need for a much more precise and localised analysis of the relative role of the super-rich in the shaping of local property markets, and related rising property prices HYPER-DIVIDED CITIES AND THE ‘IMMORAL’ SUPER-RICH: FIVE PARTING   283 Is It the Same Everywhere? The previous point takes us to our last empirical question which centres on geographical variation The precise form of urban inequalities and their social consequences are determined not only by global economic developments but also by the specific urban political economy Regime theory has shown that many cities are characterised by entrenched and highly developed interdependencies between business and government, and related close links between business elites and government; but it also shows that this is not the same everywhere (see e.g Stone, 1993) Similarly, the chapters in the third part of this volume indicate that super-rich investments impact on each of our four cities in distinct ways Wissink et al (this volume), for instance, show how Hong Kong’s urban political economy contributed to the specific urban inequalities and their consequences in this city In doing so, however, the chapter highlights the distinctly local aspects of Hong Kong’s super-rich and super-richness Hong Kong is a stark example of the power that wealthy local elites yield to shape the urban fabric in close collaboration with a supportive government In other major cities, these relationships may be less visible but also very different in terms of cause and consequence, their historical origins, and in their associational characteristics and make up Some commentators have tended towards a relatively uniform view of the contemporary superrich but the developing literature on comparative urbanism (e.g Robinson, 2011) suggests the need for a much more grounded and detailed construction of urban elites, their interests and impacts Can we therefore assume that the super-rich and their activities are the same everywhere? To what extent are super-rich behaviours and practices localised? Furthermore, in what ways are the urban consequences similar or different in various geographical locations? Finally, what does this tell us about urban theories and the extent of their utility and applicability globally? Perhaps a postcolonial sensibility to urban theory that pays attention to ‘the relationship between place, knowledge, and power’ (Roy, 2016) is the way forward Conclusion Predictably perhaps, more work is needed We should continue to rage about the glaring and growing inequalities in our cities—about the obscene coexistence of opulence and immiseration But we need to transcend the moral indignation if we are to build a robust analysis of the 284  R FORREST ET AL c­ ontemporary urban condition and a stronger political platform for urban change This involves, among other things, seeking more positive examples of how things might be through empirical research into the precise causes of urban diversity Pow (2015, p 464) refers to a dominant ‘noir urban scholarship and universal pessimism’ which offers a vision of ‘the proliferation of urban fortressing and segregation’ and a pervasive ‘urban dystopia with cities being besieged by neoliberal forces of privatism’ To be sure, there is ample evidence for such a vision However, we also need to be sensitive to more hopeful narratives and political possibilities (Coutard & Guy, 2007; Harvey, 2000; Pow, 2015) In airing our critiques, we need to make sure that we have the right target and that we are reaching the right audience This book has focused on the super-rich and their role in shaping the contemporary urban fabric In doing so, we have tried to explore different facets of this interaction between elite wealth and cities and to avoid presenting a one-dimensional account of this relationship The power and influence of these new elites is immense and involves complex networks of intermediaries, and they now rightly receive substantial attention Building on this, we should now start to track the relative influence of their actions, next to other potential causes of urban change, in order to understand what is going on in our cities, and thus build a firm basis for adequate responses Notes See also Vertovec’s (2007) ‘super-diversity’, used in migration studies to describe multicultural diversity as a result of large scale immigration Such as the Trans-Pacific Partnership Agreement References Atkinson, R (2006) Padding the bunker: Strategies of middle-class disaffiliation and colonisation in the city Urban Studies, 43(4), 819–832 Atkinson, R (2016) Limited exposure: Social concealment, mobility and engagement with public space by the super-rich Environment and Planning A, 48(7), 1302–1317 Barclays & IESE (2005) British people in Spain: An x-ray, Barclays IESE Barometer, 1(1) Retrieved February 06, 2016, from https://web.archive.org/ web/20060904100124/http://www.iese.edu/en/files/6_18868.pdf Bauman, Z (2013) Does the richness of the few benefit us all? 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neighbourhoods, 10 alpha territories, 12, 20, 141, 257–9, 266 Al-Thani, 172, 173 Amsterdam, 274, 282 architects, 21, 26, 29, 98, 120, 170, 175, 180, 215 architecture, 175, 180, 218, 264 aristocracy, 20, 35, 129, 149, 164n3, 276 art auction, 167, 168, 171, 173, 175 art collecting, 168, 171–81 art collectors, 25, 167, 171, 172, 174–7, 180 Asia, 70, 72–4, 78, 79, 86, 87, 99, 133, 170, 171, 174, 178–9, 194, 214, 215, 260, 278 Asia-Pacific, 71, 72, 78, 79, 87, 93–5, 99, 137, 214, 218, 260 Australia, 13, 63–80, 86–96, 99–101, 110, 113, 114, 136, 218 Australian governments, 71, 74, 86, 91, 96 Note: Page numbers followed by ‘n’ refer to foot notes © The Author(s) 2017 R Forrest et al (eds.), Cities and the Super-Rich, DOI 10.1057/978-1-137-54834-4 289 290   INDEX Australian governments and regulation of foreign investment boltholes, 70, 74–6 B Beijing, 174, 178, 194, 229, 230, 238 bi-modal income structure, 236 Bourdieu, P., 19, 23, 147, 148, 152, 157, 161, 163, 179, 180 bourgeoisie, 68, 133, 149, 152–4, 164n3 brokerage, 88 buy-to-leave, 268 buy-to-let, 260, 262 C capital costs, 91, 95 capital flows, 66, 89, 90, 234, 244, 263, 267 capital lending practices, 91 China, 4, 11, 68, 71–2, 75, 78, 86–8, 94–5, 98–100, 112, 128, 135–8, 141, 170, 172, 194, 202, 214, 218, 229–30, 232–4, 239, 241, 243–5, 260, 262–3 Chinese nationals (buying property in Australia) foreign investment into Australia, 72, 73, 94 Christies, 173 cities, 2, 4, 9–15, 29, 63, 64, 66, 68, 70, 72, 73, 76, 79, 85–8, 95, 99, 102, 107, 108, 113, 117, 122, 127, 128, 135, 138, 140, 152, 169–74, 176, 177, 180, 181, 189–91, 193–6, 202–6, 209, 210, 237, 254, 255, 268, 273–84 City of London, 269 clubs, 13, 14, 109, 127–41, 147–64, 276, 277 cold spots, 203, 204 colonialism, 136, 278 condominium towers (Super-high-rise condominium blocks), 189–91, 195–202, 204, 205, 217 cosmopolitanism, 131, 133, 136, 141, 256 crime, global criminal economy, 4, 268 crime, illicit capital flows, 260 crime, money laundering, 4, 254 cruise ship, 114, 115, 117 residential cruise ship, 108, 120 cultural districts, 169, 170, 180 cultural institutions, 167–9, 171, 173, 177, 178, 180, 231 D data, 4, 13, 35, 43, 49–51, 60, 63, 64, 67, 75, 77–9, 85–102, 135, 148, 201, 214, 247n2, 255, 256, 258, 261, 263, 266 definition of super-rich, democracy, 3, 229, 241, 245, 268 developmental state, 191–3 discourse, 28, 31, 86, 88, 90, 100, 101, 194, 265, 266, 274, 278, 280 division of labor, 48, 136 Doha, 170, 173, 178 E economic growth, 3, 33, 59, 78, 91, 95, 128, 168, 169, 190, 210, 234, 244, 261, 262, 269, 280 elite(s), 2–9, 12–14, 19–35, 41, 42, 48, 60, 107–10, 122, 127–41, 147–50, 154, 159–63, 168, 169, 172, 209–26, 230, 232–8, 240, 241, 245, 246, 256, 275–80, 283, 284 elite informality, 4, 14, 209–26 elite urban developments, 12, 211 INDEX   emerging markets, 87, 111, 136, 171–3, 212 executives, 27–30, 32, 151, 154, 158, 162, 196, 201 expatriate(s), 5, 9, 128, 129, 131, 134, 136, 138–41, 213, 218 extra legal, 211, 223 extraterritoriality, 131, 136 F FDI See foreign direct investment (FDI) finance, 3, 6, 26, 29–31, 68, 77, 214, 234, 267, 280, 281 financialisation, 3, 23, 30, 43, 44, 59, 69–72, 274, 275, 277, 282 FIRB See Foreign Investment Review Board (FIRB) foreign direct investment (FDI), 68, 71, 78, 88, 89, 215 foreigner(s), 11, 87, 128, 136, 137, 217, 218, 225n2 foreign investment in residential real estate, 65, 73–9, 85, 86 Foreign Investment Review Board (FIRB), 70, 71, 74–7, 79, 79n1 freeport(s), 8, 168, 174–6, 180, 181, 279 friendship, 158, 162, 163 G gender segregation in the elite, 151 Geneva Freeport, 174–6 gentlemen’s clubs, 131, 151 gentrification, 11, 211, 254–6, 265, 268, 276, 278 ghost neighbourhoods, 260, 268 Gini coefficient, 230 global cities, 2, 10, 66, 85–7, 99, 102, 107, 108, 113, 117, 122, 128, 135, 140, 168, 170, 172, 181, 291 189, 191, 192, 194, 196, 205, 276, 278 globalisation (of housing markets), 65–8, 85, 87, 92, 93, 136, 137, 167, 173, 209 global museum, 167, 171, 180 government-developer nexus, 237, 239, 241 Guggenheim Abu Dhabi, 169, 182n2 Gulf, 167–82 Gulf museums, 167–73, 178 H high net worth, 5, 25, 64, 65, 86, 94, 95, 97, 99, 101, 137, 196, 210, 215, 216, 230, 256, 260, 274 high-tech industry, 234 history, 67, 90, 128, 133, 136, 138, 139, 141, 148, 149, 155, 161, 163, 171, 178, 278 homeownership, 42, 46, 60, 69, 74, 86, 87, 90, 243, 246 Hong Kong, 5, 9, 10, 14, 72, 80n3, 86, 89, 93, 114, 133, 136, 191, 194, 196, 202, 212, 214, 229–47, 255, 257, 260–4, 283 hot spots, 195–9, 201, 203–6 House of Representatives Standing Committee on Economics (HRSCE), 76, 77, 79 housing affordability, 10, 240, 245, 266 HRSCE See House of Representatives Standing Committee on Economics (HRSCE) human capital, 43, 47–8, 55, 59 hyper-divided cities, 273–84 hyper-gentrification, 65, 276 I ideology, 3, 25, 101, 162, 218, 236–41, 246 292   INDEX immoral super-rich, 273–84 income inequality(ies), 29, 44, 236, 280 inequality(ies), 2–4, 11, 13, 15, 23, 27, 42–4, 51, 60, 78, 112, 225n3, 230–43, 245–7, 254, 266, 268, 274–8, 280, 281, 283 inheritance, 23, 49, 50, 55, 57, 59, 232, 281 intermediary(ies), 2, 11–13, 19–35, 50, 59, 75, 79, 89–92, 128, 141, 211, 255, 279–80, 284 international real estate, 11, 64, 65, 69, 72, 79, 86–90, 94, 95, 97–9, 101, 282 international real estate agencies, including Knight Frank and Christie’s, 64, 72 Italy, 95, 99, 148, 149, 151, 152, 155, 176 J Japan National Railways (JNR), 193, 199 J-REIT, 194, 201 K Kensington, 259, 264, 265 kinetic elite, 108, 110 Koizumi, Junichiro, 193 L laissez-faire, 25, 239, 240 land development, 238, 246 land sales, 220–4, 225n4 Liberal Democratic Party (LDP), 192 London, 9–11, 14, 15, 21, 29, 30, 33, 35, 63, 68, 72, 86, 88, 89, 95, 129–31, 133, 139, 141, 177, 191, 194, 196, 202, 232, 254–69, 275, 278, 281 Louvre Abu Dhabi, 170, 182n2 Luxembourg, 174, 175 luxury, 3, 7, 8, 10, 14, 15, 65, 72, 73, 98, 108–10, 112–15, 117–20, 122, 129, 130, 139, 153, 169, 189–206, 218, 220, 262, 275, 278, 279 luxury consumption (of housing), 3, 65 M Mainland China, 11, 232, 239, 241, 244, 260, 262, 263 maritime maritime geographies, 107–23 maritime law, 111, 117 Maritime Museum, 170, 182n2 market profiling, 91 marriage, 47, 48, 279 mediating technologies, 13, 90, 91, 93–7, 99–102 migration, 70, 73, 78, 79, 101, 109, 111, 254, 269, 284n1 Milan, 14, 95, 147–64 Mills, C. W., 20, 25, 27, 28, 35 mini-bubble, 195, 199, 201–4 mobility global mobility, 107, 114 hyper-mobility, 122, 137 lifestyle mobility, 13, 108 mobility (of super rich), 108–11 money, 1, 4, 19, 20, 22–5, 28, 29, 31–4, 65, 68, 73, 77, 91, 111, 112, 137, 147–64, 170, 179, 215, 257, 258, 261, 263, 265, 267, 276 museum, 12, 167–71, 173, 175–81, 182n2 Museum of Islamic Art, 173 INDEX   N national identity, 171, 178 nationality, 108, 112, 115, 122, 262 neoliberal capitalism, 3, 218 neoliberalism, 3, 22, 24, 25, 31–3, 192, 210, 280 neoliberal urban regime, 210, 211 New Shanghainese, 128, 129, 135–7, 139, 141 New York, 9, 10, 63, 68, 72, 86, 177, 191, 194, 196, 257, 260, 274, 278, 281 nostalgia, 136 O Occupy Central, 229, 230, 232, 241, 246 offshoring, 4, 111–12, 120 OHD Museum of Modern and Contemporary Art, 179 Olympic Games, 195, 197, 202, 204 one percent, 7, 12, 43 P Performing Arts Centre, 170, 182n2 Piketty, Thomas, 5–8, 19, 20, 23, 29, 30, 246, 254, 268, 276, 277 policy(ies), 10, 14, 15, 24, 29, 60, 66, 68, 70, 72–4, 76, 78, 87, 91, 92, 97, 120, 128, 130, 136, 137, 189–97, 199–206, 209, 210, 216, 225n5, 230, 232–4, 237–47, 265, 279–81 political economy(ies), 3, 13–15, 20, 26, 31, 229–47, 256, 259–63, 274, 283 poverty, 235, 236, 265–8 prime real estate, 63, 72 prime residential real estate, 64 privacy, 35, 119 private asset(s), 255, 260 293 private banker(s) or fund manager(s), 24, 32, 225n3, 279 private aviation, 109, 110, 113 private collections, 171–4, 177, 178 private developer(s), 193, 198–9, 213 private investment(s) or private capital or private fund(s), 12, 23, 193, 194, 201, 266 private islands, 108, 111–15, 119–21 private jet(s), 3, 5, 7, 12, 109, 169, 279 private money management, 33 private museum, 168, 176–81 private owner(s), 27 private property(ies), 27, 86, 97, 102, 225n2, 260 private renting, 74, 258, 259, 266 private sector(s), 21, 243 private space(s), 22 private yacht(s), 115, 118, 119, 121 professions, 23, 24, 27–9, 33 property, 9, 29, 33, 48, 64, 85, 90, 94–6, 101, 217–19, 234, 255, 260, 261, 265, 266, 278 property cooling measures, 245 property cycle, 70 property developer(s), 72, 73, 88, 96, 97, 176, 225n5, 233, 261 property development, 21, 213, 217, 219 property fair(s) or property exhibition(s), 11, 98, 99, 261 property invasion, 87 property investment(s), 10, 88, 89, 91 property management services, 261 property market(s), 10, 11, 72, 73, 190, 195, 202, 204, 222, 244, 254, 255, 259, 263, 266, 282 property owner(s) or property investor(s), 72, 90, 97, 101, 234, 245 294   INDEX property price, 95, 202, 225n3, 234, 245, 255, 259, 282 property purchase, 72, 76, 80n3, 94, 261, 262 property rights, 30 property sales or proper transactions, 260, 269 property state, 212, 213, 221, 224 property tax, 95 public access, 171, 178, 179 Q Qatar, 172, 173, 178 R racial inequality, 51 racial structure, 47, 55, 57 real estate, 6, 11–14, 21, 35, 41–60, 63–79, 85–102, 112, 169, 190, 193–6, 201–6, 210, 212, 213, 229–47, 255, 261, 265, 273, 274, 276–8, 281, 282 real estate agent(s), 34, 71, 73, 80n3, 96, 100, 263 real estate hegemony, 237 real estate investment(s), 11, 13, 14, 43, 45, 49, 50, 54, 85, 87–96, 99, 100, 102, 190, 195, 201, 204, 205, 231, 246, 273, 274, 278, 282 real estate policies, 281 regime, 69, 70, 101, 154, 210, 211, 216, 232–3, 236–41, 246 residential real estate, 13, 50, 64, 65, 70, 71, 73–9, 80n3, 85, 86, 89, 242–3, 261 residential property(ies), 24, 65, 69, 71–4, 76–9, 89, 91, 201–3, 206, 245, 258, 260–2 revenue system, 231, 233, 238 Rotary club(s), 138, 139, 148, 153–9, 161–3 the Royal Asiatic Society, 127, 133, 138, 139 S Saadiyat Island, 169, 170, 180, 182n2 safe havens, 65, 69, 72, 78, 79, 212, 225, 263 sea seascape, 111–13 seasteading, 120–1 segregation, 47, 107, 151, 153, 276, 284 self help books, 91, 92 Sentosa Cove, 210, 213, 215–24, 225n1, 225n2, 225n4 service club, 128, 147–64 service economy, 136 Shanghai, 11, 13, 14, 68, 99, 127–41, 170, 178, 194, 233 the Shanghai Club, 131, 133–5, 139 Shanghailanders, 129, 131–7, 139 Sheikh Faisal bin Qassim Al Thani Museum, 178 Simmel, G., 22–4, 26, 28, 31, 34 Singapore, 9, 10, 14, 86–90, 93, 99, 114, 131, 136, 139, 140, 174, 178, 191, 194, 196, 202, 209–26, 262 social capital, 148–50, 156–9, 161, 163–4 social club, 13, 14, 127–41, 147–9, 153–9, 161, 162, 164n3, 276 social distinction, 14, 19, 129, 147–64, 180, 181 sociality, 127–41 social welfare, 233, 236–41, 246 Sotheby’s, 171–3 sovereignty, 31, 108, 111, 112, 122, 210, 216 INDEX   spaces of exception, 4, 14, 137, 209–26 space tourism, 110–11 spatial fix, 14, 212, 213, 215, 216, 221, 224, 225 spatial inequality, 15, 236, 242 status (social), 6, 7, 14, 25, 41, 43, 45–7, 55, 59, 112–14, 119, 129, 130, 134, 138, 140, 152, 160, 163, 179–81, 210, 219, 222, 224, 264 status attainment, 43, 45–7 status symbols, 179, 180 stratification, 43, 45, 59, 109, 112, 113 structure (social), 2, 7, 10, 20, 25, 34, 43, 45–7, 55, 57, 58, 148, 158, 170, 171, 211, 231, 233, 236, 238, 267, 268, 279–80, 282 subjectivity, 90–2, 101 super-gentrification, 107 super-rich, 1–15, 19–35, 41–60, 63–80, 85–102, 107–23, 128, 129, 131, 139, 141, 164, 167–82, 196, 209–26, 229–47, 253–70, 273–84 diversity of, 6, 112 super-rich enclave(s), 107, 112, 210, 211, 218 superyacht, 108, 111–13, 115, 118–22 Sydney, 72–4, 90, 278 symbolic economy, 169 T tax taxation, 30, 87, 91, 92, 97, 111, 112, 120, 209, 232, 236, 238, 281 tax haven, 8, 21, 111, 112, 116, 118–20, 215, 279 295 tax regime(s), 116, 246, 279 taxation laws, 108, 176 taxation rules, 91, 95, 99 Tokyo Metropolitan Government (TMG), 194, 195, 197, 199, 205 transaction costs, 91, 95, 99 transnational, 13, 63–80, 108, 167, 170, 260, 281 transnational elite(s), 127–41, 268 transnational housing markets, 63–80 transnational investment(s), 65, 67, 78, 79, 190, 194, 202, 204–6 transational investor(s), 256 transnational state, 68 treaty port, 131, 136 trophy homes, 65, 69 tycoon, 72, 164n3, 229–47 U UAE See United Arab Emirates (UAE) UHNWI See ultra high net worth individual (UHNWI) ultra high net worth individual (UHNWI), 5, 64, 65, 230, 235, 260 umbrella movement, 241, 263 United Arab Emirates (UAE), 169 upper classes, 114, 133, 136, 147–64, 275 urban dystopia, 284 urban informality, 210, 211, 219 Urban Renaissance Headquarters, 193, 198 Urban Renaissance Special Measure Law, 198 V visa, 74, 76, 87, 95–7, 101, 114, 115, 136, 212, 220, 224, 263 296   INDEX W wealth, 2, 3, 5–15, 20–3, 26, 33, 41–51, 54, 57–60, 64, 68, 72, 73, 78, 91, 109, 110, 112, 114, 119, 120, 152, 161, 168–73, 175, 179–81, 209, 210, 212–14, 225, 230–41, 246, 254, 256–7, 260–9, 275–84 wealth advisor(s) or wealth educator(s), 98, 99 wealth distribution(s), 2, 6, 42, 44, 49, 60, 112, 113, 168, 246, 254 wealth inequality(ies), 11, 15, 29, 42–4, 51, 60, 112, 230, 231, 235–7, 241, 246, 277, 278, 280 wealth management, 5, 112, 214, 279 wealth mobility, 60, 112, 122 wealth-owing households, 45, 48, 50, 51, 54, 58–60 wealth transfer(s), 43, 46, 100 the wealthy, 8, 9, 63, 108, 109, 113, 114, 116, 117, 122, 171, 177, 202, 206, 218, 254–6, 260, 263, 266–9, 282, 283 Websites, 74, 88, 93, 94, 117, 169 Wentworth, 274, 278 Z Zayed National Museum, 170, 182n2 ... on cities and the super- rich The first part of the book consists of three chapters focusing on the super- rich and real estate investments in the contexts of the United States and Australia Richard... to the distinctive theme of this book, namely, cities and the super- rich We shall return to that connection in a moment There is another temporal dimension to the super- rich debate Why now? There... http://www.springer.com/series/14446 Ray Forrest  •  Sin Yee Koh  •  Bart Wissink Editors Cities and the Super- Rich Real Estate, Elite Practices, and Urban Political Economies Editors Ray Forrest City University of Hong Kong