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Paris-based luxury real estate specialist Junot Fine Properties Knight Frank has released the 15th edition of the Wealth Report, a study offering insight into the evolution, investments, attitudes and choices of the world’s ultra-wealthy.
663,483 ultra-high-net-worth individuals in the world by 2025
According to the study, the number of Ultra High-Net-Worth Individuals (UHNWI) in the world, i.e. those with at least 30 million dollars in assets, is expected to increase by 27% by 2025. So, this number will rise to 663,483 in 5 years. The number of millionaires worldwide is also expected to increase by 41% over the same period.
North America will remain the territory with the most ultra-rich. Europe will remain in second place, with an expected growth of 23%, bringing the number of ultra-high net worth individuals on the continent to 185,860. However, Asia is expected to see the largest increase in the number of ultra-high-net-worth individuals, at 41%, driven by Indonesia (67%) and India (63%).
The world’s top 3 most popular cities
The City Wealth Index is a study that reviews 100 cities around the world and ranks them according to the number of wealthy and ultra-wealthy residents. The ranking takes into account several criteria: their investment, their lifestyle, and, for the first time this year, innovation and well-being. These two additional criteria were added to the previous ones because of their importance during the pandemic. The results revealed that London and New York are the two most popular cities to live, invest and do business in, both taking first place. Paris came in second, thanks in part to the lifestyle the city offers. Of the top 20 cities in this ranking, the majority of them are European, with eight cities, thanks to investment and lifestyle.
“In 2020, we may have seen a temporary exodus from cities during the first round of Covid-19 confinements, but that was just temporary. In the 100 cities we analyse for the Knight Frank City Wealth Index, there are many reasons, in terms of wealth, investment and lifestyle, why UHNWIs still choose to spend time in urban areas,” says Flora Harley, deputy editor of the Wealth Report at Knight Frank.
Europe as a safe haven for private real estate investment
While the United States remains the leading safe haven for private real estate investment, Europe remained a safe haven in 2020, a trend that is expected to continue in 2021. France, with 8 billion dollars invested in 2020, is in 5th position behind the United States, Germany, the United Kingdom and Sweden.
The French capital remains a preferred destination for the ultra-rich because of the lifestyle it offers. In 2020, in the minimum €5 million segment, the average sale at Junot Fine Properties Knight Frank remains at €22,950 per sqm, with an average sale price of €6,450,000. While foreign demand in this market used to represent more than 65% of the clientele, it is now down by 23%, with a 50/50 split between French and foreign buyers. Indeed, the French have regained a predominant place in the luxury property market, who see Parisian property as a safe investment.
The survey also reveals that 26% of UHNWIs plan to buy a new home in 2021. This strong demand could potentially contribute to a price increase of up to 3% in Paris in the luxury property market.
Read also > DUBAI: LUXURY REAL ESTATE SECTOR ON THE RISE
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Paris-based luxury real estate specialist Junot Fine Properties Knight Frank has released the 15th edition of the Wealth Report, a study offering insight into the evolution, investments, attitudes and choices of the world’s ultra-wealthy.
663,483 ultra-high-net-worth individuals in the world by 2025
According to the study, the number of Ultra High-Net-Worth Individuals (UHNWI) in the world, i.e. those with at least 30 million dollars in assets, is expected to increase by 27% by 2025. So, this number will rise to 663,483 in 5 years. The number of millionaires worldwide is also expected to increase by 41% over the same period.
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Paris-based luxury real estate specialist Junot Fine Properties Knight Frank has released the 15th edition of the Wealth Report, a study offering insight into the evolution, investments, attitudes and choices of the world’s ultra-wealthy.
663,483 ultra-high-net-worth individuals in the world by 2025
According to the study, the number of Ultra High-Net-Worth Individuals (UHNWI) in the world, i.e. those with at least 30 million dollars in assets, is expected to increase by 27% by 2025. So, this number will rise to 663,483 in 5 years. The number of millionaires worldwide is also expected to increase by 41% over the same period.
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