Singapore and Dubai news: Wealth Report details the habits of the Ultra-rich

Media in Singapore and Dubai have picked up on the most recent Wealth Report by high-end property managers Knight Frank.

The report is based on a survey of 600 private bankers catering to over 23.000 UHNWIs (Ultra High Net Worth Individuals) worldwide, worth an average of US$ 68m each and “with a combined wealth of US$ 1.5 trillion”.

Sample quotes:

– “Of course, the big question is: are the rich getting richer? According to three-quarters of the survey’s respondents – private bankers and wealth advisors – the answer to that question is “yes”. When asked how their UHNWI clients’ net worth had changed on average in 2013, 75% said it had increased and only 4% said it had fallen.”

– “Investments of passion – collectables such as art and classic cars – feature high on the shopping list of many UHNWIs.”

– “Globally, the UK is considered the number one destination for those seeking a new domicile, although the US is still more popular with Asian UHNWIs.”

– “One of the most socially contentious issues of recent years, and one we have reported on in previous editions of The Wealth Report, has been the growth of plutonomy, or the increasing concentration of wealth within a smaller segment of the world’s population. Addressing this issue through wealth redistribution is important to many UHNWIs, including our wealth panellists and survey respondents: only 6% expect their clients to decrease their philanthropic activities in 2014, with 21% predicting a rise.”

The full report (pdf – including flashy layout, infographics, maps and photographs) is available for download here. In related news, Oxfam recently reported that just 85 people have the same amount of wealth as half the world’s population; the IMF is now challenging decades of economic orthodoxy by saying that economic equality is good for growth; and there is a growing body of research showing that economic inequality has a wide range of harmful effects for society as a whole.

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