Knight Frank Wealth Report 2023: 32% Wealth Allocated to Homes, Top 5 Investible Wealth Allocation are Equities, Commercial Properties, Bonds, Private
18th March 2023 | Hong Kong
Knight Frank has released the Wealth Report 2023, proving key insights into UHNW wealth growth, portfolio allocation, luxury investments, residential & commercial property trends, top cities & key prices for property investments. For UHNWs, 32% of wealth are allocated to their primary & secondary homes, and the top 5 investible wealth allocation are Equities (26%), Commercial Properties (21%), Bonds (17%), Private Equity & Venture Capital (9%), and Commercial Properties Funds (7%). The top 3 HNWI primary goals in 2023 are Capital Appreciation (31%), Capital Preservation (26%), Income generation (23%) and their views on the top 6 safest investments are Residential Property, Gold, Bonds, Commercial Property, Equity Markets, Cryptocurrencies. In 2022, the top 5 returns on luxury investments are Art +29%, Cars +25%, Watches +18%, Handbags +15%, and Wine +10% with the top 3 luxury investment with the highest selling price in Art for $195 million (Andy Warhol, Shot Sage Blue Marilyn, 1964), a Car for $143 million (Mercedes-Benz 300 SLR Uhlenhaut Coupé), and Jewellry for $57.7 million (The Williamson Pink Star, a 11.15-carat fancy vivid pink diamond ring). For properties, the top 5 UHNW sector focus in 2023 are Healthcare, Industrial & logistics, Offices, Residential private rented sector (PRS), and Hotels & leisure. The top 5 most expensive cities by sqm (Budget of $1 million) are Monaco 17 sqm, Hong Kong 21 sqm, New York 33 sqm, Singapore 34 sqm, and London 34 sqm. The top 5 super prime (> $10 million) cities are New York, Los Angeles, London, Miami, Hong Kong and the top 5 Ultra-Prime (> $25 million) cities are New York, London, Los Angeles, Hong Kong, Miami. See below for key summary | View the Report here.
“ 32% Wealth Allocated to Homes, Top 5 Investible Wealth Allocation are Equities, Commercial Properties, Bonds, Private Equity & Venture Capital and Commercial Properties Funds “
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Knight Frank Wealth Report 2023 Monaco | A country known for the rich and famous, with the highest GDP in the world and every 1 in 3 is a millionaire
Knight Frank has released the Wealth Report 2023, proving key insights into UHNW wealth growth, portfolio allocation, luxury investments, residential & commercial property trends, top cities & key prices for property investments.
Key Summary – UHNWsKnight Frank Wealth Report 2023 1) UHNW Portfolio Allocation
Wealth allocated to Primary & Secondary Homes – 32%
Investible Wealth Allocation (Typically excludes Residential Use)
HNWI Primary Goals in 2023
HNW Portfolio Allocation Plan in 2023 (Increase)
Views on Top 6 Safest Investment
Top 5 Reasons for Next Residential Property
UHNWs Planning for 2nd Passport or New Citizenships – 13%
2) Luxury Investments
Luxury Passion of Investment (12 months)
Luxury Passion of Investment (Highest Selling Price in 2022)
- Art – $195 million (Andy Warhol, Shot Sage Blue Marilyn, 1964 – Christie’s)
- Car – $143 million (Mercedes-Benz 300 SLR Uhlenhaut Coupé – Sotheby’s)
- Watch – $7.7 million (Gobbi Milano-signed Patek Philippe Ref. 2499 – Sotheby’s)
- Handbag – $353,000 (Hermès Himalaya Crocodile Kelly – Sotheby’s)
- Wine – $361,000 (Methuselah of 2007 Domaine de la Romanée-Conti – Sotheby’s)
- Coins – $4.6 million (1821 US$5 denomination gold piece “Half Eagle” – Heritage Auctions)
- Jewellry – $57.7 million (The Williamson Pink Star, a 11.15-carat fancy vivid pink diamond ring – Sotheby’s)
- Furniture – $15.9 million (Ming Dynasty chair – Sotheby’s)
- Coloured Diamond – $57.5 million (The De Beers Blue Diamond, 15.1 carat fancy vivid blue – Sotheby’s)
- Rare Whiskey Bottle – $300,000 (The Macallan The Reach, 81-year-old single malt – Sotheby’s)
Views on NFTs (Non-fungible tokens)
- NFT art market still has a lot of potential – 34%
- Never had any confidence in them – 32%
- Open minded until the crypto crash – 20%
- No idea what an NFT is – 12%
3) UHNW Wealth Growth
2022 UHNW Wealth Growth
- World: – 10%
- Americas: -10%
- Europe: -17%
- Africa: -5%
- Middle-East: -7%
- Asia: -7%
- Australasia: -11%
Projected Clients (UHNW) Wealth Growth in 2023
- Increase: 69%
- Remain the same: 18%
- Decrease: 13%
4) Real Estate Prices / Price Change
What $1 million buys (by square metres)
Notes (Sqm)
- 1 square metre = 10.764 square feet
- 10 square metre = 107.64 square feet
- 100 square metre = 1076.4 square feet
Super Prime (>$10 million) / Ultra-Prime (>$25 million) Sales
Prime Location Price increase in 2023
Top 5 Luxury Cities Price Increase
Top 5 Key Cities Price Increase
Top 5 Coastal & Sunny Cities Price Increase
Top 5 Ski Resort Price Increase
Top 5 Price Increase in Americas
Top 5 Price Increase in Asia-Pacific
Top 5 Price Increase in EMEA
5) UHNW on Real Estate Investment
UHNWIs Interests in Direct Real Estate in 2023
- Global Average – 19%
- Americas – 13%
- Europe – 20%
- Middle-East – 10%
- Africa – 14%
- Asia – 17%
- Australasia – 24%
UHNWIs Interests in Real Estate in 2023 – Indirect (REITs / Debt Funding etc)
- Global Average – 13%
- Americas – 11%
- Europe – 14%
- Middle-East – 10%
- Africa – 13%
- Asia – 13%
- Australasia – 18%
UHNW Sector Focus in 2023
Expected Ticket Size for Commercial Property investments
- Up to $500,000 – 27%
- $500k to $1 million – 27%
- $1 million to $5 million – 16%
- $5 million to $10 million – 8%
- $10 million to $20 million – 9%
- More than $20 million – 11%
6) HNWI on ESG (Environmental, Social & Governance)
Top environmental considerations important to HNWI investment decisions (Real Estate)
Environmental considerations important to HNWI investment decisions (Real Estate)
ESG considerations for UHNWIs for Property Investments
Accessibility – 29%
7) Real Estate Investments
Global Commercial Real Estate Investment in 2022 (vs 2021)
Private Capital Real Estate Investment by Sector in 2022 (vs 2021)
Top 10 Real Estate Destinations for Private Capital in 2022
Top 10 Real Estate Source of Private Capital in 2022
Annual Private Capital Investment (Real Estate)
Top 10 Cities for Domestic Private Capital in 2022 (Real Estate)
Top 10 Cities for Cross-Border Private Capital in 2022 (Real Estate)
Top 5 International (Cross-Border) Private Capital Focus in 2023
8) Most Connected Cities
Top 10 Most Connected Cities (Flight) – Pre-COVID (12 months to March 2020)
Top 10 Most Connected Cities (Flight) in 2022
Knight Frank HNW Pulse Survey – The views of 500 HNWIs across 10 countries and territories including: Australia, Chinese mainland, France, Hong Kong SAR, Italy, Singapore, Spain, Switzerland, the UK and the US. Conducted in January 2023.
The Attitudes Survey – The 2023 instalment is based on responses provided during November 2022 by more than 500 private bankers, wealth advisors, intermediaries and family offices who between them manage over US$2.5 trillion of wealth for UHNWI clients. Special thanks to ANZ Bank Australia, Bank of Singapore, Citi, Citibank, Commonwealth Bank, Dry Associates, Genghis Capital Ltd, Harvest Financial, HSBC Bank, ICEA LION, Ifigest, JB Were, Key Capital, Komerční banka, MA Financial Group, Macquarie Bank, NAB, NCBA Group, Rothschild, Santander Bank, Stanbic Bank Kenya, Standard Chartered Bank Singapore, UBS, United Overseas Bank (Malaysia) Bhd, Walsh Bay Partners and Westpac for their participation.
Knight Frank
Knight Frank LLP is the leading independent global property consultancy, serving as our ‘clients’ partners in property for 126 years. Headquartered in London, Knight Frank has more than 16,000 people operating from 384 offices across 51 territories. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants. For further information about the Firm, please visit knightfrank.com.
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