Dubai, UAE – Knight Frank has launched the 13th edition of The Wealth Report, providing the global perspective on prime property and wealth. The annual publication includes the Knight Frank City Wealth Index; price movements across 100 luxury residential property markets; the results of Knight Frank’s Luxury Investment Index; and, the Attitudes Survey.
Headlines from the report include:
- The global UHNWI population is forecast to rise by 22% over the next five years. In the Middle East the UHNWI population is forecast to grow by 20% over the same time period.
- In the four major economic cities of the GCC countries, (Abu Dhabi, Dubai, Jeddah and Riyadh), UHNWI growth over this period is expected to register at 15%.
- 2019 will be the year the number of US$ millionaires globally exceeds 20 million for the first time.
- Whatever the Brexit outcome, London will remain the leading global wealth centre, and retakes top spot in Knight Frank’s City Wealth Index
- Manila leads Knight Frank’s Prime International Residential Index with prices rising by 11% in 2018
- 63% of the world’s ultra-high-net-worth population saw an increase in their wealth in 2018
- 31% of all global commercial real estate transactions involve private capital.
Liam Bailey, global head of research at Knight Frank said: “We regularly get asked by clients to predict what might happen in the year to come in terms of wealth creation, wealth movement and luxury property prices globally. What stands out for me this coming year is that despite a darkening economic outlook, wealth creation will remain a constant in 2019 with the global UHNWI population set to rise by more than a fifth over the next five years.
“Despite the risks from Brexit – London will remain the leading global wealth centre in 2019. With the world’s largest UHNWI population, the city sweeps the board in our annual City Wealth Index, pushing its only serious rival, New York, into second place.
“The wealthy will continue to demand access to global markets, especially as emerging economies see growth rates slow and the search for diversification grows. A record 26% of global UHNWIs will begin to plan for emigration this year, and to help them a record number of countries will offer citizenship and residency through investment schemes.
“As wealth moves more rapidly around the world, investors will become increasingly active in their investment strategies. Rising interest rates and the end of quantitative easing mean we are reaching the end of the “everything bubble”. In the past decade it was enough to buy classic cars, art or property and the generosity of central banks would help deliver super-charged returns. As this process unwinds property investors will become increasingly focused on income, asset management and development opportunities.”
To download the report, please click: http://www.knightfrank.com/wealthreport
For further information, please contact:
Taimur Khan: +971 56 4202 312, taimur.khan@knightfrank.com
Knight Frank Press Office: Press@knightfrank.com
Knight Frank has a strong presence in the Middle East with offices in Abu Dhabi, Dubai, Bahrain and Saudi Arabia. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants.
Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank and together with its New York-based global alliance partner, Newmark Knight Frank, operate from over 435 offices, in 60 territories, across six continents and has over 15,000 employees. For further information about the Company, please visit www.knightfrank.com or www.knightfrank.ae
© Press Release 2019Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
