Rich people are likely to congregate and reside on the planet’s largest cities, typically close to their main business pursuits and near social and expertise networks, new funding alternatives and an array of cultural, instructional, leisure and way of life choices.
Data within the report was compiled by Wealth-X, an Altrata firm, and sponsored by REALM, an actual property platform for the highest 1% of actual property professionals globally.
In keeping with the report, the marketplace for luxurious actual property boomed throughout the pandemic due to the sturdy progress in personal wealth portfolios, quickly shifting purchaser preferences, coverage stimulus and low borrowing prices — which elevated housing demand and residential costs.
Whereas main metropolitan meccas like New York, Paris and Beijing are nonetheless a draw for the wealthiest actual property homeowners, smaller U.S. markets are additionally dwelling to their justifiable share.
For every metropolis drawing the very best numbers of UHNW people, we’ve additionally included the general metropolis inhabitants, taken from the newest World Inhabitants Evaluate statistics.
Lots modified in 2022: the worldwide economic system remained unstable, Russia launched its conflict in Ukraine, U.S.-China tensions worsened and an excessive inflationary cycle led to a speedy tightening of financial circumstances and a slowdown in progress.
Nonetheless, regardless of the pressures of upper inflation and financing prices, the affluence of rich consumers in luxurious markets offers them with a substantial diploma of safety.
The Altrata report says the demand for, and the provision of, luxurious residential actual property in cities world wide ought to proceed to be influenced by a number of elements, however the globalization of luxurious actual property is a development that’s prone to proceed.
See the gallery for 20 world cities ranked by the variety of ultra-wealthy people who’ve a main residence or secondary dwelling in every location.