Wednesday, March 24, 2010

Global Wealth Report 2010

Knight Frank / Citi Private Bank Global Wealth Report
"A global perspective on prime residential property and wealth"

Summary points of the report produced by London-based Knight Frank and Citi Private Bank.  The full report is at the link above:

* High Net Worth Individuals (HNWIs) globally still see high end residential property as one of the best asset classes to own, predicting growth in 2010.  71% think 2010 will be a good year for property.  This is the most optimistic asset class.  Equities came in second at 68%.

* Majority see property ownership as for long term capital growth rather than for income.

* Last year, Shanghai was the top gainer at +50%, followed by Beijing and Hong Kong.

* Avg price per square foot ranged from Monaco $5900 to Shanghai $700.  Manhattan, New York was $2100.

* New York is #1 ranked city based on economic activity, political power, knowledge / influence and quality of life.  London #2, Beijing #9.

* Property, 33%, makes up the largest share of HNWIs' investment portfolio.  Followed by equities 24%, Cash 17%, Bonds 13%, hedge funds 6%, derivatives 1%.

Wealthy See Growth in High End Real Estate - published in 3/29/10
Annual Return of Manhattan apartment vs stock  market
7 Things New York real estate agents don't want you to know
Fifth Avenue apartments

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