According to The Wealth Report, the numbers of people who are super-rich has also been rising:
The number of centamillionaires — those with US $100m in net assets — has risen by 62%, while the tally of billionaires has climbed by 80% to 1,682
The report also covers where these people live and what they do with their money.
Many of the individuals covered in the report intend to buy real estate in the near future. Among these, many will purchase commercial real estate. Voted first among the markets with the likely best returns is the United States.
Not surprisingly, the report forecasts that the fastest growth in the ultra-rich will come in China, where their numbers are predicted to rise by 80% by 2023. At that point, the number of billionaires in The People’s Republic will outnumber those in the United Kingdom, as well as Russia, France and Switzerland combined.
Despite the growth of the ultra-rich in China, a decade from now, the United States will remain the leader with more than 47,000. This will be followed by Japan with 19,000. The old world will keep its advantage over emerging markets like Brazil and Singapore.
Among the cities with the ultra-rich, London is the leader in number. New York is close behind. It is expected that the cities with the ultra-rich will tip toward Asia by 2023.
Other than commercial and residential property, the ultra-rich have spending habits very different from the balance of the world’s population. Among the items they like to collect are rare coins, cars and jewels. Once these people run out of property to buy, they apparently want to indulge in pricey hobbies.
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