Skip to comments.Global super rich eye office blocks over mansions as wealth hits $20 trillion
Posted on 03/04/2014 11:27:04 PM PST by 2ndDivisionVet
LONDON - The world's super rich are turning from luxury mansions to hotels and office blocks, as they hunt for bigger property deals to preserve their growing fortunes which hit a combined $20 trillion (11.99 trillion pounds) in 2013, data showed on Wednesday.
The move into commercial property comes as wealth levels rebound after the financial crisis and home values in London and Monaco soar, prompting the rich to look for riskier investments that offer higher returns than gold or bonds.
Wealthy individuals spent $11.2 billion on hotels, offices, warehouses and shops globally in 2013, up from $7 billion in 2012 and three times the amount spent in 2008 after the crash, data compiled for Reuters by research group Real Capital Analytics (RCA) showed.
Such high net worth investors, most of whom come from Asia or the Middle East and made their fortunes in manufacturing among other sectors, often already own homes in cities such as London and Hong Kong, said Jeremy Waters, head of international investment at UK-based property consultants Knight Frank.
"They may be moving money because of repercussions from the Arab Spring, or internally the families are looking to diversify across the globe," he said, adding that France, Germany and Spain were popular alongside Britain in Europe for property investment.
In its annual wealth report, released on Wednesday, Knight Frank said the combined wealth of the world's 167,669 ultra-high net worth individuals (UNHWI) had risen to $20.1 trillion last year, from $19.5 trillion in 2012. It defines an UHNWI person as someone who has $30 million or more in net assets excluding their principal residence....
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My dream apartment would be at the top of the TransAmerica Building.
Need private jet money first.....
The bible calls them the Kings of the East.
I'd be worried about earthquakes. Yes, I know those buildings are designed to survive, but still...
I worry everyday I’ll be struck dead by a bus.
However, after serviving many tornados, a Dr. Who literally tried to kill me, etc I’m sure I’ll be just fine.
Then don't team up with the Daleks