Well, this might be a heart-stopping news for some of us to hear that luxury properties are earning the honour as the country’s most expensive listing, but it is not uncommon for ultra-high net worth (UHNW) to invest, or rather spend their money on appropriate real estates that valued at upwards of USD 1 billion.
Whether it’s the pricey USD 400 million Penthouse in Monte Carlo, Monaco, the USD 89.4 million Palace Gardens in London, the USD 1 billion Antilia in Mumbai, India, or the USD 195 million Palazzo di Amore on Beverly Hills, California, after all, majority of the billionaires who made it to the 2017 list of the 50 richest people in the world, are self-made.
The business tycoons have built their business empires in areas such as tech, pharmaceutical, finance, fashion, and sports. Very few of these rich people inherited stakes in their family’s companies.
In fact, Wealth-X, a firm that works with clients to serve all luxury lifestyle sectors and detail profiles on high net worth and ultra high net worth individuals, had done a research on UHNW people.
They shared the data with Business Insider on the residential addresses of people with a net worth of $30 million or more. The firm found that 14,574 UHNW people own property – whether a primary home or a vacation spot – in New York, the most of any city in the world.
- Houston – Total UHNW population: 2,884 | UHNW residents: 2,290 | UHNW second homeowners: 594 | Image courtesy of Sean Pavone/Shutterstock
-
- London – Total UHNW population: 9,301 | UHNW residents: 3,134 | UHNW second homeowners: 6,167 | Image courtesy of Yolanta/Shutterstock
-
- Miami – Total UHNW population: 2,927 | UHNW residents: 1,440 | UHNW second homeowners: 1,487 | Image courtesy of cate_89/Shutterstock
-
- Milan – Total UHNW population: 1,731 | UHNW residents: 800 | UNW second homeowners: 931 | Image courtesy of Freeday/Shutterstock
-
- New York City – Total UHNW population: 14,574 | UHNW residents: 8,340 | UHNW second homeowners: 6,234 | Image courtesy of Flickr/Jerry Ferguson
-
- Paris – Total UHNW population: 4,663 | UHNW residents: 3,430 | UHNW second homeowners: 1,233 | Image courtesy of Heracles Kritikos/Shutterstock
-
- San Jose – Total UHNW population: 2,791 | UHNW residents: 1,380 | UHNW second homeowners: 1,411 | Image courtesy of Uladzik Kryhin/Shutterstock
-
- Toronto – Total UHNW population: 2,021 | UHNW residents: 1,760 | UHNW second homeowners: 261 | Image courtesy of Shutterstock
-
- Zurich – Total UHNW population: 2,553 | UHNW residents: 1,900 | UHNW second homeowners: 653 | Image courtesy of Canadastock/Shutterstock.com
-
- Hong Kong – Total UHNW population: 8,009 | UHNW residents: 7,650 | UHNW second homeowners: 359 | Image courtesy of Shutterstock
Singapore is listed as one of the highly-sought after cities to live in or buy a vacation home
Total UHNW population: 7,953 | UHNW residents: 2,180 | UHNW second homeowners: 5,773
How about turning a home into a new-age workplace to save on costs
Perhaps investors or companies looking at attracting top talents can reap benefits from this strategy – turn the luxury property into a new-age home and office.
The rental in San Francisco is said to be so pricey that a law firm had to spend USD3 million on a jet plane to fly its staff in once a month to meet clients. It’s cheaper to recruit top talents instead of having the staff live there.
According to Zillow, San Francisco’s median rent is USD4,450, nearly three times than that in Houston.The jet, which costs only USD2,500 an hour to operate, is far more cheaper an option.
Corporate companies who often see fellow employees coming from around the world to sit down for meetings, can construct the home into a modern workplace. A luxury property will still be able to provide companies and investors a more economical option for the long-term.