The Ultra-Luxury Market Soars: Unpacking the Gems from The Wealth Report 2024

Buckle up, because the ultra-luxury market is on a thrilling ride! Knight Frank’s The Wealth Report 2024 brings us a treasure trove of insights, and here are the glittering highlights:

  • Wealth Creation on Fire: Forget slowing down – the number of Ultra High Net Worth Individuals (UHNWIs) is exploding! We saw a 4.2% global increase in 2023, and this meteoric rise is projected to continue, with a staggering 28.1% growth in wealthy individuals by 2028.
  • Women are Bosses: The future of wealth is looking distinctly feminine! The number of female UHNWIs has skyrocketed to 11% globally, shattering the glass ceiling. And get this – 81% of affluent Gen-Z women are poised to become even wealthier this year. Watch out, world!
  • Prime Property Perfecting its Landing: Luxury residential property values took a smooth 3.1% increase in 2023, indicating a potential soft landing after years of stellar growth. Cities like Manila (26%) and Dubai (16%) are leading the pack, offering trophy properties for the discerning buyer.
  • The 1% Playground: Europe remains the ultimate playground for the ultra-elite. If you’re aiming for that exclusive 1% club membership, Monaco is your Everest – a cool US$12.9 million is your entry fee!
  • Investing Beyond the Manor: While prime residences are forever glamorous, UHNWIs are setting their sights on new frontiers. A whopping 19% plan to conquer the commercial real estate market in 2024, diversifying their portfolios and chasing the next big win.
  • Sustainable and Savvy: Forget excess – today’s UHNWIs are responsible citizens! A well-rounded 65% are actively reducing their carbon footprint, integrating ESG (Environmental, Social, and Governance) principles into their investment strategies. It’s a win-win for the planet and their portfolios.
  • Art Reigns (for Now), Collectibles on Pause: The art market continues to dazzle, with the only double-digit growth (11%) in luxury assets for 2023. However, other collectibles like rare whisky (-9%) are taking a breather. Diversification is key!
  • Auckland Awaits, Sydney Soars: Looking to add a crown jewel to your real estate portfolio? Auckland is forecast to be the prime price growth leader in 2024 (10%). If rental income is your game, Sydney is the market to watch, with a projected 12% growth.

Ready to dive deeper into this dynamic market? Contact me at Together, let’s unlock the extraordinary potential of the ultra-luxury world!

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