Saturday, September 22, 2018 1:03 AM

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The Middle East ranks first for the number of homes owned by super rich people


The Middle East ranks in first place in terms of number of first and second homes owned by the ultra-high-net-worth individuals (UHNWIs) – the super-rich people, according to the 12th edition of the Wealth Report 2018 by Knight Frank.

Middle Eastern ultra-wealthy individuals own an average of 4.0 homes just ahead of Russia (3.5) and significantly ahead of other regions (Europe 2.7, North America 2.7, Asia 2.9).

The recently released the Wealth Report 2018 includes price performance data for 100 global luxury property markets, wealth distribution data, Knight Frank’s Global Cities Index as well as the results of the Wealth Report annual Attitude Survey.

The Attitude Survey looks at the most important investment trends for ultra-high-net-worth individuals (UHNWIs), canvassing the responses of 500 of the world’s leading private bankers and wealth advisors, who between them represent over 50,000 clients with a combined wealth of more than US$ 3 trillion.

Another eye-catching result from the Attitude Survey was that the Middle East ranks highly in terms of the proportion of UHNWIs planning to buy a new home in 2018. The results showed that 33 percent of the survey respondents from the Middle East said that their clients are planning to buy a new home in their home country in 2018, placing the Middle East on top of the ranking. This figure increases to 39 percent when it comes to intentions to acquire a new home overseas in 2018, ranking the Middle East in second position just behind Russia.

The Attitude Survey shows that UHNWIs from the Middle East favour the UK, the UAE, the US, France and Turkey (ranked by order) as a preferred destination for property investments.

Knight Frank is currently tracking £3.9 billion of private wealth in the GCC looking to invest in overseas real estate including the UK, Europe and the United States with a focus on various asset classes ranging from offices and retail to hospitality and logistics. A substantial share of this private wealth is looking into investments in the UK’s commercial market due to its solid fundamentals (liquidity, transparency, and high quality stock) and attractive pricing.

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