It seems no two years are the same, with the current reality being global economic instability and the return of inflation. As we move into 2023, luxury real estate has once again reaffirmed its status as the ultimate safe haven investment against the backdrop of a troubled international climate.
The world's UHNWI (*) population fell by -6% in the first half of 2022 compared to the end of 2021, marking a major break with what seemed like uninterrupted growth over the past ten years. A turnaround largely due to the shock waves caused around the world by the war in Ukraine (notably the rising cost of raw materials and the disarray of the international supply chain).
In this context, high-end real estate represents not only a recourse but a defense against inflation in particular. For the eighth year running, this report is designed to allow you to make the best decisions when it comes to your investments in a fast-changing world. Backed by our international network that covers some twenty countries, we analyze UHNWI behavior and place the spotlight on their destinations of choice.
In 2020, buyers of upmarket properties were first and foremost in search of serenity in the face of the health crisis. In 2021 they were in search of excellence. And in an incredible show of resilience, entrepreneurship was at the core of their approach to real estate in 2022. The new BARNES City Index ranking the top cities and holiday destinations for UHNWI, consequently takes on special significance for its 2023 edition.
We will leave you to enjoy this report which draws on various baseline studies conducted in particular by Wealth-X, PWC, Crédit Suisse, Comité Colbert and Capgemini as well as numerous surveys carried out across 2022 among over 82,000 BARNES clients, employees and partners.