REALM Residential Real Estate 2023: Spotlight on the world’s leading markets for the wealthy
In a world of volatile politics, uncertain economic prospects and rapid social and technological change, the wealthy population’s preferences for how and where they live are constantly shifting. Yet the significance of ‘home’ for the wealthy — as a haven for family, a place of work or a vacation escape for personal wellbeing — remains as strong as ever. Moreover, the allure of the city, whether for business, cultural, family or lifestyle reasons, remains strong, driving demand across the world’s luxury residential real estate market.
Altrata’s Residential Real Estate 2023: Spotlight on the World’s Leading Markets for the Wealthy is the second edition of this report, powered by Wealth-X and sponsored by REALM. Since the first edition was published in early 2021, there have been changes across the global wealth map and, alongside a comprehensive update to our Wealth and Investable Assets Model1 , this new report presents a concise and informative snapshot of where the wealthy choose to live, work and play, with a focus on ultra high net worth (UHNW) individuals with a net worth of more than $30m (an exclusive group totaling around 400,000 individuals2).
By taking into account all the residential addresses of a wealthy individual, not just their primary residence, the report takes a holistic view of location, focusing on the potential of their residential footprint. This is significant because, even if only for days or weeks in a given year, any type of luxury residential presence is an opportunity for organizations that seek to engage with high net worth individuals around the world. We begin with an overview of the importance of cities to the wealthy and highlight recent global trends and their impact on the luxury real estate market.
The core section of the report then focuses on the world’s top cities ranked by total UHNW residential footprint, counting individuals with a primary residence and/or secondary home(s) in these locations. The report then shines a spotlight on the world’s most popular cities for secondary homes of the wealthy, with a geographic focus on the US and the rest of the world. Many of these urban centers, but not all, also feature prominently in our examination of cities by UHNW density, that is, the number of general residents per UHNW primary resident or secondary home owner.