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The Wealth Report 2020 Welcome Private Clients Has Been Central to Our 124 Years As Astrid Recaldin and All of Its Content

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The Wealth Report 2020 Welcome Private Clients Has Been Central to Our 124 Years As Astrid Recaldin and All of Its Content THE WEALTH REPORT T H E W E A L T H R E P O R T 2 0 2 0 THE GLOBAL PERSPECTIVE ON PRIME PROPERTY & INVESTMENT 2020 — 14TH EDITION T 14th Edition Definitions • The Knight Frank Wealth Sizing Model — Our As Head of Knight Frank Private Office, I am new model created by our data engineering team delighted to welcome you to the first edition of H Editor UHNWI measures the size of HNWI, UHNWI and billion- The Wealth Report of this new decade. Andrew Shirley Ultra-high-net-worth individual – someone with aire cohorts in over 200 countries and territories. The next ten years have already been dubbed by E a net worth of over US$30 million including some the new “roaring twenties” – and I am optimistic Global Head Of Research their primary residence Third party data that, with many positives to look forward to, they will Liam Bailey live up to that soubriquet. HNWI Superyacht Intelligence One of the most exciting opportunities to my — W High-net-worth individual – someone with a With the industry’s largest in-house team mind is the growing focus on wellbeing I see among Written by net worth of over US$1 million including their of researchers and analysts, working alongside Knight Frank’s wealthy clients. This presents many E Knight Frank Research primary residence the most respected market commentators, the opportunities for readers of The Wealth Report, whether Superyacht Intelligence Agency is the most it’s the investment potential of the global demographic A Flora Harley Prime property respected source of market analysis, insight and trend towards longer, healthier lives – explored in James Culley The most desirable and most expensive property consultancy focused solely on this specialist detail in our Big Interview on page 10 – or the ability L Kate Everett-Allen in a given location, generally defined as the top sector. [email protected] of forward-thinking property investors and landlords Lee Elliott 5% of each market by value. Prime markets often to capitalise on demand for “healthy” workspaces T Maiia Sleptcova have a significant international bias in terms of WINGX that boost productivity, which we discuss on page 76. Mike Denicolai buyer profile Founded in 2011, WINGX Advance provides In parallel with this, “giving something back” is H Patrick Gower business intelligence for the global private increasingly important to the UHNWI community, and Tom Bill jet market spanning the entire supply chain, on page 86 we profile three fascinating philanthropists William Matthews Data sources from airports, operators and manufacturers whose work benefits a diverse range of causes. to industry investors and financial analysts. A central pillar of The Wealth Report, the results of R Marketing Numbers from Knight Frank’s proprietary [email protected] our proprietary Wealth Sizing Model – unveiled on Carrie Russell research and from carefully selected third page 18 – reveal that wealth continues to be created E Robert Man parties lie at the heart of The Wealth Report’s around the world, especially in Asia’s economic hubs. Sarah Guppy findings. Some of the report’s key sources Key This growth in private capital is having a noticeable RORY PENN — HEAD OF KNIGHT FRANK PRIVATE OFFICE P Tom Smith are detailed below. impact on real estate markets globally. These icons have been designed and positioned Providing real estate advice and transacting for O Public relations Proprietary research to help you navigate The Wealth Report 2020 Welcome private clients has been central to our 124 years as Astrid Recaldin and all of its content. an independent partnership. With the world around R • The PIRI 100— Now in its 13th year, the us rapidly evolving, Knight Frank continues to adapt Sub-editor Knight Frank Prime International Residential to our clients’ developing needs and aspirations for ONLINE CONTENT T Louise Bell Index tracks movements in luxury prices across high quality service and thought leadership. We want Sunny Creative the world’s top residential markets. clients to be fully informed of future trends and the RELATED ARTICLES The index, compiled using data from our opportunities that we see in real estate from surfacing — research teams around the world, covers major ATTITUDES SURVEY RESULTS data, repurposing assets, continued urbanisation and Design & direction financial centres, gateway cities and second wealth preservation. Adam Evans home hotspots – both coastal and rural – as well To take just one example, our market-leading Private All Knight Frank contacts: Tom Evans as leading luxury ski resorts. Office team provides a single point of contact for pri- [email protected] • The Attitudes Survey — The 2020 instalment vate clients and family offices, serving their property Data visualisation is based on responses provided during October needs, from sourcing luxury homes in prime markets Matthew Rowett and November 2019 by 620 private bankers and to creating well-structured, diverse investment port- wealth advisors who between them manage folios across the wide range of residential, commercial Illustration over US$3.3 trillion of wealth for UHNWI clients. and alternative asset classes. For more information, Omar Aqil Special thanks to Alfa Bank, ANZ Bank Australia, please see the supplement in the back of this report. Cheryl Goh ANZ Bank New Zealand, Bank of Singapore, Citi We operate wherever our clients need us to be and Santi Zoraidez Private Bank, Crestone Wealth Management, our expertise spans the globe, connecting a far-reach- Stephen Cheetham CTBC Bank (Philippines) Corporation, ICEA LION ing network with local expertise. To allow us to pro- Asset Management, JBWere, Macquarie Private vide personal, consistent and discreet advice to Photography Bank, Maybank Philippines Inc, NCBA Group, private clients, we are delighted to see the Private Graham Lee Nedbank Private Wealth, RBC Wealth Manage- Office expanding into a number of key global wealth ment, Standard Chartered Bank Singapore, View The Wealth Report and properties hubs in 2020. If Knight Frank can be of any help to you, Print Sumitumo Mitsui Trust Bank Ltd and UOB from around the world on your device please do get in touch. I hope you find the contents of Optichrome Private Bank for their participation. knightfrank.com/wealthreport The Wealth Report interesting and valuable. 1 KNIGHTFRANK.COM/WEALTHREPORT THE WEALTH REPORT – 2020 Contents 06 W 18 C 36 H 48 I 70 P 86 Decade of Virtue Onwards & Upwards The Big Apple Bounces Back Cities Shine Doing their Homework The Ultimate Investment Opinion – Liam Bailey Research – The inaugural Research – The latest results Research – The results of the Analysis – Private investors Interviews – Philanthropists E I O N A casts his eye over ESG results of the Knight Frank from our City Wealth Index PIRI 100, our unique Prime and the commercial on what drives them to give Wealth Sizing Model International Residential Index property market 10 A T 38 M V S 90 Medicine Man 22 The Pursuit of Happiness 54 74 Objects of Desire Interview Jim Mellon and Spotlight 2020 Research – Findings from Inside Out Investment of a Lifetime Research – The results of – L I E E S Andrew Scott discuss longevity Analysis – The geopolitical our new City Wellbeing Index Insight – How wellness Insight – The residential our Luxury Investment Index issues set to dominate 2020 trends are shaping sectors attracting T E 42 residential developments S private investors I 92 26 Charting the Luxury Airwaves Most Wanted Follow the Money Data analysis – The most Analysis – Stand-out luxury 99 H S 58 T 76 O Databank Special report – Transparency popular private jet and Next Neighbourhoods Repurposing Real Estate auction sales from 2019 In detail – Attitudes Survey and the movement of wealth superyacht journeys Forecast – Residential Insight – How wellness is and wealth distribution numbers hotspots around the world I driving occupier demand N 94 44 It's in the Bag Green Skies, Green Waves Interviews – Inside the 106 66 N 78 S Our Global Expertise Opinion – How the Lower for Longer Building Blocks world of luxury handbags luxury travel industry Forecast – Prime residential Forecast – An expert guide to 108 is going greener market price growth G global commercial property 98 Final Word predictions for 2020 investment hotspots Auction Top Tips THE WEALTH REPORT — 2020 2 3 KNIGHTFRANK.COM/WEALTHREPORT Meet the Authors The research team behind The Wealth Report share the things that inspire them – along with some of this edition’s key findings Liam Bailey Flora Harley Kate Everett-Allen Tom Bill Liam Bailey Flora Harley Kate Everett-Allen Tom Bill Kate is Head of International A former financial journalist, Residential Research. Having Gráinne was Head of UK As Knight Frank’s Global established all four of our Residential Research at Head of Research, Liam keeps global residential indices, Knight Frank for more than Will is Head of Commercial an eye on all things property, including the PIRI 100, Kate Bill Tom eight years. She is now Head Research at Knight Frank. everywhere. Together with specialises in understanding of Research at Zoopla. Gráinne He heads up a multi- Flora Harley Dr Lee Elliot Andrew Shirley, he shapes how private wealth shapes examines data and policy to disciplinary team of market Andrew Shirley Andrew the research themes in international prime property create insights into trends in experts, focusing on the UK The Wealth Report each year. markets. Liam BaileyLiam Bailey residential markets.Flora HarleyFlora Harley Kate Everett-AllenKate Everett-Allen and EMEA regions.Tom BillTom Bill Andrew Shirley Gráinne Gilmore Liam Bailey LeeLiam Elliott BaileyFlora Harley WilliamFlora Matthews HarleyKate Everett-Allen Kate Everett-AllenTom Bill Tom Bill Andrew Shirley Gráinne Gilmore Lee Elliott William Matthews Andrew is the editor of The Flora analyses the economics Tom is a senior member As Head of Global Occupier Wealth Report – this is his and trends affecting global of Knight Frank’s research Research at Knight Frank, Lee 12th edition.
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