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THE Definitive PRIME RESIDENTIAL Briefing THE A GLOBAL PERSPECTIVE ON PRIME RESIDENTIAL PROPERTY AND WEALTH THE DEfINITIVE PRIME RESIDENTIAL BRIEfING new HIGH fOR CONTEMPORARY ART THE WORLD’S MOST INfLuENTIAL CITIES ASIA PACIfIC PRIME REAL ESTATE OuTLOOk fOCuS ON PROPERTY MARkET INVESTMENT WHERE THE WEALTHY ARE INVESTING KNIGHT FRANK TERMS AND DEFINITIONS HNWI is an acronym for 'high-net-worth individual’, a person whose investible assets, excluding their principal residence, total between $1m and $10m. An UHNWI (ultra-high-net-worth individual) is a person whose investible assets, excluding their primary residence, are valued at between $10m and $100m-plus. The term ‘prime property’ equates to the most desirable, and normally most expensive, property in a defined location. Commonly, but not exclusively, prime property markets are areas where demand has a significant international bias. Exchange rates: unless otherwise stated these were calculated using the rate on Feb 1 2010. The Wealth Report 2010 Attitudes Survey: the participants of the survey comprised clients of Citi Private Bank. Survey conducted between 1 December 2009 and 31 January 2010. CONTRIBUTORS Prime, prestige, luxury – all labels applied to the top end of the residential property Written and edited by Andrew Shirley and Liam Bailey, Knight Frank LLP. For research and press enquiries: Liam Bailey, Knight Frank LLP, market in different parts of the world. 55 Baker Street, London W1U 8AN +44 (0)20 7861 5133 ANDREW SHIRLEY Andrew, when not editing While the names may differ, the desire of High¯Net¯Worth Individuals to own The Wealth Report 2010, is head of and invest in the best property is ubiquitous around the globe. As we discover in rural property research at Knight Frank. THE WEALTH REPORT 2010 our focus on prime property in Asia Pacific (page 18), even the world’s smallest For this issue he interviewed Trudie Content and editing: Knight Frank Styler about the Italian estate where emerging economies, such as Cambodia, are promoting themselves as development Wealth Report Editor – Andrew Shirley Editor at large and head of research content – Liam Bailey she and husband Sting are creating hotspots and attracting growing amounts of internal and external investment. their own wine. Marketing and PR The tangible and straightforward nature of residential property, especially when For Knight Frank – Rebecca Maher PAGE 44 For Citi Private Bank – Pauline Loohuis the outlook for other asset classes is uncertain, explains this attraction. The results Design and art direction: Smith & Milton LIAM BAILEY of The Wealth Report’s 2010 Attitudes Survey (page 40) clearly indicate that Strategic Director – David Haseler Liam is The Wealth Report’s “editor Creative Director – Steven Anderson at large” and also heads up Knight HNWIs, wherever they are around the world, still see property as one of the best Senior Designer – Andy Isaac Account Manager – Mark Mobbs Frank’s residential research team. assets to own, with most predicting values to grow in 2010. Production Manager – Kevin O'Brien He likes to take a global view and Furthermore, property is viewed as a strategic investment that can ride out Printing: in this issue reviews the market for Murray Arbiter at Quadracolour Limited prime residential property around economic cycles. Most of the survey’s respondents said they were interested in the world. Front and back cover image: long¯term capital growth from their property portfolios, rather than income. Photographed by Duncan Kendal PAGE 6 With special thanks to Bentleys of London Despite this globalisation of property as the “must¯have” asset class, it would Photography: SEBASTIAN DOVEY still be wrong to talk about the marketplace for the world’s most desirable properties James Day, Joachim Ladefoged, Sanna Kannisto, Ross Honeysett Sebastian is head of Scorpio as a single entity. Just as the labels vary, so do the characteristics of individual Partnership, which specialises in advising the wealth management markets, not only between continents and countries, but also from city to city industry. For The Wealth Report and region to region. 2010 he looks at wealth patterns Each market – as highlighted by the latest results from our Prime International around the world. PAGE 28 Residential Index (page 6) – sits in a different part of the economic cycle. Some are booming to the point where overheating is once again a concern, while others IAN BREMMER are still struggling to shake off the impact of the global recession. A leading authority on political risk and head of Eurasia Group, Ian offers Market drivers are also becoming more nuanced in the light of varying Wealth Report readers his perspective government responses to the credit crunch. Cities like Washington DC and Beijing, on the factors shaping the world’s political landscape in 2010. as The Wealth Report 2010 Global Cities Survey (page 34) discusses, now find PAGE 30 themselves transformed into banking as well as policy hubs, attracting a new breed of property owner. JONATHAN FENBY China expert and co-founder of The last decade witnessed huge shifts in the global property market with many respected emerging economies new opportunities emerging. The next 10 years are likely to see even more changes. analyst Trusted Sources, Luxury, prime or prestige – however you like to describe them – The Wealth Jonathan looks at Beijing’s changing global role as the Report 2010 offers a unique and invaluable insight into the world’s most valuable nation’s economic power property markets. continues to grow. © Knight Frank LLP 2010 This report is published for general information only and not to be relied upon in any way. Although high standards have been used in the preparation of the information, analysis, views and projections PAGE 38 presented in this report, no responsibility or liability whatsoever can be accepted by Knight Frank LLP for any loss or damage resultant from any use of, reliance on or reference to the contents of this document. As a general report, this material does not necessarily represent the view of Knight Frank LLP in relation to particular properties or projects. Reproduction of this report in whole or in part is not allowed without prior written approval of Knight Frank to the form and content within which it appears. ADRIAN WOOLDRIDGE Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Our registered office is 55 Baker Street, London, W1U 8AN, where you may look at a list of As The Economist’s former members’ names. Washington bureau chief, Adrian The Wealth Report is provided as a service to clients of Citi Private Bank. The views expressed herein are those of Knight Frank LLP and associates, and do not necessarily reflect the views of Citi Private Bank, has experienced the unique nature Citigroup Inc., Citigroup Global Markets Inc., and its affiliates. All opinions are subject to change without notice. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Past performance is no guarantee of future results. of the US’s capital city. He shares Citi Private Bank” is a business of Citigroup Inc., which provides its clients access to a broad array of products and services available through bank and non-bank affiliates. Not all products and services are his insight in the latest edition of Andrew Shirley provided by all affiliates or are available at all locations. In the U.S., brokerage products and services are provided by Citigroup Global Markets Inc. (“CGMI”), member SIPC. GGMI and Citibank, N.A are affiliated companies under the common control of Citigroup. Outside the U.S., brokerage products and services are provided by other Citigroup affiliates. In the United Kingdom, Citibank N.A., London branch our Global Cities Survey. Editor of and Citibank International plc, Canada Square, Canary Wharf, London E14 5LB, are authorized and regulated by the Financial Services Authority. The contact number for Citibank N.A. London branch and PAGE 39 Citibank International plc in the United Kingdom is +44 (0)20 7508 8000. In Jersey, this document is communicated by Citibank N.A., Jersey Branch which has its registered address at PO Box 104, 38 The Wealth Report 2010 Esplanade, St Helier, Jersey JE4 8QB. Citibank N.A., Jersey Branch is regulated by the Jersey Financial Services Commission to conduct deposit taking business under the Banking Business (Jersey) Law 1991 and investment business under the Financial Services (Jersey) Law 1998. Citibank N.A., Jersey Branch is a member of the Depositors Compensation Scheme as set out in the Banking (Depositors Compensation) (Jersey) Regulations 2009. Further details of the scheme are available on request. Citi, and Citi with the arc design are registered service marks of Citigroup or its affiliates. ©2010 Citigroup. All rights reserved. 3 | The Wealth Report JAPAN 216,000CANADA UNITED KINGOM 342,000GERMANY MONITOR CONTENTS -19% 439,000 669,000 -9% -21% NETHERLANDS -12% 100,000 RUSSIA FRANCE -22% 101,000 ITALY -23% 266,000 BELGIUM 46,000 232,000 -14% -23% UNITED STATES -18% CHINA ISRAEL 7,000 2,519,000 97,000SPAIN -12% 343,000 -18% SWITZERLAND -11% -19% 165,000 28 INDIA HONG KONG -13% 85,000 72,000 -24% -23% PORTUGAL 13,000 MEXICO COLOMBIA -24% UAE SPREAD THE 130,000 20,000 21,000 SINGAPORE -4% -2% -2% 58,000 BRAZIL -22% INDONESIA The Wealth Report 181,000 19,000 CHILE -16% 30,000 -9% SOUTH AFRICA AUSTRALIA WEALTH -2% 96,000 146,000 -11% -20% PROPERTY Where the world's wealthy live ARGENTINA
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