World’s wealthy set to grow by 50% in the next decade
London and New York remain the top destinations for the world’s ultra-high net worth individuals to live and invest in but Asian cities are fast catching up, says Knight Frank’s seventh annual Wealth Report
Key findings from the report are:
- The global number of High-Net-Worth Individuals (HNWIs is defined as someone with $30 million or more in net assets) increased by almost 8,700, or 5%, in 2012
- Their number is set to increase by another 50% in the coming decade, according to forecasts prepared for Knight Frank’s Wealth Report
- Fastest growth in wealth creation will be in Asia and Latin America over the next 10 years
- London and New York are the top destinations in the world for wealthy individuals and will remain so until 2023, according Knight Frank’s survey of wealth advisors, whose 15,000 clients have assets worth US $1 trillion.
- The 2012 results of Knight Frank’s index which tracks the performance of luxury property prices across 80 global destinations shows Jakarta and Bali recorded the highest growth
- Monaco remains the most expensive location to buy prime residential property: a luxury home can range in value from $5,350 to $5,920 per square foot.
- Classic cars have enjoyed the biggest uplift in value over last 10 years (395%), measured against other key collectable assets, such as fine wine and art, in Knight Frank’s Luxury Investment Index.