Roll out the red carpet (but only neutrals in the living room, please). America's ultra-wealthy are becoming more numerous, and a quarter of them plan to snatch up more real estate in the next three years, according to a new report from Luxury Portfolio International. Released today, the research conducted in partnership with YouGov shows the ranks of the super rich (with $50 million or more in net worth) have soared to new heights, with an estimated 123,838 individuals at this level, an increase of 53 percent in just five years. What’s more, half of the world’s ultra-wealthy live in North America, while close to 20 percent are planning to sell. Indeed, despite concerns about market fluctuation, real estate is a passion for high-net-worth individuals and is often seen as the ultimate sign of success. "It is a lifestyle choice, a discretionary purchase that can be an investment in and reward for all their hard work," the report noted. As part of Leading Real Es...
- There has been a 53 percent increase worldwide in the number of ultra-wealthy individuals in the last five years.
- Of America's ultra-wealthy, 25 percent of them are planning to buy real estate and 20 percent to sell.
- Up to 45 percent have been sidelining cash until the U.S. Presidential election is over.
- Independent real estate brands scored higher than national big box brands with luxury buyers.