The 11th edition of The Wealth Report was released by Knight Frank recently. The report, which tracks the super-rich population in 125 cities across the world, revealed that the number of Ultra-High-Net-Worth Individuals (UHNWIs) rose by more than 6,000 people last year.
The report defines UHNWIs as ones with USD 30 million or more in net assets and found that most of these individuals are located in North America. However, the report also predicts that Asia could surpass North America in the coming years. The difference in the number of UHNWIs could shrink to 7,680 by 2026.
During the next 10 years, Asia is also likely to significantly outperform Europe in terms of the rate of growth of UHNWIs. Asia is predicted to see a 91 per cent increase in UHNWIs while Europe is only predicted to see 12 per cent growth.
New York City has the most UHNWIs in the world with 7,722 calling the Big Apple home. There has also been exponential growth in the UHNWI population in China with Shanghai and Beijing expected to close in on New York City in the future, says the report.
In terms of investment and connectivity, London was the report’s top market while New York finished as the leading city for current and future wealth, 2 categories European cities did not rank highly in as a whole. In fact, London was the only European city in the top 10.
The London property market also has very high potential for investment, according to the Knight Frank report. The city has a secure financial system in place and good infrastructure with the cross rail project expected to improve connectivity into central London even further when it starts running in 2019. This, along with a favourable currency exchange rate and a buyers’ market, makes London a very interesting investment destination for UHNWIs.
Receive the latest property news on email from Thailand’s No.1 property website here, or read more project reviews
