Swiss bank's latest research suggests the world's wealthy are becoming more defensive, with property decisions increasingly tied to wider questions of geography, risk and lifestyle.
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It's a "super-rich explosion", declares Henley & Partners, as the number of individuals with more than US$100mn to their name soars - but "the geography of extreme affluence is shifting".
London slides further from the danger zone as tax shifts weigh on demand, but risk elevates sharply in Dubai - and is rated high in Miami, Tokyo & Zurich.