Just in! The latest Wealth-X and Sotheby’s International Realty® report has officially been released, focusing on the rise of multi-homers in the luxury real estate market. Findings reveal that an increasing number of ultra high net worth (UHNW) individuals are more readily purchasing homes outside of their native country, with 79% of these people owning two or more residences in foreign locations. Wealth-X has identified more than 211,000 UHNW individuals globally, defined by those with $30 million and above in assets.
Environmentally sustainable, technologically sophisticated homes that cater to both personal and family needs are among the most popular accommodations sought after by these wealthy home seekers looking to add one or two more homes to their name. According to the report, the average UHNW multi-homer is approximately 62 years old, married and with a net worth of $165 million. The majority of second homes are purchased in the United States, followed by the United Kingdom and Switzerland. Those hoping to invest in private island homes tend to purchase in the Caribbean and the Mediterranean, with Southeast Asia, Canada, Belize and the United Kingdom quickly emerging as favorite spots as well. Private islands have become a top pick for luxury properties among the global ultra wealthy, in addition to green homes, smart homes and serviced apartments. As a direct result of this rise in multi-homers, market growth has affected regions beyond the expected global urban hubs of London, New York City and Hong Kong, reaching areas such as Miami, Florida, Geneva, Switzerland and Long Island, New York.
“Wealth-X is pleased to partner with the Sotheby’s International Realty brand for this fourth joint report in 2015,” commented Wealth-X President David Friedman. “This report underscores Wealth-X’s commitment to conducting ground-breaking research on the world’s UHNW population. Expert commentary from Sotheby’s International Realty complements Wealth-X’s global intelligence on the world’s UHNW population, producing a report that demonstrates a true collaboration between the world’s leading UHNW intelligence provider and the global leader in luxury residential real estate.”
“Our partnership with Wealth-X has proven to be invaluable as we continue to explore the motivations of the world’s ultra high net worth,” said Philip White, president and chief executive officer of Sotheby’s International Realty Affiliates, LLC. “The research from our latest report uncovers current trends in home purchasing behavior and chief lifestyle considerations, helping us gain insight into investment strategies of the UHNW population.”
To learn more, download the latest Wealth-X and Sotheby’s International Realty report here.