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 TheStreet.com 3/29/10
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