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April 13, 2023 at 02:13 PM
Wealthy individuals tend to congregate and reside in the world’s largest cities, often near their primary commercial interests and close to social and talent networks, new investment opportunities and an array of cultural, educational, entertainment and lifestyle options.
A new report from research firm Altrata focuses on where ultra-high-net-worth individuals — those with net worth of more than $30 million — choose to live, work and play.
Information in the report was compiled by Wealth-X, an Altrata company, and sponsored by REALM, a real estate platform for the top 1% of real estate professionals globally.
According to the report, the market for luxury real estate boomed during the pandemic thanks to the strong growth in private wealth portfolios, rapidly shifting buyer preferences, policy stimulus and low borrowing costs — which increased housing demand and residential prices.
While major metropolitan meccas like New York, Paris and Beijing are still a draw for the wealthiest real estate owners, smaller U.S. markets are also home to their fair share.
For each city drawing the highest numbers of UHNW individuals, we’ve also included the overall city population, taken from the most recent World Population Review statistics.
A lot changed in 2022: the global economy remained volatile, Russia launched its war in Ukraine, U.S.-China tensions worsened and an extreme inflationary cycle led to a rapid tightening of monetary conditions and a slowdown in growth.
Nonetheless, despite the pressures of higher inflation and financing costs, the affluence of wealthy buyers in luxury markets provides them with a considerable degree of protection.
The Altrata report says the demand for, and the supply of, luxury residential real estate in cities around the world should continue to be influenced by multiple factors, but the globalization of luxury real estate is a trend that is likely to continue.
See the gallery for 20 global cities ranked by the number of ultra-wealthy individuals who have a primary residence or secondary home in each location.
(Image: Shutterstock)
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