Be the first to like this
Welcome to the 2009 edition of
The Wealth Report, the third such collaboration between Knight Frank and Citi Private Bank.
Over the past 12 months the economic outlook has become even more uncertain. Most of the developed world is now in recession, and even the emerging economies have been forced to pause for breath. Every commentator accepts 2009 will be tough. Our Attitudes Survey (page 12) indicates clearly that HNWIs will look to protect their wealth from the ravages of the downturn with an emphasis firmly on security and transparency rather than risk.
The tangible nature of property means it is well placed to benefit from this shift in emphasis, and there are signs that some mature prime property markets, such as London and New York, have readjusted to price levels that offer good value for purchasers. For some emerging markets, the rollercoaster ride looks set to continue. A full analysis of prime global markets is included on page 26, and we recommend 10 locations and sectors that offer potential for growth on page 23.
As property is just one aspect of wealth, we have expanded the scope of The Wealth Report by including an investigation into the performance of alternative assets, from art and cars to wine (page 36), and an assessment of the state of the philanthropy sector (page 16). Influential thinkers, such as Alain de Botton (page 20), also share their views on how the world will adjust to life post credit crunch.
We hope you enjoy reading the report.