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The Wealth Report THE WEALTH REPORT A GLOBAL PERSPECTIVE ON PRIME PROPERTY AND WEALTH 2011 THE SMALL PRINT 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 over $10m. 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. The Wealth Report was written in late 2010 and early 2011. Due to rounding, some percentages may not add up to 100. For research enquiries – Liam Bailey, Knight Frank LLP, 55 Baker Street, London W1U 8AN +44 (0)20 7861 5133 Published on behalf of Knight Frank and Citi Private Bank by Think, The Pall Mall Deposit, 124-128 Barlby Road, London, W10 6BL. THE WEALTH REPORT TEAM FOR KNIGHT FRANK Editor: Andrew Shirley Assistant editor: Vicki Shiel Director of research content: Liam Bailey International data coordinator: Kate Everett-Allen Marketing: Victoria Kinnard, Rebecca Maher Public relations: Rosie Cade FOR CITI PRIVATE BANK Marketing: Pauline Loohuis Public relations: Adam Castellani FOR THINK Consultant editor: Ben Walker Creative director: Ewan Buck Chief sub-editor: James Debens Sub-editor: Jasmine Malone Senior account manager: Kirsty Grant Managing director: Polly Arnold Illustrations: Raymond Biesinger (covers), Peter Field (portraits) Infographics: Leonard Dickinson, Paul Wooton, Mikey Carr Images: 4Corners Images, Getty Images, Bridgeman Art Library PRINTING Ronan Daly at Pureprint Group Limited DISCLAIMERS KNIGHT FRANK The Wealth Report is produced for general interest only; it is not definitive. It must not be relied upon in any way. Although high standards have been used in the preparation of the information, analysis and views presented in The Wealth Report, no responsibility or liability whatsoever can be accepted by Knight Frank for the contents. We make no express or implied guarantee of its accuracy. As far as applicable laws allow, we do not accept responsibility for errors, inaccuracies or omissions, nor for loss or damage that may result directly or indirectly from reliance on its contents. The Wealth Report does not necessarily reflect the view of Knight Frank in any respect. Readers should not take or omit to take any action as a result of information in The Wealth Report. In preparing The Wealth Report, Knight Frank does not imply or establish any client, advisory, financial or professional relationship. ThroughThe Wealth Report, neither Knight Frank nor any other person is providing advisory, financial or other services. In particular, Knight Frank LLP is not authorised by the Financial Services Authority to undertake regulated activities (other than limited insurance intermediation activity in connection with property management). © Knight Frank LLP 2011. Reproduction of this report in whole or in part is not permitted without the prior written approval of Knight Frank LLP. Knight Frank LLP also trades as Knight Frank. 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 members’ names. The Wealth Report is compiled from information contributed by various sources including Knight Frank LLP, its direct UK subsidiaries and a network of separate and independent overseas entities or practices offering property services. Together, these are generally known as ‘the Knight Frankglobal network’. Each entity or practice in the Knight Frank global network is a distinct and separate legal entity. Its ownership and management is distinct from that of any other entity or practice, whether operating under the name Knight Frank or otherwise. In any event, no entity or practice operating under the name Knight Frank (including Knight Frank LLP) is liable for the acts or omissions of any other entity or practice. Nor does it act as agent for or have any authority (whether actual, apparent, implied or otherwise) to represent, bind or oblige in any way any other entity or practice that operates under the name Knight Frank (including Knight Frank LLP). Where applicable, references to Knight Frank include the Knight Frank global network. CITI PRIVATE BANK 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, 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. Citi Private Bank is a business of Citigroup Inc. (‘Citigroup’), which provides its clients access to a broad array of products and services available through bank and non-bank affiliates of Citigroup. Not all products and services are 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. Accounts carried by Pershing LLC, member FINRA, NYSE, SIPC. CGMI 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. Investment Management services (including portfolio management) are available through CGMI, Citibank, N.A. and other affiliated advisory businesses. In the United Kingdom, Citibank N.A., London branch 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 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 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. © 2011 Citigroup. All rights reserved. THE WEALTH REPORT 2011 KNIGHTFRANK.COM | CITIPRIVATEBANK.COM 5 WELCOME ANDREW Much has changed since The Wealth is the key driver when buying a SHIRLEY Report was first published by Knight second home for many Asian HNWIs. EDITOR Frank and Citi Private Bank in early On page 41, in one of our exclusive 2007. Indeed, given the small matter HNWI interviews, one of China’s CONTRIBUTORS of a global credit crunch and a richest men explains why it is so This year, we growing number of historic political important to him. ANDREW SHIRLEY can claim an Andrew edits The Wealth Report events, how could the world not be This year, we can claim an even and is also Knight Frank’s head of even better rural property research. He previously a vastly different place? better understanding of what worked in the agriculture sector in In some aspects, it undoubtedly motivates UHNWIs around the world understanding Europe, Asia and Africa. is. Egyptians look forward to a when it comes to their attitudes of what future without President Mubarak. towards wealth and the decisions VICKI SHIEL motivates Vicki is a former journalist and is part of Asia is the world’s new economic that shape their investments. The Knight Frank’s residential research team. UHNWIs She delves into the world of vineyards for powerhouse. Some of the US’s most results of our unique Attitudes Survey this issue of The Wealth Report. renowned banks are no longer are more global than ever before around the in existence. The UK and other and reflect the sentiments of almost world when LIAM BAILEY European countries face some of 5,000 UHNWIs worth on average Liam is head of Knight Frank’s residential it comes to research team and has a special interest in the most stringent government more than $100m each. super-prime property markets around the spending cuts ever seen. The French Property clearly remains close their attitudes world. He is often quoted in the media. may have to retire at 62, not 60. to their hearts. According to the towards But, in the midst of this tumult, survey, it makes up 35% of the RICHARD COOKSON wealth and the Richard is Citi Private Bank’s chief the resilience shown by the world’s average UHNWI’s investment investment officer. He wasThe decisions that Economist’s Japan correspondent and most exclusive residential property portfolio and is their most important founder of its Buttonwood column. destinations remains constant. investment after their own business. shape their In some cases, it has even been Other results from the survey are investments TINA FORDHAM enhanced. Our data on page 60 highlighted throughout the report Tina is Citi Private Bank’s senior political analyst. She was a director at political risk confirms the strength of the and a more detailed synopsis of its analyst Eurasia and is an associate fellow at Chatham House. recovery in prime property values findings is contained in our new in London and New York. The Databank section. RANDALL WILLETTE performance in leading Asian The Wealth Report continues Randall is an expert on the international cities has been nothing short of to evolve.
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