Introducing the second edition of the Residential Real Estate 2023: Spotlight on the World’s Leading Markets for the Wealthy, powered by Wealth-X and sponsored by REALM. This report explores the real estate preferences and habits of the ultra wealthy, individuals with a net worth of $30m or more.
In a world of volatile politics, uncertain economic prospects and rapid social and technological change, the wealthy population’s preferences for how and where they live are constantly shifting. Moreover, the allure of the city, whether for business, cultural, family or lifestyle reasons, remains strong, driving demand across the world’s luxury residential real estate market.
This report looks at the importance of cities to the wealthy and highlights recent global trends and their impact on the luxury real estate market. It focuses on the world’s top cities ranked by total UHNW residential footprint, counting individuals with a primary residence and/or secondary homes in these locations.
- The three top cities by residential footprint for ultra wealthy homeowners are New York, London and Hong Kong.
- Luxury real estate remains a robust asset class. New York, Miami and London were the top cities for the wealthy to purchase a second home.
- Aspen has by far the highest level of UHNW density in the US with one ultra wealthy individual for every 67 residents.
- Monaco has the world’s highest density of ultra wealthy residents and second-homers. The city state on the French Riviera has one UHNW individual for every 39 residents.
- Beijing and Geneva have especially high shares of UHNW second-homers.
Relationships continue to be an important element to selling luxury goods, including real estate, but understanding the trends and leveraging data is critical for companies trying to make the most of their connections to the wealthy.
“As we emerge from years riddled with uncertainty around a historic pandemic, social unrest, political discourse, and natural disasters, regardless of your age or demographic, luxury has made a monumental shift in the minds of the global population,” said Julie Faupel, Founder and CEO of REALM. “We are excited to partner with Altrata for a second time to examine how this shift is influencing how and where the world’s wealthiest individuals choose to reside.”
This report is based on analysis using the unique and proprietary Wealth-X Database, the world’s most extensive collection of curated research and intelligence on the wealthy, and our proprietary, and recently updated Wealth and Investable Assets Model.
Access the complete findings today and download Residential Real Estate 2023: Spotlight on the World’s Leading Markets for the Wealthy.
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