By Romesh Navaratnarajah:Singapore is expected to become the second most important global city behind London for high-net-worth individuals (HNWIs) in 2023, according to The Wealth Report Attitudes Survey 2012 by Knight Frank.
The survey polled 400 private bankers and wealth advisors to provide insights into their clients’ attitudes on a broad range of topics including their homes, investments and ability to generate more wealth.
The city-state is currently the third most important location for HNWIs around the world and top in Asia. It is also the third most vital city for Europe and North America’s super rich.
“Singapore, Hong Kong and Shanghai are growing economies that offer a wide range of opportunities for wealthy investors. They will be instrumental as HNWIs seek new bases across key markets,” said Reignwood Group’s Chairman, Chanchai Ruayrungruang, who was interviewed for the report.
Meanwhile, online searches for luxury properties in Singapore last year saw the highest increase globally at 76 percent from 2011, followed by Bermuda (71 percent), Barbados (67 percent) and the Cayman Islands (63 percent).
The average price for Singapore properties searched for stood at US$2.7 million (S$3.36 million).
The survey represents the views of about 15,000 wealthy clients with an average net worth of US$65 million (S$80.92 million) and overall wealth of almost US$1 trillion (S$1.24 trillion).
London, NY top destinations for world's richest people
Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email romesh@allproperty.com.sgPublished March 07, 2013， Business Times
Safe as houses: Prime property continues to be in demand as safe haven investments. - PHOTO: BLOOMBERG
[LONDON] London and New York will be the top destinations for the world's wealthy elite as the number of people worth more than US$30 million swells 50 per cent over the next decade, according to Knight Frank LLP's Wealth Report.
The two cities will remain the favoured locations for the world's richest people until 2023 even though the fastest wealth creation will be in Asia and Latin America, according to the London-based property consulting firm.
The wealthiest 100 billionaires' net worth rose by US$241 billion to US$1.9 trillion in 2012 in spite of Europe's debt crisis and a stalling US economic recovery, according to the Bloomberg Billionaires Index, a daily ranking of the world's 100 wealthiest individuals. Carlos Slim, the telecommunications magnate who controls Mexico's America Movil SAB, is the richest person in the world with a net worth of US$71 billion, followed by Microsoft Corp founder Bill Gates and Amancio Ortega, founder of retailer Inditex SA.
"Wealth creation has not been dented by the global economy slowing, nor has this affected the demand for prime property as the search for safe haven investments has continued," said Liam Bailey, global head of residential research at Knight Frank. "These factors will likely drive prime values higher in the short to medium term."
The number of high net worth individuals, classed as those with more than US$30 million, rose by 8,700, or 5 per cent, in 2012 and is expected to climb another 95,000, or 50 per cent, over the next 10 years, according to the survey.
Monaco is the most expensive location to buy residential property with a luxury home costing US$5,350 to US$5,920 per sq ft, according to Knight Frank. - Bloomberg
