New York is formally the richest metropolis on the earth for actual property
New York is home to the world’s highest number of extremely unhealthy homeowners.
Despite the economic shock caused by COVID-19, New York remains the world capital for wealthy homeowners.
Nearly 25,000 high net worth individuals (UHNW) with net worth over $ 30 million have primary or secondary residences in the Big Apple, according to a new report from financial insight firm WealthX and real estate platform REALM.
“This reflects New York’s status as a global center for finance and commerce, offering a rich mix of cultural and luxury lifestyle opportunities, quality education and prime real estate,” said the report that summarized last December’s numbers.
Of the 24,660 UHNW residents in New York, just over half had secondary homes in the city rather than primary residences.
The report, titled “Spotlight on the World’s Leading Markets for the Wealthy: Residential Properties 2021,” included both primary and secondary housing to provide a more holistic view of the “living footprint” of the ultra-health population.
“This footprint is significant because any type of residential presence, even if only for days or weeks in a given year, is an opportunity for organizations that want to understand and engage the rich of the world.”
Thanks to its size and geographic diversity, the US dominated the rankings, representing 11 of the top 20 markets.
LA ranked second with nearly 16,300 high net worth individuals, two-thirds of whom owned secondary properties in the City of Angels.
The first city outside the US on the list, London ranked third with 14,485 ultrawealthy people, more than 68% of whom had second homes in the UK capital.
This was followed by Hong Kong with 14,235 ultrawealthy residents and Paris with 7,035.
In New York, London, and Hong Kong, secondary homeowners were more likely to be female and slightly younger than primary residents.
“Because of their choice to spend most of their time in the world’s leading financial centers, [they] a high proportion of self-made wealthy private individuals with an above-average focus on banking and finance as the main industry, ”says the report.
The highest density of Superrich residents was in Monaco, with one UHNW footprint per 29 residents. The principality was followed by Aspen, Colorado, with one per 47.
While these numbers are impressive, they’re likely to shift over the next year or two as the pandemic blurs the lines between primary and secondary residences.
“The pandemic has created the best market for second and even third homes in the luxury real estate market,” Joanne Nemerovski, luxury real estate advisor at Compass in Chicago, recently told Mansion Global. “No matter how impressive their primary residence is, this group of wealthy people are used to travel and have a hard time staying. Diversity is the spice of life. “