Investing in property is a priority for the ultra-rich, whether in fiction or real-life.
Though Succession is fiction, the way they portray the thinking of the ultra-rich is spot on. For many ultra high net worth individuals , their mantra is to act swiftly but think long-term. Apply that to property, and you realise those Patek Philippe ads had it right all along: What you’re buying is never for you, but for the next generation.
“The main motivations for UHNWIs when it comes to acquiring property are twofold. Our clients definitely invest in properties as a private escape for their family, and the other is as part of their portfolio of investments. In the 2023 Knight Frank Wealth Report, we saw UHNWIs allocating 41 per cent of their portfolio to property and we saw the highest level of private investors investing into the commercial space, too,” shared Victoria Garrett, Head of Residential Asia Pacific at Knight Frank.
“I think the pandemic has only solidified further the relationship between UHNWIs and multiple home ownership. Stock at the high-end of the market is in short supply across all major locations due to the flight to safe heaven investment and clients upsizing as well as the rise of co-primary residences,” added Garrett.
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