In recent years it has been possible to observe a constant and sustained growth of the population with ample economic resources, i cosiddetti High Net Worth Individuals (HNWI for short) with an individual asset of between 1 million euros and over a billion.
In geographical terms, we read in the article on Bloomberg “Here's how much wealth you need to join the top 1% globally”, the HNWI population is mainly concentrated in South East Asia (about 5 millions of people), in Nord America (more than 5 million) ed in Europa (about 4 million).
They have a fundamental role in the global luxury market. Goods such as Luxury Cars, Fine Art, High Quality Design, etc.., but also in the high-end real estate market where they buy luxury houses and apartments.
In fact, Sven Hates CEO of Engel & Völkers – world leading company in the brokerage of high quality residential and commercial properties with a total of more than 800 locations scattered around the planet – he stated in an interview in the latest issue of GG magazine: “in a single month of summer 2020 our company has recorded an increase of 60% of purchase contracts, with prices between two and five million euros, compared to the same month of 2019.”
And he added that: “The demand for luxury properties in international markets is constantly growing. Many buyers fear that their dream property may escape them and as a result there is a shortening of the time between property visit and signing of the contract; many properties are only available on the market for a short time. How the Covid-19 pandemic will evolve, it is not predictable. As regards the residential real estate markets, I foresee a very positive development”.
Alex Gaetani
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