It has been reported that an increasing number of ultra high net worth (UHNW) individuals are buying non-traditional homes outside their domiciles according to a new study by Wealth-X and the Sothebys International Realty brand, released today.
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 Sothebys 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 types of 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.
Download the full latest report here.
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.
View previous joint reports below: Global Luxury Residential Real Estate Report Europe, Middle East and Africa Luxury Residential Real Estate Report UHNW Luxury Real Estate Report: Homes As Opportunity Gateways
Sothebys International Realty listings are marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, the networks brokers and clients benefit from an association with the Sothebys auction house and worldwide Sothebys International Realty marketing programs. Each office is independently owned and operated.
About Wealth-X Wealth-X is the global authority on wealth intelligence, providing sales, marketing, strategy and compliance solutions to clients in the financial services, luxury, not-for-profit and education sectors. Its award-winning research and thought leadership are regularly cited by the worlds media such as CNBC, Financial Times, Thomson Reuters and BBC. Wealth-X has more than 250 staff in 10 locations, including Singapore, London and New York.
About Sothebys International Realty Affiliates LLC TheSothebys International Realtynetwork currently has approximately 17,000 sales associates located in approximately 800 offices in 61 countries and territories worldwide.Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, theSothebys International Realtynetwork was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. Sothebys International Realty Affiliates LLC is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services.