|Report Reveals Where World’s Richest Live|
New York and London remain the world’s wealthiest spots — but Asia and Latin America are catching up, a new report by Knight Frank shows.
The bright lights of New York and London will lure the world’s wealthy until at least 2023, the report shows, but Asia and Latin America will spawn the highest number of ultra-rich individuals over the next decade.
According to The Wealth Report 2013, released March 6, the world’s wealthy will grow by 50%.
The total number of super-rich — defined as those with $30 million or more in assets — grew by almost 5% in 2012 and another 95,000 individuals are set to break that barrier in the next 10 years, it said.
Jakarta and Bali recorded the highest growth of luxury property across an index of 80 destinations.
The principality of Monaco remains the most expensive location for prime real estate. A home on the French Riviera resort can cost up to $5,920 per square foot.
Key Chinese cities such as Guangzhou and Shanghai have also seen a marked increase in property prices with Hong Kong real estate rising by 8.7% following an influx of wealth from mainland China.
Liam Bailey, global head of residential research at Knight Frank noted “in the next decade we will see the biggest increase in ultra-wealthy individuals in cities such as Sao Paulo, Beijing, and Mumbai.”
He added: “Wealth creation has not been dented by the global economy slowing, nor has this affected the demand for prime property as the search for safe haven investments has continued.”
For much of the world’s wealthy elite, classic cars are the most popular collectible asset with prices surging 395% over 10 years, beating other alternative investments such as fine wine and art.
“Investments of passion” are also expected to attract the super-wealthy from emerging markets, particularly in China, as investors seek safer assets in an unsteady global economy, according to the Knight Frank’s Luxury Investment index.
The opinions expressed do not constitute investment advice and specialist advice should be sought about your specific circumstances.
Published on our website on March 18, 2013