Monaco has the highest density of wealthy people in the world – Pages Monaco
The British newspaper The Guardian returns to the report of the real estate consultants of Knight Frank, which makes that the fortune of the ultra-rich has accumulated during the pandemic. According to this same report, Monaco has the highest density of wealthy people in the world.
Rising global stock markets and rising house prices have swelled the ranks of ultra-high net worth individuals, according to the report from real estate consultants Knight Frank.
More than 51,000 people joined the ranks of the ‘ultra-rich’ last year as the fortunes of the already super-rich fueled the rise in global stock markets and rising house prices during the pandemic.
30 million dollars: the entrance fee to the club of the ultra-rich
The number of high net worth individuals (UHNWIs) — those with assets of more than $30 million — rose a record 9.3% last year to 610,569, according to Knight Frank.
“Whatever unit of measurement we track, whether it’s luxury property prices, the number of UHNWIs or even private jet traffic, 2021 has been a good year for those with the chance to own real estate or other tangible assets,” said Rory Penn, Knight Frank’s private office chief, who has advised ultra-wealthy clients around the world.
“Despite uncertain times, we have still seen significant wealth creation globally, with the number of people with net worth of US$30 million or more increasing by almost 10% in the past year. »
The number of ultra-wealthy people in the UK has risen by 11% to 25,771 – more than the stadiums of Watford, Burnley or Brentford could hold.
The number of Brits with assets over $30 million has doubled since 2016, and Knight Frank predicts the total will rise to over 32,000 by 2026. In the UK, over 3 million people are classified as dollar millionaires (£750,000), a 54% increase on five years ago.
The UK recorded the second fastest growth rate of ultra-wealthy people behind the US, where the number rose by 13% to 210,353. Wealth ranks grew on every continent to the exception of Africa, where 17 people fell from the list, bringing the total to 2,240.
The highest population of ultra-rich is in Monaco
Monaco stood out as the country with the most ultra-rich per capita, with 199 people holding assets of $30 million or more out of a population of just 39,000 – that’s five people in every thousand. Just under seven out of 10 people living in Monaco are dollar millionaires.
Monaco is home to several wealthy Britons, including former Topshop boss Sir Philip Green and his wife, Tina; billionaire Brexit supporter and petrochemicals tycoon Sir James Ratcliffe, property billionaires Simon and David Reuben; John Hargreaves, the and founder of Matalan; John Caudwell, billionaire founder of Phones4u and F1 driver Lewis Hamilton.
The Knight Frank report shows that, on average, the ultra-rich hold just under two-thirds of their wealth in property. Unsurprisingly, the most expensive real estate is in Monaco, where you have to spend at least 34 million dollars to become an owner and thus enter the club of the 1% of the most expensive properties.
A million dollars only buys 14.6 m2 of residential space in the Mediterranean principality, compared to 30.6 m2 in London, or 256 m2 in São Paulo.
The extension at sea to accommodate more billionaires
Aware of the lack of space available to attract more billionaires to Monaco, Prince Albert II, the reigning monarch, is overseeing a $2 billion project to reclaim six hectares of land from the sea.
The sovereign city-state – which is only slightly larger than Regent’s Park in London – said it was embarking on the “offshore urban sprawl project” because it had run out of space for those seeking the “benefits taxes” offered by its tax haven.
The reclaimed land will enable the creation of 120 luxury homes selling for more than $100,000 per square meter – more expensive than One Hyde Park in London and 15 Central Park West in Manhattan.
On average, the ultra-wealthy make up 2.9 houses, according to Knight Frank’s survey of private bankers and wealth advisers.