Dive Brief:
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The U.S. is the most popular destination in the world for the ultra-wealthy who want to buy second homes, according to a report by Wealth-X and Sotheby’s International Realty.
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The 211,275 people in the world whose net assets are worth $30 million or more have more than $3 trillion wrapped up in owner-occupied homes. That’s more than the GDP of India, according to the report.
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New York City, London and Hong Kong are the favorite spots for that investment, but “niche” communities like the Hamptons, along with some rural areas around the world, are growing on the super-rich, the report said.
Dive Insight:
Builders hoping to land super-rich clients might consider a few of the study’s other findings: Wealthy women value real estate investments more than men and typically hold more of those assets than their male counterparts; those who inherited their wealth are more likely to buy luxury homes than those who earned it on their own; billionaires buy and sell their property more often—once every three years—compared with those worth between $30 million and $50 million, who tend to hold onto their primary residences for 15 years and second homes for 10; and more than 6% of the ultra-rich do not live in their homelands. Rather, they keep secondary residences there.