Billionaires worldwide still parking their wealth in real estate: census
Also the primary industry of Chinese billionaires
The proportion of billionaires’ wealth held in real estate and luxury assets remained virtually the same in 2018, according to the new Billionaire Census by intelligence provider Wealth-X.
Billionaires allocated 2.2 percent of their holdings last year in real estate and luxury assets — which include such possessions as yachts, airplanes, cars, jewelry and art — a slight dip from 2.3 percent in 2017.
The latest figures are equivalent to about USD71 million in luxury holdings per individual.
“Real estate, food and beverages, and manufacturing comprise the remaining top five primary industries, together accounting for a fifth of all billionaires,” Wealth-X researchers stated.
More: Singapore home to most real estate billionaires in Southeast Asia
“All have benefited from long-term global population growth, the continued trend towards urbanization, the rapid expansion of the middle class in many emerging markets, and the recent shift in consumer demand toward greater convenience, spurred by the increasing adoption of digitalisation around the world,” they added.
Around 14.5 percent of billionaires in China are engaged in real estate, making it their primary industry. It ranks third overall globally, accounting for 7.6 percent of billionaires, next to industrial conglomerates at 13.1 percent and banking and finance (20.7 percent).
“Real estate, industrial conglomerates and manufacturing are the leading billionaire industries, reflecting the economy’s specializations,” Wealth-X reported.
Technology is also an important primary industry, “shining a light on Chinese companies’ increasing influence at the global stage,” the consultancy added.
6 of the exciting areas to visit in Lipa, Batangas (PH)
With its cool weather, nature, and laid-back lifestyle, this city in Batangas Province is a rising star
Ok, boomers, Gen X’ers: Where are they now in their property journeys?
Ageing societies in Southeast Asia mean that catering to the requirements of mature investors will be a key challenge for developers
Residential renaissance: Branded residences shine bright amidst pandemic property plight
Branded residences saw an upsurge in interest during the pandemic with investors lured by access to luxury hotel amenities and services
Conversational AI, the brains behind intelligent virtual assistants
Nick Myers, CEO of RedFox AI, and Tina Ryan, podcast and events host, chat about chatbots and conversational AI, an ethical innovation for the people