The Ultra Wealthy and their non-traditional homes

Category:

Four types of luxury homes have emerged as favorites among the global ultra wealthy: Green Homes, Smart Homes, Private Islands and Serviced Apartments.

An increasing number of ultra high net worth (UHNW) individuals are buying non-traditional homes abroad, according to a new study by Wealth-X and Sotheby’s International Realty®. Wealth-X has identified more than 211,000 ultra high net worth individuals globally – defined as those with US$30 million and above in net assets – and 79% of them own two or more residences.

The Wealth-X and Sotheby’s International Realty UHNW Luxury Real Estate: Multi-Homers Report reveals that these UHNW buyers look for residences that are environmentally sustainable, technologically sophisticated or that fit better with their personal and family needs.

Below are other key findings from the report:

The average UHNW multi-homer is 63 years old, has a net worth of US$165 million and is married. The United States is the most popular location for second homes among the ultra wealthy, followed by the United Kingdom and Switzerland.

Four luxury home types have emerged as favorites among the global ultra wealthy: Green Homes, Smart Homes, Private Islands and Serviced Apartments. These types of luxury residences serve their needs, aspirations and lifestyle considerations.

The Caribbean and the Mediterranean remain favorites among UHNW buyers for private island homes, but Southeast Asia, Canada, Belize and the United Kingdom are gaining popularity. UHNW multi-home buyers are fueling market growth in regions beyond global urban hubs such as London, New York City and Hong Kong. The report profiles Miami, Florida; Geneva, Switzerland; and Long Island, New York.

Wealth-X President David Friedman commented: “Wealth-X is pleased to partner with the Sotheby’s International Realty brand for this fourth joint report in 2015. This report underscores Wealth-X’s commitment to conducting ground-breaking research on the world’s ultra high net worth (UHNW) population. Expert commentary from Sotheby’s International Realty complements Wealth-X’s global intelligence on the world’s UHNW population, producing a report that demonstrates a true collaboration between the world’s leading UHNW intelligence provider and the global leader in luxury residential real estate.”

“Our partnership with Wealth-X has proven to be invaluable as we continue to explore the motivations of the world’s ultra high net worth,” said Philip White, President and Chief Executive Officer of Sotheby’s International Realty Affiliates, LLC. “The research from our latest report uncovers current trends in home purchasing behavior and chief lifestyle considerations, helping us gain insight into investment strategies of the UHNW population.”

The Wealth-X and Sotheby’s International Realty reports look at trends in the UHNW population’s appetite for luxury residential real estate across the world, identifies specific attitudes, behaviors and locations that matter to this industry and this wealth segment.

Credits: WEALTH-X www.wealthx.com

sponsored
sponsored

Related Posts

Sustainable pavilions at Wonderfruit festival in Thailand

The wonderfruit festival was launched in Thailand occupying a temporary community of creative pavilions designed by London-based Ab Rogers Design. Wonderfruit festival hosts a programme of art, music and food events that focus on sustainability, which is reflected in the local materials and construction techniques of the structures

Ferrari F1 2019: the latest addition to the Ferrari team has its sights set on the World Title

With a live stream from Maranello, Ferrari officially presented the car that Vettel and Leclerc will drive during the 2019 F1 World Championships. Despite the slightly less bright red color, it has better aerodynamics and a more aggressive look. It is called SF90, in honor of the 90thanniversary of the Ferrari Team which occurs in 2019.

MM6 presents the new collection during the Milan Fashion Week

The MM6 collection will be presented on Wednesday 20 February during the Milan Fashion Week, which will take place from 19 to 25 February and will present the women's fall/winter 2019 pret-à-porter collections