Luxury residential real estate holds a special place in the portfolio of the world’s ultrawealthy population.
Nearly $3 trillion of the world’s private wealth is currently held in owner-occupied residential properties, according to a new report released Wednesday by Wealth-X and the Sotheby’s International Realty brand.
The report counted 211,275 ultra-high-net-worth individuals — those with $30 million and more in net assets — in the world, 79% of whom own two or more residences.
Researchers found that the U.S. was the most popular country for wealthy foreign individuals looking for secondary residences, and New York City had the highest number of residences in the world owned by ultra-high-net-worth individuals.
Other cities favored by the ultrawealthy, in order of preference, were London, Hong Kong, Los Angeles, San Francisco, Washington, Singapore, Dallas, Mumbai and Paris.
Also gaining popularity, according to the report, were niche locations, such as Switzerland’s Lugano, the Hamptons outside New York City and various rural areas around the world.
The report listed several factors that make a city a residential real estate hub.