UK beats Singapore to be named property market of choice among Asian ultra-high-net-worth individuals. Knight Frank predicts the UK will continue to attract significant numbers of UHNWIs over the next decade.
- UK beats Singapore to be named the first choice property market for Asian ultra-high-net-worth individuals
- London also tops the City Wealth Index, while Singapore is ranked sixth.
- Knight Frank predicts a 30% rise in UHNWIs based in the UK over the next decade.
Asian ultra-high-net-worth individuals (UHNWIs) have named UK as their destination of choice for acquiring overseas property, according to Knight Frank’s latest Wealth Report, which tracks the growing super-rich population in 125 cities across 89 countries.
The report released yesterday (March 2nd) also saw London top the City Wealth Index, which ranks and lists the most important cities for the world’s wealthiest individuals, based of factors including wealth, investment, connectivity and future wealth.
Singapore, which was named the second preferred property market of choice among Asian UHNWIs ranked sixth on the index and eighth on the list of cities with the highest wealth distribution.
Speaking about Singapore’s rankings, Alice Tan, Singapore Director & Head of Consultancy and Research at Knight Frank, commented: “Notwithstanding the smaller community of UHNWIs in Singapore compared to other key Asian gateway cities, Singapore continues to appeal especially to the Asian community to live, work and set up shop, standing out as a magnet in the region for talent, investment and business.”
While south east Asian investors are more familiar and therefore more comfortable buying property in Singapore, increasing numbers are looking abroad due to poor growth in Singapore’s property market.
With the recent increase of fully managed properties – ideal for the overseas investor, the UK is currently the number one choice for Asian investors, especially since the Brexit vote which saw the pound significantly devalued, rendering UK property cheaper to overseas investors.
A clearer economic outlook for the UK will be provided in the next 12-24 months, however, the report notes the UK will remain the front-runner in regards to its ultra-wealthy population, and forecasts a 30% rise in UHNWIs over the next decade.