
I am in Park City for the weekend because we just started site works for Parkview Mountain House (PMH).
When you’re building in the mountains, there are generally two types of sites: sites that are uphill from the road and sites that are downhill from the road.
The latter is significantly harder to build on because you have to first create access to the lot, which means bringing in soil and creating a ramp. You may also end up craning in materials.
Thankfully, our site is on the uphill side. You bring in an excavator, dig into the mountain, and then you have a flat workable site.
That’s what we’re doing on site right now and it’s what you’re seeing above — a big hole in the side of a mountain. And it’s pretty exciting.
Photos: Isaac Silvera
According to this annual survey by Henley & Partners (first chart from Bloomberg), these are the top 10 wealthiest cities in the world when you count the number of high-net-worth individuals (i.e. people with investable wealth greater than US$1 million):

However, if you instead count billionaires, the top city flips from New York City to the Bay Area (which includes San Francisco and all of Silicon Valley). This isn't all that surprising.
Also not surprising is the precipitous decline in the number of HNWIs residing in Hong Kong. From 2012 to 2022, the number declined by 27%. That said, a bunch of other cities fared even worse. The city that lost the most millionaires over this same decade was Moscow. It declined by 44%.
For those of you wondering about Toronto, we placed 12th, just after Chicago, with 105,200 millionaires, 193 centi-millionaires, and 18 billionaires:

The next city in Canada on the list is Vancouver, and following that is Montreal:


It is interesting to see how much further behind Montreal places with these metrics given that it is an urban region with about 1.6x the population of that of Vancouver's.
Also interesting -- given its size and global importance -- is Paris (18th when it comes to HNWIs):

However, when it comes to seasonal draw, Paris is second only to Miami, which appears to be the undisputed global destination for rich people in the winter. Paris has 126 centi-millionaire residents, but during its peak holiday month (presumably summer), this number is believed to increase to over 300:

Finally, looking at Park City, Utah, it has 8 permanent centi-millionaires and this number is thought to increase to over 100 during the winter snowboarding season. And to be clear, this transient population figure only includes people who own a second home there. It does not include rich people paying US$3,700 per night to stay at Deer Valley. That's pretty good for a small town of only 8,500 permanent residents.

To check out the full list of 97 cities, click here.
If you drive around the Cottonwood Heights neighborhood in Salt Lake City, which I have done multiple times over the last year, you will invariably see lawn signs shouting for "no gondola!" And the reason for this is that last summer, the Utah Department of Transportation (UDOT) came forward with its preferred solution to traffic congestion in Little Cottonwood Canyon: an eight-mile long gondola all the way up and into the mountains. If built, this would apparently be the longest and most expensive urban gondola in the world.
To try and explain why this is being recommended, I'll give the example of what happened to us when we were there last week. We drove into Little Cottonwood Canyon on Tuesday morning when it was not snowing. We left Park City around 8am, passed through the valley (Salt Lake City), and arrived at Snowbird (resort) in around 45 minutes. This is normally how long it takes. But on the way up it started snowing, and it didn't stop all day. (Nice!) So our drive home took significantly longer and looked like this (we were going 8-10 miles per hour all the way down):

This is what happens when it snows in the canyons. Which is why a wise bartender at one of the resorts advised us that, "on powder days, you need to leave the valley at 6AM. Because at some point, some asshole is going to think they can get up the canyon in a Tesla, and they will ruin it for everyone. It's better to nap in your car at the resort than white knuckle for 2-3 hours." During our drive home, we learned that he was not at all joking. This is what happens. And it is why UDOT wants to build one really long urban gondola.
There are, however, some very good reasons why urban gondolas aren't really that common. Portland has one. Medellín has one. And apparently both are quite successful. But other than these examples, they generally aren't thought of as the most effective tool in the transportation arsenal:
Gondolas are low-capacity vehicles that quickly get cramped if turned into high capacity ones. They don’t work well for multiple stops. As a result, they are a point-to-point transportation method with low capacity. They are also expensive, especially relative to how many people they might serve, making them financially unattractive options for most applications. At their best, gondolas work when traversing difficult terrain with a consistent but low ridership, which is why they’re most often deployed on ski resorts.
But this situation is maybe a bit unique. It's kind of urban transport, but really it's for people to get up the canyon and shred deep powder. Here's more on how it might work:
The Cottonwood Canyon gondola would be a hybrid of sorts between urban transportation solution and resort-based gondola. The proposal is to build a massive 2,500-spot parking garage at the base of the canyon, about 20 miles from downtown and the airport, where people will park. They will then ride the gondola for 27 minutes to Snowbird or 37 minutes to Alta, a trip duration which has no parallel in the urban or resort gondola scene (the Snowbird tram, one of the most famous in the world, fits more than 100 people per tram but takes less than 10 minutes to ride). Even though the gondola would serve two ski resorts, it belongs more to the urban gondola concept because it is being proposed and recommended by the state’s transportation department as a solution to a recurring traffic problem.
As a snowboarder, this sounds great. But it is, of course, complicated. Conservation groups are objecting, and some/many taxpayers don't want to pay for a gondola that will largely benefit two ski resorts. Especially one that doesn't permit snowboarders (I made this part up). So we'll see. A final decision is expected by UDOT this summer. In the meantime, if you're interested in urban gondolas, check out this recent article in Vice Magazine by Aaron Gordon (quoted above). He does a good job explaining both sides of this debate. And if you are interested in this topic, I'd be curious to hear whether you think this is a good idea or not.
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