Super Rich Invest In Real Estate

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    The world’s super rich own around $3 trillion worth of owner-occupied residential properties, more than the gross domestic product of the UK, France, or India, says a report by Wealth-X and Sotheby’s International Realty. The report says there are 211,275 ultra-high net worth individuals — defined as those with $30 million and above in net assets — around the world, and nearly 80 per cent of them own two or more residences that they bought for their own personal use (rather than purely for an investment). The total value of their homes rose by eight per cent during 2014. In addition, ultra-high net worth individuals keep their primary residences for an average of over 15 years and their secondary residences for over 10 years, while billionaires change their properties once every three years. Ultra-high net worth individuals generally hold around 30 per cent of their wealth in property, says a separate 2014 ‘Wealth Report’ by independent property consultancy Knight Frank. Almost three-quarters of these individuals own a townhouse, while just under 30 per cent own a rural retreat.