When super rich people search for luxury property, they often set their eyes on London. Last year, more luxury real estate was sold in the British capital than anywhere else in the world. 1, 638 properties valued in excess of $5 million were sold in London in 2014 compared to 796 in Manhattan and 596 in Hong Kong, according to a report from Knight Frank.
The Cities With The Highest Luxury Property Prices
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If you’re investing in luxury property, Monaco is the world’s most expensive place to do it. If you have $1 million, you’ll be able to buy a mere 17 square meters of upmarket property in the tiny Principality, a place that also boasts the highest density of millionaires in the world.
How The Super Rich Spend Their Money
Ultra-expensive automobiles accounted for a massive slice of the global luxury goods market last year. Across the world, the super rich spent almost $438 billion on fancy cars in 2014. Personal luxury items like perfume, jewellery and clothing were the second largest market, accounting for $278 billion. The value of the world’s luxury goods market has increased steadily in recent times, little surprise given the increasing number of billionaires across the globe. All in all, people splurged over $1 trillion on upmarket items throughout the year.
This chart shows the number of properties valued at $5+ million sold in 2009 and 2014.
You will find more statistics at Statista
