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☆ More Americans are moving to Tuscany, where their money goes further, the pace is slower, and the wine flows freely
▼ + stars: | 2024-03-02 | by ( Jordan Pandy | Reed Alexander | ) www.businessinsider.com time to read: +14 min

More Americans are moving to Tuscany, a part of Italy known for medieval walled cities and wine. Some locals say it's keeping their economy alive, but others are starting to grumble. The influx of Americans, locals said, can be at once a booster of fortunes and an irritating imposition. "A lot of locals say that a place like Montepulciano cannot handle all those tourists because it's a small city," said Tudor, the jeweler. Americans, Ercolani said, "spend money and they appreciate the quality of the food and the wine that we have."

Persons: —, Leanne Davis, Davis, Jon Chewning, Chewning, It's, Georgette Jupe, Knight Frank, Florence ., they're, we've, Frances Mayer's, it's, Michele Capecchi, Capecchi, Erin Lewis, Lewis, Danilo Romolini, Luca Tudor, AJ Tuscany, Tudor, who's, Sam D'Avanzo, dell'Anfiteatro, Frank Bienewald, they've, lockdowns, Jupe, Bendetta, Cantina Ercolani, Ercolani Organizations: Service, Business, Associated Press, US Department of State, Italian National Institute of Statistics, away.com, Christie's, Estate, Locals, International School of Florence Locations: Tuscany, Italy, California, Romano, Sacramento, Montepulciano, Florence, Boccheggiano, Lucca, Siena, American, Europe, Rome, Venice, Chiusi, Austin , Texas, Houston , Texas, Italian, Switzerland, Albanian

Among high-income earners, Gen Z is most confident in their ability to get richer. Gen Z women are particularly confident in their ability to create wealth. The rest of Gen Z may not share this confidence. AdvertisementIt seems the rich are confident that they will be able to build wealth, and the affluent side of Gen Z is no exception. A gender breakdown reveals that 81% of high-net-worth Gen Z women, versus 69% of high-net-worth Gen Z men, expect to see their money grow — a deviation from the overall trend, which saw men more likely to indicate that their money would increase.

Persons: Gen, Knight Frank, Knight Frank's, millennials, Rich millennials Organizations: Liberty Street, Federal Reserve Bank of New, Business Locations: Federal Reserve Bank of New York

☆ Millennials stand to become the richest generation in history, after $90 trillion wealth transfer
▼ + stars: | 2024-03-01 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

However, over the next twenty years, Millennials are poised to inherit some $90 trillion of assets and become the richest generation in history – but only the ones who already come from affluent families, potentially deepening wealth inequality further. Between now and 2044 in the US, the Silent Generation and Baby Boomers are expected to hand over the reins of their significant wealth to Millennials, according to The Wealth Report, a periodic report from global property consultant Knight Frank. But whether you’re a Millennial on the receiving end of that wealth transfer is largely a lottery of birth. Looking ahead, the number of supremely wealth people is expected to increase by 28% over the next five years, according to the report. More growth in ultra-high-net-worth individuals is expected in Asia, including India, China, Malaysia and Indonesia, the report said.

Persons: Millennials, Knight Frank, Liam Bailey, ” Mike Pickett, Z, ” Pickett, “, ”, Bailey Organizations: DC CNN, Boomers, Cazenove Locations: Washington, North America, Africa, America, Asia, India, China, Malaysia, Indonesia

☆ Millennials could become the richest generation ever — but only if they already come from money
▼ + stars: | 2024-03-01 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +2 min

Read previewIf you're a Millennial whose parents have a boatload of money, you're about to make your generation historically rich. The transfer in wealth will make "affluent millennials the richest generation in history," according to the report. "It goes beyond a simple shift of existing wealth," Pickett said. "I think the diversity of opportunity to create wealth has also grown — for example, there are YouTubers worth tens of millions. The report urges the financial sector to be ready for the influx in monied millennials by offering wealth management "on their wavelength."

Persons: —, Knight Frank, Millennials, Mike Pickett, Pickett Organizations: Service, Business, Cazenove Locations: Millennials, India, China

☆ How much living space $1 million buys around the world
▼ + stars: | 2024-03-01 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +1 min

Monaco is the most expensive market for prime property, costing over $5,800 per square foot. Knight Frank released its annual wealth report and looked at high-end real estate around the world. Hong Kong, Singapore, London, Geneva, and New York also ranked high for expensive prime property. AdvertisementIn Monaco, where you would need nearly $12.9 million to be in the top 1%, a square foot in a prime property costs over $5,800. Knight Frank defined prime property as "the most desirable and most expensive property in a given location, generally defined as the top 5% of each market by value."

Persons: Knight Frank, — Organizations: Monaco, Service, Business Locations: Hong Kong, Singapore, London, Geneva, New York, Monaco

☆ Premarket stocks: Retailers warn Wall Street to expect less shopping this year
▼ + stars: | 2024-03-01 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

Lowe’s: The home improvement giant projected total sales of $84 billion to $85 billion for 2024 in fourth-quarter results reported on Tuesday. Mortgage rates edge closer to 7%, dampening start of spring homebuying seasonUS mortgage rates climbed for the fourth week in a row, inching closer to 7% just as peak homebuying season gets underway, reports my colleague Anna Bahney. “Mortgage rates continued their ascent this week, reaching a two-month high and flirting with 7% yet again,” said Sam Khater, Freddie Mac’s chief economist, in a statement. Since reaching a 20-year high of 7.79% in October, mortgage rates have been slowly falling. But in recent weeks, as the market absorbs expectations that the Federal Reserve will not cut its benchmark lending rate until later this year, mortgage rates have trended higher.

Persons: they’re, ”, Marvin Ellison, Macy’s, Tony Spring, Corie Barry, ’, ” Barry, Diksha Madhok, Hanna Ziady, “, Thamashi De Silva, Knight Frank, Read, Anna Bahney, Freddie Mac, Sam Khater, Freddie Mac’s, Khater Organizations: CNN Business, Bell, New York CNN — Companies, Federal Reserve, Commerce Department, United States’s, Gross, Capital Economics, “ Locations: New York, That’s, India

☆ Britain to lead 2024 European real estate boom as international buyers eye opportunities, research says
▼ + stars: | 2024-03-01 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

Richard Newstead | Moment | Getty ImagesThe U.K. looks poised to lead a European real estate resurgence this year as international investors return capital to the region's strained property market. U.S., Israeli, Japanese and Taiwanese investors are set to lead that charge, spearheading a 20% rebound in real estate investment activity in 2024 as they pump cash into Britain, Germany, Spain and the Netherlands, according to the research. European real estate revivalBritain ranked as the top European destination for cross-border investment in CBRE's 2024 European Investor Intentions Survey, with investors pointing to its discounted rates and high return potential. Busà Photography | Moment | Getty ImagesIt follows a tough year for real estate in 2023, as higher interest rates pushed up borrowing costs and weighed on investor sentiment. Global cross-border real estate investment totalled 196.3 billion euros ($212.9 billion) over the year, down 40% on the five-year average, according to Real Capital Analytics data cited by Savills.

Persons: Richard Newstead, Rasheed Hassan, Savills, Chris Brett, Knight Frank Organizations: CNBC, European Central Bank, Bank of England Locations: Kings Cross, London, European, Britain, Germany, Spain, Netherlands, Poland, Paris, Madrid, Amsterdam, Berlin, Europe, East, Africa, Americas, Asia Pacific, France

☆ How much wealth you need to be in the top 1% in countries around the world
▼ + stars: | 2024-02-29 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +3 min

Americans need a minimum net worth of $5.8 million to be in the top 1% of US wealth. The number of ultra-high net worth individuals globally is expected to surge by 28% by 2028. AdvertisementAmericans need at least $5.8 million in net worth to be in the top 1% of wealth in their country — less than half of the 1% cutoff for Monaco. Wealth as measured by Knight Frank includes investments, cash, and assets such as residences. In 2022, the median net worth for the top 10th percentile was $2.56 million, whereas net worth was just $14,000 for those in the bottom 20th percentile.

Persons: —, Knight Frank, Liam Bailey, Frank, Bailey Organizations: Service, Monaco, US, Federal Reserve's Survey, Consumer Finances, Bank Locations: Monaco, Luxembourg, Switzerland, North America, India, China

☆ A huge wealth transfer means millennials are poised to become 'the richest generation in history'
▼ + stars: | 2024-02-29 | by ( Sam Meredith | Www.Linkedin.Com In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Soaring rents, rising inflation and student debt are among some of the reasons millennials have struggled to purchase their own homes or build up their savings. A gigantic wealth transfer over roughly the next decade will likely make millennials "the richest generation in history," according to a report from global real estate consultancy Knight Frank. In the U.S. alone, Knight Frank said the shift would see $90 trillion of assets move between generations, "making affluent millennials the richest generation in history." Soaring rents, rising inflation and student debt have contributed to millennials' struggles to purchase their own homes or build up their savings. Liam Bailey, global head of research at Knight Frank, said that the wealth transfer is taking place amid "seismic changes" in how the assets are put to use.

Persons: millennials, Knight Frank, —, Liam Bailey, Bailey Organizations: Soaring

☆ How much wealth do you need to join the 1% club in your country?
▼ + stars: | 2024-02-29 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

The entry barriers to the 1% rich club have been getting tougher across the world. Here's how much you need to join the ranks of the wealthiest people in your country. Second in line is Luxembourg, which has an entry requirement of $10.8 million, followed by Switzerland at $8.5 million. At $5.2 million, Singapore is fifth globally and leads the Asia-Pacific region in terms of the wealth needed to break into the elite club. The two are offering tax incentives and business-friendly regulations to attract 1,100 family offices that manage over $4 trillion in assets.

Persons: Monaco, Knight Frank Organizations: Empire, Hudson Locations: Manhattan, New York City, U.S, Luxembourg, Switzerland, Singapore, Asia, Pacific, Hong Kong

☆ The hottest housing markets for the super rich in 2024
▼ + stars: | 2024-02-28 | by ( Robert Frank | ) www.cnbc.com time to read: +2 min

While luxury real estate has been buffeted by many of the same pressures as the rest of the market — low supply, slow sales, rising prices — the ultra-high-end has fared slightly better. With interest rates stabilizing and possibly falling this year, real estate experts say there are early signs that luxury supply may be growing, which could lead to more sales. The report forecasts that the best-performing U.S. luxury market this year for price growth will be Miami, with an expected increase of 4%, according to the report. New York ranked second in the U.S., with expected price growth of 2%, followed by Los Angeles with 1% growth. Globally, the top market for luxury real estate is expected to be Auckland, New Zealand, with projected price growth of 10% in 2024.

Persons: Douglas Elliman, Frank Wealth, Robert Frank, Liam Bailey, Knight Frank Organizations: Miami, New York Locations: U.S, Los Angeles, Auckland, New Zealand, Mumbai, Dubai, Madrid, Sydney, Stockholm

☆ Almost 630,000 people worldwide are now worth at least $30 million, Knight Frank says
▼ + stars: | 2024-02-28 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Knight Frank's new wealth report shows that about 70 people a day became uber-rich last year. The total number of people worth at least $30 million rose by 4.2% to about 627,000 worldwide. AdvertisementAlmost 70 people a day joined the ranks of the uber-wealthy last year, Knight Frank has revealed. A net worth of at least $30 million is required to be classed as a UHNWI. However, it only takes $5.8 million to rank in the top 1% of wealthy Americans, Knight Frank said.

Persons: Knight, —, Knight Frank Organizations: Service, Business

☆ Freddie Mercury’s London home for sale for $38 million
▼ + stars: | 2024-02-27 | by ( Catherine Nicholls | ) edition.cnn.com time to read: +2 min

London CNN —The former London home of rock legend Freddie Mercury is available to buy – that is, for those with a cool £30 million ($38 million) to spare. The property was bought by Mercury on the spot when he first visited it in 1980, according to Knight Frank, which is handling the sale. In this spirit, the dining room was painted citrus-yellow, reportedly Mercury’s favorite color, with complementary jewel tones in the cornices of the room. The property’s principal suite is entered through what used to be Mercury’s dressing room, where he stored his clothes and stage costumes. After more than 30 years taking care of them, Austin, now 72, auctioned about 1,400 of Mercury’s belongings last year, and is now looking to sell Garden Lodge for offers in excess of £30 million ($38 million), according to Knight Frank.

Persons: Freddie Mercury, Knight Frank, Robin Moore Ede, ” Knight Frank, Barney Hindle, Knight Frank The, Mercury, Mary Austin, “, ” Austin, Freddie Organizations: London CNN, Mercury Locations: London, Kensington, Austin

☆ Why Bulgari and Armani are building designer homes in Dubai
▼ + stars: | 2024-02-05 | by ( Rebecca Cairns | ) edition.cnn.com time to read: +9 min

CNN —Armani… Bulgari… Versace…The list reads like the directory of a designer shopping mall. It has more luxury branded residences than anywhere else in the world, knocking South Florida, the sector’s longstanding leader, off the top spot last year. On average, branded residences command a 30% premium compared to similar-quality properties in the same location. The deposits for off-plan purchases can often amount to more than $1 million for prime real estate. “There is a big appetite from both buyers as well as the developers, to continue with branded residences,” said Piro.

Persons: CNN — Armani, Bulgari … Versace, Savills, ”, Patricia Viel, ” ACPV, Bulgari, Viel, Faisal Durrani, Knight Frank Middle, Knight Frank’s, Knight Frank, it’s, Durrani, Rosa Piro, Tadao Ando, Arada, Piro, Armani, Giorgio Armani, Arada Durrani Organizations: CNN, Villa, ACPV, Neverending, Bulgari, Michelin, Resorts, Knight, United Arab, “, Armani, Jumeirah Locations: Dubai, South Florida, Milan, there’s, Aspen, Miami, Algarve, Bahamas, United Arab Emirates

☆ Singapore home buyers have been a little more 'circumspect,' Knight Frank says
▼ + stars: | 2024-01-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSingapore home buyers have been a little more 'circumspect,' Knight Frank saysLeonard Tay, head of research at real estate consultancy Knight Frank, says supply has "made some headway, catching up with demand," giving home buyers "a bit more variety."

Persons: Knight Frank, Leonard Tay Organizations: Singapore

☆ Sentiment improving in UK housing market: Knight Frank
▼ + stars: | 2023-12-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSentiment improving in UK housing market: Knight FrankU.K. property sales will improve over the next six months amid falling inflation and speculation over rate cuts from the Bank of England, says Tom Bill, head of U.K. residential research at Knight Frank.

Persons: Knight Frank, Tom Bill Organizations: Bank of England

☆ Hong Kong October home prices drop to lowest since March 2017
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

A general view of Two International Finance Centre (IFC), HSBC headquarters and Bank of China in Hong Kong, China July 13, 2021. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsHONG KONG, Nov 28 (Reuters) - Hong Kong private home prices extended a fall in October, dipping to their lowest since March 2017, official data showed on Tuesday, weighed down by higher interest rates and weak buying sentiment. Home prices in the financial hub, one of the most expensive markets in the world, dropped 2.2% in October from the previous month. Prices have dropped 4% in the first 10 months of the year after the sixth monthly decline in October. Investment bank UBS has forecast that Hong Kong's home prices could drop another 10% in 2024 as borrowing costs in the city have surged to the highest level since 2007.

Persons: Tyrone Siu, Martin Wong, Knight Frank, Clare Jim, Robert Birsel Organizations: International Finance Centre, HSBC, Bank of China, REUTERS, Realtors, Investment, UBS, Thomson Locations: Hong Kong, China, HONG KONG

☆ London’s Luxury Home Market Has Been Dragging for Years. These Sellers Are Diving in Anyway.
▼ + stars: | 2023-11-23 | by ( Ruth Bloomfield | ) www.wsj.com time to read: 1 min

Lesley and Johan Denekamp are keenly aware that now isn’t a great time to be selling real estate in central London. Nonetheless, in September, they went ahead and listed their 3,800-square-foot townhouse with Knight Frank, for $5 million. The couple are sick of waiting, having already sat out Brexit and the pandemic. “We don’t think we are going to live forever, and four million pounds is a lot of money to have tied up in a house we don’t really need,” said Johan Denekamp.

Persons: Lesley, Johan Denekamp, Knight Frank, ” Locations: London

☆ London’s Luxury Home Market Has Been Dragging for Years. These Sellers Are Diving In Anyway.
▼ + stars: | 2023-11-23 | by ( Ruth Bloomfield | ) www.wsj.com time to read: 1 min

Persons: Lesley, Johan Denekamp, Knight Frank, ” Locations: London

☆ London’s Luxury Home Market Has Been Dragging for Years. These Sellers Are Diving in Anyway
▼ + stars: | 2023-11-23 | by ( Ruth Bloomfield | ) www.wsj.com time to read: 1 min

Persons: Lesley, Johan Denekamp, Knight Frank, ” Locations: London

☆ China's not-so-special economic zone embodies a harsh new reality
▼ + stars: | 2023-11-16 | by ( David Kirton | ) www.reuters.com time to read: +9 min

REUTERS/David Kirton Acquire Licensing RightsSHENZHEN, China, Nov 16 (Reuters) - Tony Xiong is among the latest arrivals to the glitzy office towers in the newest part of Shenzhen, built to showcase China's economic miracle. Office workers are not the only ones grumbling about the unattractiveness of Qianhai, a special economic zone where Chinese dreams of global financial might and economic prosperity that once seemed inevitable are now darkened by half-empty skyscrapers and shopping malls as well as barely used motorways. And that's before China's tallest skyscraper of over 1,000 metres and a cluster of other towers are completed. With China entering a new era of sluggish growth, Qianhai may never reach the international status to which it aspires. The Qianhai Authority and China's State Council Information Office did not respond to Reuters requests for comment on the local and macro economic challenges.

Persons: David Kirton, Tony Xiong, Qianhai, Knight Frank, Antonio Fatas, Deng Xiaoping's, Xi Jinping, Xi, Zhiwu Chen, incentivised, Witman Hung, I've, Brian Miller, Klaus Zenkel, it's, Bill Deng, Zhang, James Pomfret, Marius Zaharia, David Crawshaw Organizations: REUTERS, Rights, Reuters, Authority, Communist Party, University of Hong, Qianhai Authority, HSBC, UBS, Standard Chartered, Chamber of Commerce, Greater, Thomson Locations: Shenzhen, Guangdong province, China, Rights SHENZHEN, Hong Kong, Beijing, Shanghai, China's, Qianhai, University of Hong Kong, Guangzhou, Hengqin, Macau, Nansha, South China, Greater Bay Area, . Hong Kong

☆ A beginner's guide to investing in art — that won't break the bank
▼ + stars: | 2023-11-09 | by ( Lucy Handley | ) www.cnbc.com time to read: +10 min

Will Ramsay, founder and CEO of the Affordable Art Fair, which puts on exhibits worldwide, said collecting art is easier than people might think. However, contemporary art is likely to increase in value over the long term, Diament said. There's also a satisfaction in buying something from a living artist, Diament said. "Some people like color, other people like to focus on drawings without color … you have people who collect just one artist," Taylor said. Provenance — which refers to the history and ownership of a piece — is often an important consideration when buying art.

Persons: Nicholas Bowlby, Puja Bhatia, You've, Karen Taylor, Taylor, Maria Artool, Will Ramsay, Robert Diament, Diament, you'll, Tracey Emin, Carlotta Cardana, There's, Knight Frank, Knight, Ramsay, Eileen Agar, Jeff Spicer, George Romney, Voltaire, Magda Archer, Ella Kruglyanskaya, Carl Freedman, Benjamin Senior, Richard Parkes Bonington, Judith Burrows, he'd, It's, Artool, Isabelle Paagman, Sotheby's, Paagman, Shepard Fairey Organizations: CNBC, Fair, of, Bloomberg, Getty, Knight, Investment, Art Market Research, Whitechapel Gallery, Art, San, Wallace Locations: London, U.K, British, Austin, Berlin, Brisbane, Latvian, Britain, Venice, American, Europe, Italy, Paris, France

☆ What WeWork bankruptcy means for commercial landlords
▼ + stars: | 2023-11-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhat WeWork bankruptcy means for commercial landlordsWeWork filed for Chapter 11 bankruptcy protection. Christine Li of Knight Frank discusses the implications.

Persons: WeWork, Christine Li, Knight Frank

☆ Knight Frank expects Hong Kong property prices to fall 5% in the second half of 2023
▼ + stars: | 2023-10-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailKnight Frank expects Hong Kong property prices to fall 5% in the second half of 2023Martin Wong, Knight Frank's head of research and consultancy for Greater China, says he expects them to fall by another 5% in 2024. He adds that high interest rates in the city will likely persist for another 12 to 15 months.

Persons: Knight Frank, Martin Wong, Knight Frank's Locations: Hong Kong, Greater China

☆ Otis and Jean's 'Sex Education' house could now be yours for $1.8 million — take a look inside
▼ + stars: | 2023-10-08 | by ( Polly Thompson | ) www.businessinsider.com time to read: +1 min

The $1.8 million property offers views of the Wye Valley, which sits on the England-Wales border. Take a look inside the stunning home. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementThe iconic house from the hit Netflix show "Sex Education" has gone on the market for £1.5 million, or around $1.8 million. Take a look inside.

Persons: —, Knight Frank's, Otis, Asa Butterfield Organizations: Netflix, Service Locations: Wye, England, Wales, Norwegian, Symonds

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