The world’s rich are on the move… sometimes to Australia where the ultra high net worth individuals are a happy property loving lot.
Ultra high net worth individuals (UHNWI) have a net worth of over US$30 million, excluding their home.
Focusing purely on the population of wealthy residents, Knight Frank data confirms that London remains the single biggest centre for global UHNWIs, followed by Tokyo, Singapore and New York.
Sydney had 765 UHNWIs, with Melbourne on 456. Auckland sits in between on 557.
Perth edged out Brisbane with 267 to 249.
London tops the list with 4634 UHNWIs followed by New York with 3008.
Last year around 15 people a day joined the ranks of the 172,850 ultra-wealthy across the world.
Only 4% of the UHNWIs who are Australians and New Zealanders were considering a move out of the country, and just 15% were thinking of upgrading their trophy homes.
Australasia seem happiest with their lifestyles, the report concluded.
By contrast, a third of those from Russia and the CIS are considering a move, and over 60% dispatch their children abroad for their secondary education.
The fifth instalment of The Wealth Report’s annual Attitudes Survey is based on a detailed survey of almost 500 leading private bankers and wealth advisors from across the globe, and reflects the attitudes of their ultra-wealthy clients who have a combined wealth of over US$1.7 trillion.
Covering many aspects of the lifestyles of ultra-high-net-worth individuals (those with a net worth of over US$30 million), from wealth creation to philanthropy, from property investments to luxury spending trends, the survey’s findings offer a unique insight into the attitudes of the super-wealthy.
“One of the clear trends to emerge is the increasingly global nature of private investments,” the report noted.
“UHNWIs still hold most of their property investments in their own country, but in the vast majority of the locations surveyed, wealthy private individuals have been increasing the amount invested overseas.”
Matt Whitby, group director, head of research and consulting at Knight Frank, said there were 1,734 UHNWIs living in Australia in 2014.
“UHNWIs are now an important force in the commercial property world and are operating at all levels – prime, secondary, development and change of use,” Matt Whitby added.
“UHNWIs are now looking beyond prime or trophy offices and retail space as a safe haven for their funds; they are prepared to look up the risk curve to non-core locations.”
Matt Whitby said over the past decade that Australia was positioned fourth in terms of countries with the greatest foreign inflows of High Net Worth Individuals (HNWIs), with a gain of 22,000 which represents 14% of the total 158,300 Australian HNWI population.
UHNWI is defined as someone with a net worth of US$30m or more, excluding their principle residence, while HNWI is defined as someone with a net worth of US$1m or more, excluding their principle residence.
Top 40 most important cities to UHNWIs in 2015
2 New York
3 Hong Kong
19 San Fransisco
22 Los Angeles
30 Kuala Lumpur
31 São Paulo
32 Mexico City
34 Washington DC
36 Cape Town
38 Buenos Aires
39 Rio de Janeiro
40 Tel Aviv
Source: Knight Frank
This story originally appeared on Property Observer.