Show me how you live and I will tell you who you are. This aphorism by Christian Morgenstern applies in particular to individuals with a high net worth. This is because they have the financial resources to fully indulge in their personal preferences. So what can you expect when you look at the way the so-called super-rich live? We have compiled some observations for you.
First of all, one needs to ask where wealthy clients prefer to live. Is it even possible to provide a universally applicable answer to this question? Yes, it is. Because the so-called ultra high net worth individuals are often attracted to the same places. According to Christian Völkers, CEO of Engel & Völkers AG, this includes in particular the cities of London and New York, which many choose as their primary residence. In London, it is the exclusive districts of Belgravia, Chelsea, Kensington or Mayfair which are in high demand, in New York it is the apartments on the Upper East Side. This is also confirmed by statistics: New York has the highest concentration of billionaires worldwide, currently 103, while London has at least 72. In Germany, Hamburg is the city of choice. 18 billionaires call the “gateway to the world” their home. This is not surprising when you consider the advantages these cities have to offer: the world of big business, renowned educational facilities for the children, and superb shopping facilities and cultural activities. It is this which make cities like London or New York so attractive.
The Cosmopolitan Lifestyle of the Super-Rich
People who are affluent often travel a lot. And because an own house is usually preferred to a hotel, this also means that many influential clients have several abodes. These thus represent a combination of practical concerns and capital investment, because in view of the limited supply of luxury real estate, continuously rising property prices can be expected. The list of popular domiciles can thus be expanded to also include the favourite holiday destinations of the international jet-set. This includes, among others, Aspen, St. Moritz, Palm Beach and the Balearic Islands.
Highest Demands on Residential Domicile
As far as design and furnishings are concerned, preferences differ widely, Christian Völkers reveals. There are, however, certain essential similarities between the properties of wealthy individuals: they should be representative, befitting the social status, and safe. For some time, there has also been a growing demand for green homes, i.e. homes that are energy-efficient, and for state-of-the-art smart home technology. Apart from this, the emphasis is generally on spaciousness. As Völkers stresses, wealthy clients attach great value to having sufficient space for accommodating a larger number of guests, as well as to amenities that make life more enjoyable, such as a swimming pool, a tennis court or a small private cinema.
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