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An increasing number of ultra high net worth (UHNW) individuals are buying non-traditional homes outside their domiciles according to a new study by Wealth-X and the Sotheby’s International Realty® brand, released today.
Wealth-X has identified more than 211,000 ultra high net worth individuals globally – defined as those with US$30 million and above in net assets – and 79% of them own two or more residences.
The Wealth-X and Sotheby’s International Realty UHNW Luxury Real Estate: Multi-Homers Report reveals that these UHNW buyers look for residences that are environmentally sustainable, technologically sophisticated, or that fit better with their personal and family needs.
Below are other key findings from the report:
Wealth-X President David Friedman commented: “Wealth-X is pleased to partner with the Sotheby’s International Realty brand for this fourth joint report in 2015. This report underscores Wealth-X’s commitment to conducting ground-breaking research on the world’s ultra high net worth (UHNW) population. Expert commentary from Sotheby’s International Realty complements Wealth-X’s global intelligence on the world’s UHNW population, producing a report that demonstrates a true collaboration between the world’s leading UHNW intelligence provider and the global leader in luxury residential real estate.”
“Our partnership with Wealth-X has proven to be invaluable as we continue to explore the motivations of the world’s ultra high net worth,” said Philip White, president and chief executive officer of Sotheby’s International Realty Affiliates, LLC. “The research from our latest report uncovers current trends in home purchasing behavior and chief lifestyle considerations, helping us gain insight into investment strategies of the UHNW population.”
Download the latest report here.