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☆ Ken Griffin's move to Florida means losing millions on homes he never even lived in
▼ + stars: | 2024-10-21 | by ( Lian Kit Wee | Jordan Pandy | ) www.businessinsider.com time to read: +5 min

Ken Griffin's Chicago penthouse — listed for $10 million less than he paid for it — has a buyer. A representative for Griffin said that his real-estate investments in Florida make up for the loss. AdvertisementGriffin and the listing agents for the Chicago penthouse did not respond to requests for comment sent by Business Insider. In 2023, he added, only four properties sold for that amount. AdvertisementAccording to Rafael Murillo, a Compass agent in Chicago, properties that cost eight figures are not a regular occurrence.

Persons: Ken Griffin's, —, Griffin, Ken Griffin, Walton, he's, Zia Ahmed, Michael LaFido, Knight, Rafael Murillo, Murillo, Michael Jordan's, Jordan, LaFido, homebuyers Organizations: Service, Citadel, Cook, Bloomberg, Chicago, Business, Chicago Tribune Locations: Ken Griffin's Chicago, Florida, Chicago, Gold Coast, Lake Michigan, South Florida, Coconut Grove, Miami, Palm Beach, Chicagoland, New York, city's St, Regis, Highland, COVID, Illinois

☆ Britain's ultra-wealthy are threatening to exit en masse ahead of proposed tax changes
▼ + stars: | 2024-09-20 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +9 min

They're just a few of the destinations trying to lure away the U.K.'s uber wealthy ahead of proposed changes to the country's divisive non-dom tax regime. They will also be prevented from avoiding inheritance tax on assets held in trust. The majority (83%) cited inheritance tax on their worldwide assets as their key motivator for leaving, while 65% also referenced changes to income and capital gains tax. Where the wealthy are movingIt comes as other countries are shaking up their tax regimes to incentivize wealthy investors. Ultra-wealthy U.K. citizens, who are typically highly active in the super-prime market, are also in "wait and see" mode ahead of possible changes to capital gains and inheritance tax.

Persons: Keir Starmer, Rachel Reeves, Macleod, Miller, they'll, Leslie Macleod, Helena Moyas de Forton, Moyas de Forton, Labour's, Alexander Spatari, I'm, Marcus Meijer, Mark, CNBC's, it's, James Myers, Oliver James, Myers, Knight Frank, Stuart Bailey, Knight Frank's, they're, Bailey Organizations: Old Bond, Pawel, Bank, Getty, Labour, Oxford Economics, Conservative, Investors, Britain, CNBC, Treasury, EMEA, Christie's, Estate, Henley & Partners, Monaco, London, Istock Locations: Old, Mayfair, London, United Kingdom, Monaco, Italy, Switzerland, Dubai, They're, Britain, Greece, Malta, Caribbean, Bahamas, Monte Carlo, Gibraltar, South Kensington, England

☆ India's ultra-wealthy club is booming — here's where the country's rich are investing
▼ + stars: | 2024-08-06 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +5 min

High-end real estateAbout 30% of India's UHNWI investments go into luxury real estate, including overseas projects, said Alok Saigal, president of wealth management firm Nuvama Private. People have moved away from investing in land as it is less liquid, and more wealth has been allocated to residential real estate since the pandemic, he added. Around 20% of Dubai's offshore real estate pie is owned by Indian investors. Startups' lureInvesting in startups is becoming increasingly popular, especially with the younger generation of rich Indians, wealth managers told CNBC. Bloomberg | Bloomberg | Getty ImagesAbout 17% of India's UHNWIs' wealth goes into luxury goods, with jewelry, art and watches as top preferences, findings from Knight Frank revealed.

Persons: Knight Frank, Alok Saigal, Alok, Chethan Shenoy, Anand, Saigal, Nitin Chengappa, India's, Chengappa, Anand Rathi Wealth's, LVMH Moet Hennessy Louis Organizations: Getty, India, Nuvama Private, Offshore, Nuvama, CNBC, Standard Chartered Bank, Shoppers, DLF, BMI, Bloomberg, Fitch Solutions, LVMH Moet Hennessy Louis Vuitton SA Locations: Mumbai, Beijing, New York, London, UHNWIs, Dubai, Delhi, New Delhi, India

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

☆ 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

☆ 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

☆ 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

☆ 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

☆ Japan’s property sector sees ‘golden period’ as foreign investments surge 45%
▼ + stars: | 2023-10-04 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +4 min

Bloomberg | Bloomberg | Getty ImagesForeign investments into Japan's real estate sector have been flourishing in the past year, buoyed by a weak Japanese yen as the country's central bank maintains its ultra-loose monetary policy. "It is a golden period of Japanese real estate," Henry Chin, head of Asia-Pacific research at CBRE, told CNBC. Foreign investors almost doubled their investment from a year ago to $2 billion in the first quarter of the year, the global real estate services company noted. According to latest data provided by CBRE, total foreign investments into Japan's real estate market has risen 45% in the first half of 2023, compared to the same period last year. The solid rebound in Japan's tourism sector following the ease in border restrictions has sparked a rise in hotel occupancies and hospitality investments, Knight Frank said in a recent September note.

Persons: Henry Chin, Chin, Koji Nato, JLL, Knight Frank, CBRE's Chin, Knight Frank's, Christine Li, David Madison Organizations: Bloomberg, Getty, CNBC, Nato LL's, Capital Markets, U.S, APAC Locations: Tokyo, Japan, Asia, Pacific, Osaka, Singapore, U.S, Canada, Magome

☆ Chinese property sales for private developers have been 'quite dismal,' Knight Frank says
▼ + stars: | 2023-09-25 | 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 EmailChinese property sales for private developers have been 'quite dismal,' Knight Frank saysChristine Li, Knight Frank's Asia-Pacific head of research, says Country Garden "won't be the last" in the real estate sector to face default risks.

Persons: Knight Frank, Christine Li, Knight Frank's Locations: Knight Frank's Asia, Pacific

☆ Here's how rich you need to be to be among the wealthiest 1% in the US, UK, and China
▼ + stars: | 2023-05-18 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

New data from Knight Frank shows how rich you need to be to make the top 1% in 25 countries. Monaco tops the list. It's $3.3 million in the UK, $1.6 million in the UAE, and $960,000 in mainland China. The highest-ranking Asian country is Singapore, where you need $3.5 million to be in the wealthiest 1%, just ahead of Hong Kong at $3.4 million. In Japan you need $1.7 million to make the cut, whereas in mainland China it's $960,000.

These kind of megadeals are at the vanguard of billions of dollars of annual spending on classic cars globally in a wave of investment in this alternative asset. "The track record of the past 30 years tells us classic cars have become a financial asset class we want our clients to have in their portfolios." [1/5] A general view of the classic car collection of Florian Zimmermann, owner of over 300 classic cars, in a warehouse in Lindau, Germany, April 5, 2023. "Electrification will favour classic cars," said Cristiano Bolzoni, head of Maserati's vintage car unit Maserati Classiche. "The classic car community has changed tremendously over the past five to 10 years," Zimmermann said.

☆ Singapore rent prices are still sky-high. Long-time expats are having to consider drastic changes
▼ + stars: | 2023-04-13 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +7 min

If rents continue to grow steadily, more residents will bite the bullet and purchase a property before paying higher prices for rent, Knight Frank's Christine Li said. Whether one's renting a room, an apartment or a house, long-time expatriates living in Singapore are digging deep into their pockets and making drastic changes to cope with rising rents. Some foreigners living here say their landlords may be taking advantage of an overheated property market to jack up prices — with some doubling the rent. "If rents continue to grow steadily, more people will just bite the bullet and purchase a property before paying higher prices for rent," she said. Justin Paget | Stone | Getty ImagesFrancesca said many potential landlords offered her "rent free deals" to convince her to agree to higher prices — that essentially translates to no rent for the first few months.

☆ This is how the world's wealthiest people invest their money — from office buildings, to art, to crypto — according to a major survey of the super-rich
▼ + stars: | 2023-03-03 | by ( Pete Syme | ) www.businessinsider.com time to read: +1 min

Knight Frank's 2023 "Wealth Report" details how ultra-high net worth individuals invest their money. Stocks and shares are the biggest individual contributors, with 26% of the average UHNWI's portfolio held in equities. On March 1, Knight Frank published 2023's "Wealth Report," which details the finances of ultra-high net worth individuals or UHNWIs. And while its report estimates the world's richest people lost over $10 trillion in total, it also shares insights into how the elite's financial portfolios are composed. From vast art collections to crypto and NFTs, this is how the world's richest people store their money.

☆ The world's ultra-rich lost about $14 trillion of their wealth in 2022, Knight Frank study shows
▼ + stars: | 2023-03-01 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The world's ultra-rich lost 13.6%, or $13.8 trillion, of their wealth in 2022, per a Knight Frank report. Just four in 10 ultra-wealthy people saw their wealth rise in 2022, the report says. Just four in 10 ultra-wealthy people saw a boost to their wealth in 2022, but the "overwhelming trend" was negative, Knight Frank said in the report. In 2022, the ultra-rich in Europe experienced the largest decline in wealth with a drop of 17%, followed by Australiasia with 11%, and the Americas by 10%, according to Knight Frank. According to Knight Frank, the ultra-rich parked 32% of their total wealth in their residential properties.

☆ Here are the top ways the world's ultra-rich spent their money last year, including pouring $455 billion into commercial real estate
▼ + stars: | 2023-03-01 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +4 min

The world's rich invested $455 billion in commercial properties in 2022, according to Knight Frank's wealth report. Whether in a private capacity or through a family office, the world's wealthy invested $455 billion in commercial properties, according to Knight Frank's wealth report released on Wednesday. Private capital also surpassed investments from institutions, which poured $440 billion in commercial property, down 28% from the year before. Investments in luxury collectibles increased by 16% last year, according to the Knight Frank Luxury Investment Index. Despite the increased investment, the world's ultra-rich ultimately lost $13.8 trillion, or 13.6%, of their wealth in 2022.

☆ COVID showed the rich that they can't just go wherever they want, so now millionaires are rushing to get 2nd passports: report
▼ + stars: | 2023-03-01 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

Lockdowns shattered the wealthy's belief that their mobility was foolproof, per consultancy Knight Frank. As such, ultra-high-net-worth-individuals are now increasingly pursuing citizenships or residencies overseas, London-based consultancy Knight Frank said in its 2023 report released Wednesday. "US citizens have a 'good passport' with many travel privileges, but COVID threw these out the door," Surak wrote. "The result has been a huge increase in the number of Americans looking into investment migration options," she added. Many are looking at overseas homes where they can live for a few months per year, or places that offer good healthcare, Surak wrote.

☆ The most expensive home in the Caribbean just listed for $200 million – take a look inside
▼ + stars: | 2023-02-19 | by ( Ray Parisi | ) www.cnbc.com time to read: +6 min

It's located on the small private island of Mustique, which lies in the southern Caribbean nation of St. Vincent and the Grenadines. Last year, Mustique's largest transaction was recorded at about $35 million, according to de Mallet Morgan. Here's a closer look at the most expensive home to ever hit the market in the Caribbean. The Bali Cottages house four more guest bedrooms and surround the estate's third swimming pool. De Mallet Morgan said the estate is currently operated by 18 staff.

☆ The top 5 cities around the world where even the rich soon won't be able to afford renting an apartment
▼ + stars: | 2022-12-30 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Prime rents have been rising in major cities around the world as pandemic restrictions ease. That's according to the latest Knight Frank Prime Global Rental Index report. Out of the 10 cities tracked by the real estate consultancy, only two of them — Hong Kong and Auckland — registered declines in prime rental prices. Financial hub Hong Kong was affected by pandemic restrictions, while supply was strong in Auckland's luxury property segment, Knight Frank wrote in its report. Keep reading for a look at the five major cities where prime — or luxury — rentals rose the fastest in the third quarter of 2022.

☆ Flying taxis, robotic avatars and holograms — Saudi Arabia pushes ahead with its sci-fi city vision
▼ + stars: | 2022-10-25 | by ( Emma Procter | ) www.cnbc.com time to read: +6 min

The future Site of the city Neom, a planned cross-border city, stands empty before development begins in the Tabuk Province of northwestern Saudi Arabia, December 18, 2019. NEOM political map of the 500 billion dollar megacity project in Saudi Arabia along the Red Sea coast. Granger's firm has been working closely with Neom and she believes the view of Saudi Arabia among the business community has changed inexorably. The aim is to transform and grow the kingdom's media industry — another key focus of the Vision 2030 plan. Visitors watch a 3D presentation during an exhibition on 'Neom', a new business and industrial city, in Riyadh, Saudi Arabia, October 25, 2017.

☆ The 6 most popular European destinations for Americans to buy homes as the strong dollar boosts US wealth overseas
▼ + stars: | 2022-09-04 | by ( Alcynna Lloyd | Jason Lalljee | ) www.businessinsider.com time to read: +4 min

Six places are especially popular among American buyers, per real estate company Knight Frank. As the US dollar rises, more wealthy Americans are investing their money overseas — especially in European real estate. According to global real estate company Knight Frank, Paris, St. Tropez, Tuscany, Venice, Barcelona, Mallorca, and Sardinia, have become the most popular European real estate markets for American home buyers. The researchers also noted that real estate in Venice is more receptive to negotiation than in other parts of the country. Real estate in Spain is also proving popular among Americans, with Barcelona and Mallorca being the standouts, according to Knight Frank.

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