The number of high net worth individuals grew in 2014 at the fastest rate since 2000. There are now a record 14 million HNWIs, an increase of 15 per cent compared with a year earlier.
A study commissioned by the Wall Street Journal on the mindset of the luxury real estate buyer found that million-dollar homes are selling at two times the historical average, an eight per cent increase year-on-year.
The study released by Wall Street Journal’s brand partner Sotheby’s International Realty, confirmed the importance of lifestyle as a factor in a real estate purchase, as well as the value of real estate as an investment.
There is a clear trend linking wealth and the number of homes owned. While the average HNWI owns 2.3 homes, respondents with household assets of more than €4.2 million own an average of three.