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the global perspective on prime property & investment 2021 — 15TH EDITION THE WEALTH REPORT 2021 15th Edition Definitions and data How we chose our cover Editor UHNWI For this year’s cover we started with a notion – that of Andrew Shirley Ultra-high-net-worth individual – someone with a net worth of “emergence”. The past year has been unimaginable in so over US$30 million including their primary residence many ways and we wanted a design that would reflect the Deputy Editor impact of the Covid-19 pandemic on all aspects of our lives Flora Harley HNWI but also, more importantly, how the world will emerge in a High-net-worth individual – someone with a net worth of over post-pandemic era. The initial concept from our designer Global Head US$1 million including their primary residence Ben Fearnley was of an ancient wall covered in hieroglyphs of Research or, as we have christened them, glyphs. This evolved into a Liam Bailey Prime property multi-faceted cube – a thought-provoking way of showing how The most desirable and most expensive property in a given the different elements shift and combine to reveal the bigger — location, generally defined as the top 5% of each market by picture. Every glyph emerging from the tiles relates to a part value. Prime markets often have a significant international of the story that we recount throughout The Wealth Report, Written by bias in terms of buyer profile enabling the reader to follow the journey as we chart the past Knight Frank 12 months and look forward with optimism to the future. Research • The PIRI 100 – Now in its 14th year, the Knight Frank Prime International Residential Index tracks movements in luxury Cameron McDonald prices across the world’s top residential markets. The index, Key James Culley compiled using data from our research teams around the Kate Everett-Allen world, covers major financial centres, gateway cities and These icons have been designed and positioned to help you Patrick Gower second-home hotspots – both coastal and rural – as well navigate The Wealth Report 2021 and all of its content: Victoria Ormond as leading luxury ski resorts. Marketing • The Attitudes Survey – The 2021 instalment is based on ATTITUDES SURVEY RESULTS Lauren Haasz responses provided during October and November 2020 by over 600 private bankers, wealth advisors, intermediaries Public relations and family offices who between them manage over US$3.3 Astrid Recaldin trillion of wealth for UHNWI clients. Special thanks to Alfa Bank, Ambit Finance, ANZ Bank Australia, ANZ Bank ONLINE CONTENT — New Zealand, Bank of Ireland, Bank of Singapore, Barclays Asia, China Banking Corporation, Citi Private Bank, CTBC Sub-editing Bank (Philippines), Dry Associates, Edelweiss, Genghis RELATED ARTICLES Sunny Creative Capital Ltd, HSBC Singapore, ICEA Lion, ICICI Bank, JB Were, Julius Baer, Kairos Capital Pte Ltd, Maybank FURTHER INFORMATION Design & direction Philippines Inc., Motilal Oswal, Nedbank Private Wealth, Quiddity Media NCBA Bank Kenya, NH Investment & Securities Co. Ltd, Adam Evans RBC Wealth Management, Stanbic Bank Kenya, Sumitumo Mitsui Trust Bank Ltd, TOB Partners Co. Ltd, UOB Private Data visualisation Bank and Westpac for their participation. Supermassive • The Knight Frank Wealth Sizing Model – The model, created by our data engineering team, measures the size of Illustration HNWI, UHNWI and billionaire cohorts in more than 200 Ben Fearnley countries and territories. Matt Murphy Photography Graham Lee Print All Knight Frank contacts: View The Wealth Report and properties from around the world Optichrome [email protected] on your device: knightfrank.com/wealthreport P1 THE WEALTH REPORT 2021 Welcome RORY PENN — HEAD OF KNIGHT FRANK PRIVATE OFFICE am delighted to welcome you to the 15th edition of Some of the long-term trends that we examined last year, The Wealth Report. such as the changing role of the office, have been supercharged Since the report was first published it has chronicled by the Covid-19 pandemic. Behavioural shifts we expected to I a period of radical change. Donald Trump, then “just” a play out over the next five or even ten years have happened in property developer, was one of our very first interviewees. We a matter of months. all know what happened next. The global financial crisis swept In this edition, using data and insight from our research over us. The world adapted and survived. teams around the world, we endeavour to predict what may come But I can honestly say that during my career in property, next in residential and commercial real estate markets, in the I have never seen things changing as quickly as they are now. hope that it will help our clients capitalise on the opportunities On this page 12 months ago I predicted that we were at the start that are being created by this acceleration of trends. of the new “Roaring Twenties”. Little did I know quite what lay This year marks the 125th anniversary of the formation of around the corner. Knight Frank. As a business we have changed radically during that time, growing from our valuation and auctioneering roots in London to become a truly global full-service property consultancy. But we remain true to our core values – delivering innovative advice that creates tangible value for our clients, while all the time working responsibly, in partnership, to enhance people’s lives and environments. Covid-19 has affected all of us, whether from an economic or personal perspective. The theme of last year’s edition of The Wealth Report was “wellness”. Entirely coincidental, but with hindsight eerily prescient – looking after our health and that of our families has never been more important. I hope you are managing to stay safe through the pandemic, and I wish you all the best during the remainder of 2021. Do let us know if the Private Office or the wider Knight Frank network can help in any way. I can honestly say that during my career in property, I have never seen things changing as quickly as they are now Turn to page 54 for expert insight on global property markets from Rory and the Knight Frank Private Office team THE WEALTH REPORT 2021 P2 Africa Asia Australasia Caribbean Europe Latin America Middle East North America Russia & CIS San Francisco The Hamptons Los Angeles Stockholm Houston Toronto Boston Vancouver St Petersburg Shanghai Zurich 6.4% 6.3% 6.7% Miami 7.6% 6.8% 6.7% Brussels 8% Amsterdam Tokyo San Diego Edinburgh 8% Aspen 8.1% Auckland 8.5% Moscow Jersey 6.1% 6% 8.7% 6% Shenzhen Manila 5.9% Athens 5.8% British Virgin Islands 17.5% Seoul 9% 9.1% 5.3% 9.9% Venice 5% 10.2% Megève 13.3% 11.7% 5% 5% Porto 4.5% Lake Como Frankfurt 4.1% 4% Guangzhou 3.8% São Paulo Contents 3.7% Perth 3.7% Chamonix 3.6% Gold Coast 3.5% 3.2% Lisbon 3% St Barts 4 Key findings 3% Milan Opinion – The key takeaways from 3% Geneva 3% this year’s report Algarve 3% Istanbul ère 3% Val d'Is 2.9% 6 African dragon Brisbane Interview –Vusi Thembekwayo talks 2.5% 1 Méribel candidly to The Wealth Report 2.4% Beijing 2.1% Mustique Prime 2% International 2% Lucca 1.6% Oxford Residential 1.6% Rio de Janeiro Index 1.5% Florence 1.5% Gstaad (PIRI 100) 1.3% Provence PART ONE PART TWO PART THREE 1.3% Annual % change in luxury Verbier 1.2% residential prices in 2020* St Tropez 1.1% Wealth Cities Home Sydney 1% Barcelona 100 1% Resilience through turmoil A tale of two cities Prime movers Monaco 10 20 32 0.9% Research – Discover what impact the Research – We explore where the wealthy Research – The results of our PIRI0.8% 100Berlin 0.8% Vienna Covid-19 pandemic has had on wealth live, invest and spend time and the key trends influencing0.8% markets St-Jean-Cap-Ferrat 0.7% St Moritz 0.5% Taipei 0.2% Wealth summit Health, wealth and innovation Safe haven Courchevel 1850 12 22 38 0.2% 0% Melbourne Research – What does it take to be Research – We combine measures of Opinion – How Covid-190% isOslo shaping Rome 0% Bucharest in the top 1%? wellbeing and innovation with wealth development design0% -12% Barbados 0% to gauge -9.2% future city prospects Ibiza -7.3% -0.1% Abu Dhabi -0.2% -6.9% Paradigm shift -6% What lies-0.5% ahead? 13 Buenos Aires 40 -0.7% -1.2% Delhi Cape TownBangkok -5.9% -1.5% Analysis – A glimpse at the biggest Cities to leadDoha the -5.1% way Research-1.9% – OurSingapore prime residential -5% -2% -2% -2.3% Mexico City 24 -3% -5% -3% Dublin Dubai -4% potential influences on wealth Interview – Urban guru -4.3% Professor Saskia forecastsJakarta for 2021 Mumbai Bengaluru Cannes Phuket -3.9% -3% -3.6% Mallorca Hong Kong SAR Bahamas New York -3.5% -3.3% Paris creation and preservation Sassen on why cities rise, fall and rise again -3.3% Lausanne Marbella Madrid London Next neighbourhoods Nairobi Cyprus Sardinia Riyadh 42 16 Emerging affluence 26 Superyachts and superblocks Marrakesh Insight – Future residential hotspots Research – What does the future hold Insight – Home to 729 UHNWIs,Kuala Lumpur we explore around the world for the world’s wealth populations? the appeal of Barcelona Sources: All data comes from Knight Frank's global network with the exception of Berlin and Frankfurt *Notes: Price changes are measured in local currency and relate to the period between 31 Dec 2019 and 31 Dec 18 The year passports lost their power(Ziegert Research & ImmobilienScout 24); Tokyo (Ken Corporation); New York (StreetEasy); Boston, Los 2020 unless otherwise stated.
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