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London to remain leading global wealth centre despite Brexit risks - new report

The 13th annual Knight Frank Wealth Report has been released, including the Knight Frank City Wealth Index; price movements across 100 luxury residential property markets; the results of Knight Frank's Luxury Investment Index; and the Attitudes Survey.
London to remain leading global wealth centre despite Brexit risks - new report

Hightlights from the report include:

  • The global UHNWI population is forecast to rise by 22% over the next five years.
  • 2019 will be the year the number of US$ millionaires globally exceeds 20 million for the first time.
    Whatever the Brexit outcome, London will remain the leading global wealth centre, and retakes top spot in Knight Frank’s City Wealth Index.
  • Manila leads Knight Frank’s Prime International Residential Index with prices rising by 11% in 2018.
  • Whisky storms to the top of Knight Frank’s Luxury Investment Index with 40% annual growth.
  • 63% of the world’s ultra-high-net-worth population saw an increase in their wealth in 2018.
  • 31% of all global commercial real estate transactions involve private capital.

“What stands out for me this coming year," said Liam Bailey, global head of research at Knight Frank, "is that despite a darkening economic outlook, wealth creation will remain a constant in 2019 with the global UHNWI population set to rise by more than a fifth over the next five years.

“Despite the risks from Brexit, London will remain the leading global wealth centre in 2019. With the world’s largest UHNWI population, the city sweeps the board in our annual City Wealth Index, pushing its only serious rival, New York, into second place.

“The wealthy will continue to demand access to global markets, especially as emerging economies see growth rates slow and the search for diversification grows. A record 26% of global UHNWIs will begin to plan for emigration this year, and to help them a record number of countries will offer citizenship and residency through investment schemes.

“As wealth moves more rapidly around the world, investors will become increasingly active in their investment strategies. Rising interest rates and the end of quantitative easing mean we are reaching the end of the 'everything bubble'. In the past decade it was enough to buy classic cars, art or property and the generosity of central banks would help deliver super-charged returns. As this process unwinds, property investors will become increasingly focused on income, asset management and development opportunities.”

Download the full report.

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