A Wealth of Insight…
More than ever before, ultra high net worth (UHNW) individuals have globally-oriented lifestyles, driven by their connections to business and social networks throughout the world.
One of the biggest reflections of this trend is UHNW home ownership, which is becoming increasingly international: whilst most UHNW individuals opt for a second or third home in the country where they reside, an increasing number are opting for international homes. Five years ago international homes accounted for 11% of non-primary UHNW residences, whereas they now account for 16%. Nearly 80% of UHNW individuals own at least two homes and over half own at least three homes. While many of these residences are purchased as holiday homes, UHNW individuals are buying additional homes for a variety of reasons and are spending more time away from their primary residence.
As they spend more time in their additional residences, many UHNW individuals are buying homes based on lifestyle considerations that go beyond finding a holiday home. Homebuyers are increasingly looking for properties that are environmentally sustainable, technologically sophisticated, or better fit their personal and family needs.
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