Property investment ticked up last year among the global elite, according to a census of the ultra-wealthy.
Of the world’s 7.6 billion people, 2,754 of them are billionaires who have cumulatively amassed $9.2 trillion worth of assets, according to Wealth-X’s annual census, and about 3 percent of that wealth is parked in real estate and other luxury goods. Last year, billionaires’ average wealth in real estate and other luxury assets only valued a total of 2.3 percent.
Among the wealthiest individuals surveyed this year, 173 billionaires identified real estate as their primary business with their average net work hovering around $2.7 billion; in total, their wealth adds up to $468 billion, according to the census. Real estate is the third-largest industry following finance, banking and investments and industrial conglomerates.
Last year, The Real Deal surveyed the billionaires with the most at stake in New York City and how geopolitics could effect their assets and strategy in the Big Apple.