What is an UHNWI? Men and women whose financial wealth exceeds $30 million have their very own acronym. UHNWI, the Ultra High Net Worth Individuals of the world have doubled in numbers (212,000 across the world) over the last twenty years. It’s the ‘U’ that makes all the difference, since HNWIs, the High Net Worth Individuals, “only” now have a million dollars and above.
According to a recent report by Wealth-X research, the UHNWIs prefer to target five particular places around the world.
Despite Brexit, London tops the list, closely followed by New York, both where luxury apartments prices have fallen for several months. Next comes Tokyo, then Sydney where the Chinese are now active investors. Paris finishes this top 5 and here prices can still be half as much as in London, with prices up sharply in recent months.
- LONDON – The British capital remains at the top for the ultra-rich despite Brexit. London still attracts people through its cultural wealth, luxury brands, its education, easy mobility, limited risk of investment and its economic makeup.
- NEW YORK – The big apple boasts the biggest concentration of UHNWI’s fortunes. Owning a property in Manhattan or even on Central Park remains their most common dream.
- TOKYO – The most important economic metropolis in the world is attractive due to its concentration of luxury brands and high-level dining. It will also host the 2020 Olympics.
- SYDNEY – Teaching excellence, economic and financial dynamism, audacious architecture: these are just some of the assets of the Australian metropolis.
- PARIS – The quality/price ratio remains excellent for big budget buyers and here they can enjoy one of the most visited capitals in the world, endowed with incredible architectural heritage.