The global economic downturn has significantly impacted the fortunes of the world's super wealthy, with most high net worth individuals experiencing wealth declines of 20-40% on average; however, those with professional advisers were able to better navigate the crisis by shifting to more defensive asset allocations over a year ago. Going forward, the world's richest individuals will seek greater control over their wealth and independent advice, and will take a more cautious approach focused on responsible and realistic investing rather than risk.
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.
Chelsea, Old Chelsea, Sales & Lettings Property MarketKnight Frank LLP
This area is where the village of Chelsea once lay and is generally recognised as the area between Oakley Street in the east, Beaufort Street in the west, King’s Road in the north, and the river to the south.
Property in St John's Wood - Letting Agents InsightKnight Frank LLP
Louise O’Driscoll, Lettings Manager for Knight Frank’s St John’s Wood office, discusses the benefits of living in the area, where tenants come from, what property types are most in demand, and how the market is likely to perform in the coming months.
St John’s Wood is a popular area where families and young professionals reside. It has become more cosmopolitan over the years and is particularly popular with tenants from America and Japan, as well as international students studying at the London Business School. The American School of London (ASL) in Waverley Place, which is in the top ten in the area, is a significant attraction for families and more are choosing to relocate here for this reason.
St John’s Wood is a magnet for cricket and music fans – Lords Cricket Ground is on the doorstep, as is the world-renowned Abbey Road Studios and the nostalgia that surrounds it, where thousands of visitors have “walked the walk” across the crossing and paid tribute to The Beatles on the outside walls.
The area benefits from fantastic transport links including the Jubilee Line (underground) and plenty of buses. Those seeking sport and leisure facilities have the wonderful open spaces of Regent’s Park and Primrose Hill, from which you have the most spectacular views over London.
http://www.knightfrank.co.uk/contact/st-johns-wood-estate-agents/
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.
Chelsea, Old Chelsea, Sales & Lettings Property MarketKnight Frank LLP
This area is where the village of Chelsea once lay and is generally recognised as the area between Oakley Street in the east, Beaufort Street in the west, King’s Road in the north, and the river to the south.
Property in St John's Wood - Letting Agents InsightKnight Frank LLP
Louise O’Driscoll, Lettings Manager for Knight Frank’s St John’s Wood office, discusses the benefits of living in the area, where tenants come from, what property types are most in demand, and how the market is likely to perform in the coming months.
St John’s Wood is a popular area where families and young professionals reside. It has become more cosmopolitan over the years and is particularly popular with tenants from America and Japan, as well as international students studying at the London Business School. The American School of London (ASL) in Waverley Place, which is in the top ten in the area, is a significant attraction for families and more are choosing to relocate here for this reason.
St John’s Wood is a magnet for cricket and music fans – Lords Cricket Ground is on the doorstep, as is the world-renowned Abbey Road Studios and the nostalgia that surrounds it, where thousands of visitors have “walked the walk” across the crossing and paid tribute to The Beatles on the outside walls.
The area benefits from fantastic transport links including the Jubilee Line (underground) and plenty of buses. Those seeking sport and leisure facilities have the wonderful open spaces of Regent’s Park and Primrose Hill, from which you have the most spectacular views over London.
http://www.knightfrank.co.uk/contact/st-johns-wood-estate-agents/
This is a synopsis and first chapter of a book on how to raise money for any startup or small business. It completely outlines the 12-step process, describes possible sources of funding including VC and angels and provides a back door info on how Venture Capitalists (VC) work. A must read for any entrepreneur.
Limestone in collaboration with Northern Star have published the third annual Sustainability Yearbook 2011. The Yearbook presents a comprehensive overview of key issues and implementation of integrated ESG research in Eastern Europe, Russia and emerging frontier markets.
The Sustainability Yearbook 2011 includes insight into the following topics:
• Northern Star - roadmap to building an emerging markets multi-boutique platform with a dedicated focus on sustainability and responsible investing
• Limestone New Europe fund - three years of sustainable investing in Eastern Europe
• Fully integrated ESG research - Best Risk Management Tool for Emerging Markets
• Country focus – Serbia, the last European frontier
• Company specific summaries of sustainability opportunties and risks in the region
UK Government Barter Report Summary FindingsDaniel Evans
Ormita Commerce Network Barter Exchange www.ormita.com
Global Barter Exchange Network. Barter Franchises and Licenses Available.
Unsold appointment time, empty hotel rooms, unsold venue passes, unfilled advertising space, rapidly depreciating stock, end-of-line items or oversupplied products all represent lost revenue which otherwise will never be recovered.
These unproductive or unsold assets are known as "dead capital" and there is an estimated 9.3 trillion dollars of it world-wide.
It is Ormita’s mission to transform this otherwise lost profit into new income, investments and other benefits.
Ormita works directly with Government Ministries, State Owned Enterprises, Fortune 500 Companies, Stock Exchange Listed Companies and a handful of carefully selected private corporations in 54 countries.
The Ormita Commerce Network, its licensees, and subsidiaries operate under the master brand name ‘Ormita’ or ‘Ormita Barter’. We are the world’s largest multi-national barter network as measured by international transaction volume, country footprint and service offerings, and believed to be the second largest barter network in the world after the WIR Bank, (formerly known as the Swiss Economic Circle / Wirtschaftsring-Genossenschaft or WIR).
We provide regular barter related information and offerings to more than 210,000 business and public sector clients through personnel operating in Australia, Canada, China, Egypt, Germany, Greece, Hong Kong, India, Indonesia, Iran, Italy, Macau, Mexico, New Zealand, Pakistan, Poland, South Africa, Sweden, Turkey, United Kingdom, United States of America and Zambia. For more information, please visit ormita.com.
Barter Exchange Franchises www.ormita.com Barter Exchange Software www.ormita.com Barter Franchises www.ormita.com Barter Exchange www.ormita.com
Euromoney Seminars’ Global Transaction Banking Congress will bring together the heads of transaction banking from across the globe in discussions regarding their strategy and concerns for the market. The conference is aimed at a strategic level discussion focussing on the key concerns of the market whilst also providing an excellent networking and thought leadership platform.
Transaction banking is proving to be an effective fee generator for banks in the wake of post-crisis regulation and lack of liquidity and the questions of how best to align the strategy and management of their transaction services are at the forefront of transaction bankers’ minds.
www.euromoneyseminars.com/gtbc
Liability Driven Investment Europe 2011Rosa Cortez
Managing pension funds towards a liability efficient frontier in an uncertain global economic environment.
After a one year gap, Finance IQ’s Liability Driven Investment Europe 2011 brings together the entire institutional investment chain including plan sponsors, pension trustees, regulators and carefully selected asset management organisations to discuss cutting edge strategies to mitigate pension fund risk through LDI.
The conference will cover the latest insights into asset – liability matching, strategic asset allocation and upcoming European regulations to educate plan sponsors on building an optimal LDI pension strategy.
Role of Investment Banks in the Financial Crisis of 2008Mujtaba Zeeshan
This presentation explains how the investment banks played a vital role in the occurrence of the global financial crisis of 2008.
There's a brief discussion on Investment banks in general including their functions. Then briefly explaining the crisis in a manner that students can easily remember. And finally to support our claim, a research paper is used as a reference.
Luxury Property: Heath Hall, Bishops Avenue, LondonKnight Frank LLP
The restoration of this beautiful Grade II listed property has been a labour of love. My vision was to restore it to its former glory; remain faithful to its Classical, Arts and rafts and Scottish Baronial architecture and retain the ornate, period details that make the property so unique; but at the same time create a home that offers the ultimate in luxury living.
http://search.knightfrank.co.uk/ham080041
I commissioned a team of 120 builders and master craftsmen to bring this property back to life, ensuring the work remained sympathetic to the existing architecture whilst updating and modernising the interior.
The work included extending the rear of the building to increase the living space from 19,000 sq ft to 27,000 sq ft and installing a state-of-the-art home automation system throughout.
The result is Heath Hall, a residence like no other in London. Steeped in history and located in a street renowned for its high profile, it offers an exceptional and unrivalled place to live.
Property to Rent in Knightsbridge - Letting Agent InsightsKnight Frank LLP
Eliza Leigh, head of Knight Frank’s Knightsbridge office, discusses how the market has been performing, which properties are most in demand this year, and what it is that makes Knightsbridge stand out from London’s other prime residential hotspots.
This is a synopsis and first chapter of a book on how to raise money for any startup or small business. It completely outlines the 12-step process, describes possible sources of funding including VC and angels and provides a back door info on how Venture Capitalists (VC) work. A must read for any entrepreneur.
Limestone in collaboration with Northern Star have published the third annual Sustainability Yearbook 2011. The Yearbook presents a comprehensive overview of key issues and implementation of integrated ESG research in Eastern Europe, Russia and emerging frontier markets.
The Sustainability Yearbook 2011 includes insight into the following topics:
• Northern Star - roadmap to building an emerging markets multi-boutique platform with a dedicated focus on sustainability and responsible investing
• Limestone New Europe fund - three years of sustainable investing in Eastern Europe
• Fully integrated ESG research - Best Risk Management Tool for Emerging Markets
• Country focus – Serbia, the last European frontier
• Company specific summaries of sustainability opportunties and risks in the region
UK Government Barter Report Summary FindingsDaniel Evans
Ormita Commerce Network Barter Exchange www.ormita.com
Global Barter Exchange Network. Barter Franchises and Licenses Available.
Unsold appointment time, empty hotel rooms, unsold venue passes, unfilled advertising space, rapidly depreciating stock, end-of-line items or oversupplied products all represent lost revenue which otherwise will never be recovered.
These unproductive or unsold assets are known as "dead capital" and there is an estimated 9.3 trillion dollars of it world-wide.
It is Ormita’s mission to transform this otherwise lost profit into new income, investments and other benefits.
Ormita works directly with Government Ministries, State Owned Enterprises, Fortune 500 Companies, Stock Exchange Listed Companies and a handful of carefully selected private corporations in 54 countries.
The Ormita Commerce Network, its licensees, and subsidiaries operate under the master brand name ‘Ormita’ or ‘Ormita Barter’. We are the world’s largest multi-national barter network as measured by international transaction volume, country footprint and service offerings, and believed to be the second largest barter network in the world after the WIR Bank, (formerly known as the Swiss Economic Circle / Wirtschaftsring-Genossenschaft or WIR).
We provide regular barter related information and offerings to more than 210,000 business and public sector clients through personnel operating in Australia, Canada, China, Egypt, Germany, Greece, Hong Kong, India, Indonesia, Iran, Italy, Macau, Mexico, New Zealand, Pakistan, Poland, South Africa, Sweden, Turkey, United Kingdom, United States of America and Zambia. For more information, please visit ormita.com.
Barter Exchange Franchises www.ormita.com Barter Exchange Software www.ormita.com Barter Franchises www.ormita.com Barter Exchange www.ormita.com
Euromoney Seminars’ Global Transaction Banking Congress will bring together the heads of transaction banking from across the globe in discussions regarding their strategy and concerns for the market. The conference is aimed at a strategic level discussion focussing on the key concerns of the market whilst also providing an excellent networking and thought leadership platform.
Transaction banking is proving to be an effective fee generator for banks in the wake of post-crisis regulation and lack of liquidity and the questions of how best to align the strategy and management of their transaction services are at the forefront of transaction bankers’ minds.
www.euromoneyseminars.com/gtbc
Liability Driven Investment Europe 2011Rosa Cortez
Managing pension funds towards a liability efficient frontier in an uncertain global economic environment.
After a one year gap, Finance IQ’s Liability Driven Investment Europe 2011 brings together the entire institutional investment chain including plan sponsors, pension trustees, regulators and carefully selected asset management organisations to discuss cutting edge strategies to mitigate pension fund risk through LDI.
The conference will cover the latest insights into asset – liability matching, strategic asset allocation and upcoming European regulations to educate plan sponsors on building an optimal LDI pension strategy.
Role of Investment Banks in the Financial Crisis of 2008Mujtaba Zeeshan
This presentation explains how the investment banks played a vital role in the occurrence of the global financial crisis of 2008.
There's a brief discussion on Investment banks in general including their functions. Then briefly explaining the crisis in a manner that students can easily remember. And finally to support our claim, a research paper is used as a reference.
Luxury Property: Heath Hall, Bishops Avenue, LondonKnight Frank LLP
The restoration of this beautiful Grade II listed property has been a labour of love. My vision was to restore it to its former glory; remain faithful to its Classical, Arts and rafts and Scottish Baronial architecture and retain the ornate, period details that make the property so unique; but at the same time create a home that offers the ultimate in luxury living.
http://search.knightfrank.co.uk/ham080041
I commissioned a team of 120 builders and master craftsmen to bring this property back to life, ensuring the work remained sympathetic to the existing architecture whilst updating and modernising the interior.
The work included extending the rear of the building to increase the living space from 19,000 sq ft to 27,000 sq ft and installing a state-of-the-art home automation system throughout.
The result is Heath Hall, a residence like no other in London. Steeped in history and located in a street renowned for its high profile, it offers an exceptional and unrivalled place to live.
Property to Rent in Knightsbridge - Letting Agent InsightsKnight Frank LLP
Eliza Leigh, head of Knight Frank’s Knightsbridge office, discusses how the market has been performing, which properties are most in demand this year, and what it is that makes Knightsbridge stand out from London’s other prime residential hotspots.
Ruth Barr, Head of Wimbledon Lettings, discusses which price brackets are most active, how recent performance has affected yields, and why winter could be a good to time to let your property.
http://www.knightfrank.co.uk/contact/wimbledon-estate-agents/lettings/
Cobham & Esher Lettings - A Snapshot of both townsKnight Frank LLP
Amanda Driver, Head of Knight Frank's Cobham & Esher Lettings team, discusses who's renting, the active 'core market' and tips for landlords and tenants.
http://www.knightfrank.co.uk/contact/esher-estate-agents/lettings/
Tom Smith, Head of Knight Frank’s Belgravia Lettings team, discusses where tenants tend to come from, the benefit of using Knight Frank, and how the market is likely to perform in the coming months.
http://www.knightfrank.co.uk/contact/belgravia-estate-agents/lettings/
Gordon Hood, Head of Knight Frank’s Ascot Lettings department, discusses who’s renting, how the market is likely to perform in the coming months, and other Knight Frank services that may interest landlords and tenants.
http://www.knightfrank.co.uk/contact/ascot-estate-agents/lettings/
A selection of premium apartments in Marylebone. The Fitzrovia Apartments are in the final phase of development in this prime West End development by Manhattan Loft and Ridgeford Properties.
Knight Frank: Property on the Thames, Neo BanksideKnight Frank LLP
Imagine living in London’s most exciting, innovative and iconic new, residential development. Imagine being within a short walk of The City of London and transport links that connect you to the rest of the capital, the UK and the world.
Knight Frank: Apartments for sale in SW1: Grosvenor WatersideKnight Frank LLP
Caro Point Is Named After The English Master Of Contemporary Sculpture, Sir Anthony Caro.
This striking building’s stone fins stretch skywards, connected by rows of glass panels. Each panel has been crafted so that a waterfall of reflections, created by the day’s shifting patterns of light, tumbles down the façade into the waters at the building’s feet.
The pinnacle of Grosvenor Waterside, Caro Point is crowned by a sculpted weather vane, rotating within the tallest stone fin.
Grosvenor Waterside is next to the River Thames,
with Sloane Square around the corner and exclusive Knightsbridge and Belgravia only minutes away. Nearby, the proposed luxury development of the former Chelsea Barracks site, just across Ebury Bridge Road, will create an upscale new residential neighbourhood that will seamlessly link Grosvenor Waterside to Chelsea and Belgravia.
To live in Caro Point is to reside within a crafted, contemporary and sophisticated community.
Knight Frank: Apartments for sale in Stanmore Place, HA7Knight Frank LLP
Stanmore has a new residential neighbourhood, distinctly different in every aspect. It is St Edward Homes’ Stanmore Place, delivering all you could desire in terms of choice, quality, location and contemporary design, taking home ownership to an exciting new level. Choose from an unrivalled range of 1, 2 and 3 bed apartments, all stunning examples of magnificent modern architecture. With a setting that includes landscaped spaces, water features, professionally managed amenities and proximity to excellent transport connections, Stanmore Place is the only place you will want your new home to be.
Knight Frank: Apartments for sale in Royal Arsenal Riverside, SE18Knight Frank LLP
Royal Arsenal Riverside is set in one of London’s most up-and-coming areas, with vibrant Canary Wharf, elegant Greenwich and the pulsating heart of the City all connected by the river’s ebb and flow.
Superb transport links, proximity to some of the Capital’s most iconic landmarks and an ever- growing list of on-site amenities ensure that Royal Arsenal Riverside at London SE18 is one of the City’s most exhilarating waterfront communities.
With cutting-edge architecture and cherished listed building stock co-existing, Royal Arsenal Riverside harnesses the heritage and strategic location of what was once the country’s most important military manufacturing centre. The result is an eclectic collection of generous contemporary homes, all boasting an inherent sense of history and 21st century connectivity.
Knight Frank: Apartments for sale in Granville Place, NW2Knight Frank LLP
INSPIRING, ARRESTING ARCHITECTURE; DEFINED BY SPACE, LIGHT AND TRANQUILITY; A SUPERB NORTH LONDON LOCATION – GRANVILLE PLACE IS ONE OF THE CAPITAL’S MOST BRILLIANT, ORIGINAL AND DESIRABLE RESIDENTIAL DEVELOPMENTS. BETTER STILL, IT INCORPORATES THE LATEST SUSTAINABILITY AND ENERGY-SAVING TECHNOLOGY, MAKING IT ONE OF THE MOST ENVIRONMENTALLY ADVANCED BUILDINGS OF ITS KIND IN THE UK.
Knight Frank: Marconi House: Property on the Strand, London WC2Knight Frank LLP
Marconi House is an architectural masterpiece within the Strand Conservation Area, providing 79 magnificent luxury apartments and penthouses with hotel services created within an imposing Grade II Listed building.
Marconi House has everything you would expect and more, every finite and exacting detail. From individually engineered kitchens to bespoke stone finishes, from in-wall bath TV's throughout to apartments featuring state of the art Smart Home Guide Entertainment Systems - Marconi House is the all encompassing lifestyle opportunity where specification is absolute.
Residents facilities are planned to include:
Over 2000 sqft reception, lounge and foyer.
24 hour concierge desk.
Secure car parking (limited and subject to additional cost).
Use of hotel restaurant and lounge bars.
Use of hotel Level 10 Lounge and Sky Bar.
Use of spa and fitness suite.
Use of hotel room service.
Knight Frank: De Laszlo House, NW3: Property HampsteadKnight Frank LLP
De Laszlo House is named after Philip de László, a celebrity Royal portrait artist, who lived here from 1921 to 1937.
Modernized by award-winning Dandi Living, de Laszlo House has 18 magnificent newly built two, three and four-bedroom residences, providing an abundance of lateral space up to 3,060sqft in size, located behind the Arts & Crafts style façade of what were originally three grand Victorian villas, now unified within a single seamless development.
Knight Frank: NEO Bankside: Property on the ThamesKnight Frank LLP
The NEO Bankside is complete with a 24 hour concierge service and has future plans for a resident's gym, day spa and a variety of shops and restaurants to be developed.
The first phase of the new NEO Bankside development was designed by the international, award-winning architects Rogers Stirk Harbour + Partners and is predicted to become one of the most desirable addresses in the world.
Knight Frank: Apartments for sale in Chelsea Creek, SW1Knight Frank LLP
One of London's most elegent dockside developments, Chelsea Creek combines luxurious city living overlooking waterways, tree lined avenues and landscape parkland.
Only moments from the stylish King's Road, Chelsea Creek is an ideal property on the Thames.
The development of luxury riverside apartments come with high specification apartments and penthouses with luxurious kitchens and bathrooms and enviable air conditioning living space.
Knight Frank: The Bishops Avenue, Hapstead, LondonKnight Frank LLP
Set in nearly 2 acres of landscaped gardens on the renowned Bishops Avenue are 14 luxurious apartments, each individually designed with meticulous attention to detail and finished to a world-class specification.
Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szet...Volition Properties
=== Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szeto) ===
Ever been curious about Real Estate Investing in the US?? At Volition, for the past 14 years, we have been focused on helping investors invest in over $250M of real estate and generate $100M of wealth in the Toronto market, but we are always open to learning more about other business models and learning from other investors.
The US has always been an intriguing market to invest in. But the US is a big place… if you’re interested in investing in the US, you probably have a lot of questions, like:
☑️ Specifically WHERE should you invest?
☑️ What are the best markets to invest in and why?
☑️ How much are property prices there?
☑️ What are the returns like?
☑️ What is cashflow like?
☑️ Compared to investing in Toronto or other cities in Ontario, what are the benefits / tradeoffs?
☑️ What ownership structure should I use?
☑️ What are the tax implications?
☑️ Can I get financing?
☑️ What are tenants like?
Enter Erwin Szeto, a longtime friend of Volition. Since 2005, Erwin Szeto and his team have navigated the challenging landscape of being landlords in Ontario. Now, they are shifting their focus and guiding their clients' investments toward the more landlord-friendly environment of the USA. This decision comes after assisting Canadian clients in transacting over $440,000,000 in income properties. Faced with issues like affordability constraints, tenant-friendly laws, rent control, and rental licensing in Canada, Erwin sees a clear opportunity in the U.S. Here, there is a significant influx of investments leading to the creation of high-paying manufacturing jobs. Erwin and his clients are poised to capitalize on these opportunities where landlord rights are stronger and there is no rent control.
To facilitate this transition, Erwin has partnered with and become a client of SHARE, a one-stop-shop U.S. Asset Manager. Founded by Canadians for Canadians, SHARE enables as passive an ownership experience as possible for landlords in the U.S., while still maintaining direct, 100% ownership.
Erwin is “Making Real Estate Investing Great Again”!!
Website: https://www.infinitywealth.ca/
Facebook: https://www.facebook.com/iwinrealestate and https://www.facebook.com/ErwinSzetoOfficial
Podcast: https://www.truthaboutrealestateinvesting.ca/
Instagram: https://www.instagram.com/iwinrealestate/ and https://www.instagram.com/erwinszeto/
Sense Levent Kagithane Catalog - Listing TurkeyListing Turkey
Sense Levent offers a luxurious living experience in the heart of Istanbul’s vibrant Levent district.
This cutting-edge development seamlessly integrates modern design with natural elements, featuring live evergreen plants maintained by an advanced irrigation system, ensuring lush greenery year-round.
The building’s elegant ceramic balconies are both stylish and durable, enhancing the overall aesthetic and functionality. Residents can enjoy the 700m Sky Lounge, which provides breathtaking views of Istanbul and a perfect space to relax and unwind.
Sense Levent promotes a healthy and active lifestyle with a full gym, swimming pool, sauna, and steam room, all available in the building. The interiors are crafted with high-quality materials, ensuring a luxurious and inviting living space.
Designed with young professionals in mind, Sense Levent features 1+1 and 2+1 units with smart floor plans and balconies. The project promises high investment returns, with an expected annual return of 6.5-7%, significantly above Istanbul’s average ROI.
Located in the rapidly growing and highly desirable Levent area, the development benefits from ongoing urban regeneration projects. Its prime location offers proximity to shopping malls, municipal buildings, universities, and public transportation, adding immense value to your investment.
Early investors can take advantage of discounted units during the construction phase, with an expected capital appreciation of +45% USD upon completion. Property Turkey provides comprehensive rental management services, ensuring a seamless and profitable investment experience.
Additionally, robust legal support and significant tax advantages are available through Property Turkey’s licensed Real Estate Investment Fund. Levent is a dynamic urban hub, ideal for young professionals with its numerous corporate headquarters and shopping malls.
Sense Levent is more than just a residence; it’s a place where dreams and opportunities come to life. Contact us today to secure your place in this exclusive development and experience the best of Istanbul living. Sense Levent: Sense the Opportunity. Live the Dream.
https://listingturkey.com/property/sense-levent/
Revenue Keys- Begur Village Survey-Sketchrevenuekeys
Find Land Survey Number View A Begur village Begur Hobli Bangalore The Revenue Department of Karnataka By The Survey Sketch Made Citizen Simple Easy to Find Survey Number,s
500 acres of brilliance await you here at Riverview City which offers modern living, effortless convenience, and a beautiful natural setting. It is a mega township by Magarpatta City in Loni Kalbhor, Pune. Enjoy easy access to work, schools, and fun while experiencing a perfect work-life balance.
Visit - magarpattacity.developerprojects.in
Rams Garden Bahcelievler - Istanbul - ListingTurkeyListing Turkey
Implemented by Rams Global in Bahcelievler, the Rams Garden Bahcelievler Apartments includes 796 residences of different types from 2+1 to 5+1.
Next to the project, which will have 33 thousand square meters of green area, there will be 42 thousand 300 square meters of woodland. There will also be a 210-meter-long pond in the landscape of the project. There are 94.5 square meters of green space per flat.
Rams Garden Bahcelievler Apartments, which has 8 times more green space than the average of Istanbul with its 33 thousand square meters of green area located within a total of 75 thousand square meters, offers various housing options from 2+1 to 5+1.RAMS Garden has brought a lifeline to the construction industry.
Rams Global, which has signed projects in many places from Dubai to Phuket and delivered more than 20 thousand residences, is now starting new projects in Istanbul.
Rams Garden Bahcelievler is located 9 minutes from Metroport AVM, 5 minutes from Marmara Forum AVM, 12 minutes from Kazlıçeşme beach, 9 minutes from Yıldız Technical University, 7 minutes from Istinye University, 9 minutes from Ramada Hotel and Medicana Hospital.
https://listingturkey.com/property/rams-garden-bahcelievler-apartments/
Total Environment Tangled Up In The Green - Residential Plots Where Nature an...JagadishKR1
Embark on a journey where lush landscapes and contemporary living converge at Total Environment's Tangled Up In The Green Residential Plots in Devanahalli, Bangalore. Surrounded by verdant expanses, these plots offer an idyllic setting for your dream home. Immerse yourself in the serenity of nature while enjoying the finest amenities and design, where every moment is a harmonious blend of luxury and tranquility.
The KA Housing - Catalogue - Listing TurkeyListing Turkey
Welcome to KA Housing, a distinguished real estate development nestled in the heart of Eyüpsultan, one of Istanbul’s most promising districts.
Just 10 minutes from the bustling city center, Eyüpsultan offers a serene escape with the convenience of urban living. The direct metro line ensures seamless connectivity to all parts of Istanbul, making it an ideal location for residents who seek both tranquility and vibrancy.
KA Housing boasts unparalleled accessibility, with proximity to Istanbul Airport only 30 minutes away, facilitating easy international travel. Effortless city access is guaranteed by direct metro and transportation links to Istanbul’s cultural and commercial hubs. Quick access to key metro lines connects you to every corner of the city within minutes, making commuting and exploring the city hassle-free.
The development offers luxurious living spaces with a range of unit layouts from 1+1 to 4+1, designed with meticulous attention to detail. Each unit features balconies or terraces, providing stunning vistas of Istanbul and enhancing the living experience. High-quality materials and superior craftsmanship ensure durability and elegance, while sound-proof insulation and high ceilings (2.95 m) offer comfort and sophistication.
Residents of KA Housing enjoy exclusive on-site amenities, including a state-of-the-art gym, outdoor swimming pool, yoga area, and walking paths. Entertainment options abound with a private cinema, children’s playground, and a variety of dining options including a café and restaurant. Security and convenience are paramount with 24/7 security, a dedicated carpark garage, and an IP intercom system.
KA Housing represents a prime investment opportunity with limited availability in a high-demand area, ensuring enduring value and potential for lucrative returns. Homes in this development provide exceptional value without compromising on quality, offering affordable luxury for discerning buyers. The construction is of the highest quality, built to the latest seismic and disaster resistance standards, ensuring safety and resilience.
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1. the wealth report
2009
ProPerty: Tracking prices in The world’s prime residenTial locaTions
assets: how The markeTs for classic cars, wine and arT are faring
IntervIew: ciTy designer alejandro guTierrez shares his visionary ideas
oPInIon: money isn’T everyThing, says philosopher alain de BoTTon
Change
your view ne w investment opportunities
o n t h e h o r i zo n – t h e g l o b a l g u i d e
2. Destination
Anywhere. Now you can search and compare beautiful residential
properties across the world. Our new comprehensive
search facility uses a single interface, so you can browse
our global property listings effortlessly. Whether your list
of requirements is long or short, our website will help you
find your ultimate property dream.
Get connected to your perfect property.
Market coverage: UK Europe Caribbean Asia Australia Africa
Residential: Agency Sales & Lettings Equestrian & Rural Financial Services
Residential Development Valuations & Consultancy
Commercial: Agency & Capital Markets Trading Properties Professional Services Financial Services
5. Contributors
Andrew
Welcome to the 2009 edition of
Edward The Wealth Report, the third such collaboration
Shirley Lucas between Knight Frank and Citi Private Bank.
the head Lucas has
of rural
Over the past 12 months the economic outlook has
been covering
Property research at knight russia and Eastern Europe become even more uncertain. Most of the developed
frank, Shirley edited this since 1986 for the likes of the world is now in recession, and even the emerging
edition of the Wealth report. independent, BBc and most
he formerly covered Uk and recently, the Economist, for economies have been forced to pause for breath. Every
global property markets as which he was the moscow commentator accepts 2009 will be tough. Our Attitudes
Business and Property Editor Bureau chief from 1998 to
at the Uk’s leading farming 2002 and is now central and
Survey (page 12) indicates clearly that HNWIs will look
magazine. he has an Eastern Europe correspondent. to protect their wealth from the ravages of the
international background, his book, the new cold War:
having worked on agricultural how the kremlin menaces
downturn with an emphasis firmly on security and
projects in asia and africa. both russia and the West, was transparency rather than risk.
Farmland focus 32 published in february last year. The tangible nature of property means it is well
Future wealth trends 10
placed to benefit from this shift in emphasis, and there
are signs that some mature prime property markets,
Katherine Liam such as London and New York, have readjusted to price
Vaughan Bailey levels that offer good value for purchasers. For some
after reading the head of emerging markets, the rollercoaster ride looks set to
English at knight frank’s
Brasenose college, oxford,
continue. A full analysis of prime global markets is
market-leading residential
Vaughan spent 10 years research team, Bailey is a included on page 26, and we recommend 10 locations
working at the Spectator,
where she was Strategic
recognised authority on and sectors that offer potential for growth on page 23.
residential and property trends,
Director, and later at and is widely quoted in the As property is just one aspect of wealth, we have
international art magazine, media. he works with clients expanded the scope of The Wealth Report by including
apollo, as associate Publisher. in the Uk, US, australia and
She is now a freelance writer Europe, advising on their
an investigation into the performance of alternative
specialising in luxury brands. market strategies. assets, from art and cars to wine (page 36), and an
Luxury trends 40 Prime property 26 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
Jon Alain de adjust to life post credit crunch.
Neale Botton We hope you enjoy reading the report.
knight frank's Born in Zurich,
head of Switzerland
Development research is in 1969, de Botton now lives in
a former journalist with five London. a writer of essayistic
years’ experience of writing books that have been described
about property and housing. as giving a philosophy of
a former residential Editor everyday life, de Botton also
of Estates gazette, he has helps to run the School of Life
particular expertise in in London, which is dedicated to
residential development, a new vision of education. his Patrick Ramsay Peter Charrington
regeneration, planning and next book, the Pleasures and HEAD OF RESIDENTIAL HEAD OF CITI PRIVATE BANK UK
government policy. Sorrows of Work, will be Knight Frank Citi Private Bank
Attitudes to philanthropy 16 published later this year.
The meaning of wealth 20
kn i g ht f ra nk.com 5
6. monitor Overview Overview monitor
status report
GLoBAL WEALtH
crunch
DiStriBUtion
(% of total number of
HnWis by region, 2008*)
time 25%
asia pacific
What impact has the global economic
downturn had on the fortunes of the
world’s super rich? Sebastian Dovey, of
3%
middle east
Scorpio Partnership, sets out his view & africa
i l l u s t r at i O n b y n i C K r E D D y H O F F
28% europe
ealthy investors across the world have
been as shocked by the severity of the
37% north
current financial crisis as the average america
investor. To a degree, many super
wealthy have fared slightly better, as their
professional advisers will have been able to
forecast the storm and they would have moved
7%
latin america
& caribbean
into a more defensive asset allocation as much
as 12 months ago. However, the big question on
everyone’s mind is how long the current economic
conditions will last – and here even the super
wealthy do not have the answer.
Inevitably, the next question is: when will
be the right time to get back into the market in
terms of investing? At the end of 2008, I was with
a family in Singapore who felt that the risk of
being slightly early to the market was going to money are undergoing complete revision due to the intense review. Investors now look at financial slowdown in property investment interest
be worth taking in the first quarter of 2009. They turmoil. My best guess is that the mature economies institutions in a totally different light. There is en masse, there are some specialist super rich
also freely acknowledged that they were basing that are supported heavily by government “Both buyers a loss of confidence that the institutions are as investors who are now beginning to deploy capital
this assessment on a hunch rather than any intervention and a strong currency will recover more and sellers have mighty as they claim. in new property ventures.
mathematical certainties. quickly. In particular, we would look to European to re-engage Indeed, in my view, we have shifted into a new We can expect some big changes in the year
Global wealth distribution remained broadly countries. But there are also certain emerging
with the concept world order for wealth management where clients ahead: clients will want to take much greater control
static last year following a period of strong growth
in emerging markets. As the credit crunch and
markets, such as South Africa, which have not been
as substantively affected and may show green shoots
of responsible will actively seek out independent advice and
recognise this as a value solution. Strange though
of their wealth matters. This is perfectly reasonable.
In many ways, I am very excited about this market
recession unfold, the distribution will remain the of recovery earlier. and realistic this may sound, I think this is going to be a good condition. For over a decade I have been calling
same globally, although in absolute terms the In terms of wealth management, the world’s investing” thing in the long run. Both buyers and sellers have for change in the industry, with greater respect
number of HNWIs will inevitably fall, as most super rich, particularly in Europe, are beginning to re-engage with the concept of responsible and toward the process of offering advice and building
individuals have experienced, on average, a fall to seek investment opportunities, and while they realistic investing. a client-centric focus.
in total wealth of between 20% and 40%. acknowledge they might not be getting it exactly At the moment, we are hearing of a greater Behind this call is a driving passion to see the
Investors will have to begin to accept risk again if right in terms of market timing, they know an appeal among clients toward direct investment. customer – of whatever level of fortune – being
they wish to recover some of their wealth, but the opportunity when they see one. One investor The asset classes could be private equity, real estate better served in financial services. While I did not
crucial matter remains identifying the right time to suggested to me in Geneva recently that “the best and even venture capital. Critically, the clients want realise it would require a cataclysm to bring about
get back into the market and, more specifically, thing to do when you fall off your ‘investment bike’ to know what it is that they are buying, the the change and for the industry to hear my calls, it
identifying the right asset classes in which to is to get right back on it”. Private equity and real provenance of the opportunity and also have a is here now, so let us just get on with it. It is time for
participate. Here, we expect many of the super rich estate are asset classes of particular interest. greater influence in the outcome. During the last change. And it is time for a new agenda.
•
*source: scorpio Partnership
to lead the way, as they are often at the frontier of But the credit crunch has fundamentally 12 months they have learnt that they do not like the
wealth creation. changed wealth management. This is a critical sense of helplessness that comes with being swept Sebastian Dovey is Managing Partner and Head
Predicting where wealth creation will recover issue. We are now in a new era of wealth re-creation, along in the market crises. This is being of Consulting at Scorpio Partnership.
first is almost impossible, as the rules of making and the role of the financial institutions is under demonstrated in the property market. Despite the www.scorpiopartnership.com
6 c it iprivatebank.com k ni ght f r a nk .com 7
7. monitor Future wealth trends Future wealth trends monitor
criSiS
talkS
In January, Knight Frank hosted a panel
of leading experts from the worlds of investment,
property and wealth management in order to How bad is the current recession compared with by governments, intensifies. However, the ability of GH It is likely that there will be protectionist
discuss the critical issues affecting the global others you have experienced? regulation to prevent another bear market is movements in particular industries, especially
economy. Here are the highlights Nick BurNell The most striking characteristic is its questionable. Indeed, intervention of states in “This is the those that take state funding, as shareholders with
breadth, both internationally and across different markets has not led to a substantial resumption of worst recession alternative agendas to the norm join the corporate
Portr aits By aNNaBel moeller sectors of the economy. Most economic downturns lending so far, although it can be argued it in my working arena. But trade will continue between states and
in the recent past have been more concentrated prevented the collapse of the system entirely. lifetime. It companies with regional or global supply chains.
the panel geographically and on particular industries. The
widespread nature of the current one results from When will property prices stop falling and when
connotes One minute we are worrying about inflation, then
its root cause in the credit markets, which have will they start to pick up again? profound deflation, then inflation again. What is happening,
turned off the tap after a sustained period of ro I think prices will continue to fall for change for the and which should we fear the most?
excessive liquidity. The effect of this has been a investment property in secondary and tertiary Anglo-Saxon PW Deflation is today’s principal concern. Sharply
radical correction in the pricing of almost every locations throughout 2009, but I think core property business model” deteriorating global growth, prompted by a large
asset class, as the disconnect between inflated will reach the bottom this year. People will start synchronous collapse in global trade, is reigniting
pricing and fundamentals has been cruelly exposed. buying this type of property because a current yield financial distress. Declining wealth, high levels of
of 7% is much better than earning less than 1% in uncertainty and financial disruptions have led to
Philip Watson Roger Orf Nick Burnell roGer orF This is the worst recession in my working your bank account. sharp declines in demand around the world.
head of investment president and ceo of head of rutley capital lifetime. It connotes profound change for the Lower commodity prices and rapidly growing
analysis and advice group, citi property investors partners, the real Anglo-Saxon business model. The model is based DaN tHomas The UK housing market is likely to output gaps have led to rapidly declining levels of
citi private bank emea estate private equity and
investment management on leverage and consumption, and the model is continue to come under pressure throughout 2009 inflation in most countries. It is likely that attention
business of the broken. It will take three to five years to recover but will hopefully stabilise in 2010 and start to see will eventually turn towards central banks and
knight frank group from this downturn. a relatively sound recovery in the years after. Never authorities to ensure reflationary policy is
bet against further shocks to the system: the controlled and does not spiral rapidly into heavily
Should banks and other financial institutions brace banking bailout has had no discernible effect on inflationary policy.
themselves for increased regulation in light of the the supply of mortgages or lending criteria, and
failings exposed by the credit crunch, and would that showed no sign of changing in the first quarter How would you rate government attempts to unlock
that help prevent a similar scenario in the future? of this year. Buying into an economic recession the credit crunch, and will they work?
PHiliP WatsoN Without doubt we will see change – the seems ill-advised, and all the indicators suggest this NB I would not rate them highly. The truth is the
Dan Thomas Graham Harvey big question is what type. There is no question that year will be tough, with climbing unemployment, taxpayer does not have sufficient financial resources
property correspondent for Senior associate at Scorpio momentum towards the establishment of tighter economic contraction and issues around inflation. to rebuild the balance sheets of the major banks,
the financial times, with a partnership, a business
regulation is underway. Disparate regulation in the and this has to be accepted by government and fresh
beat that includes both Uk strategy firm dedicated to
and global markets the global wealth industry past, such as the imposition of leverage ratios, the People are worried that the recession could usher in policy developed accordingly. An examination of
risk weighting of assets and – even more a new era of global protectionism. Do you think that most banks’ balance sheets reveals a large liability
fundamentally – the meaning of capital, has led to will happen, and what would be the consequences? component in the shape of bonds. They should be
some confusion. This has led to differing scenarios NB There is certainly a risk of this type of knee-jerk obliged to convert these to equity in a manner akin
emerging across geographies. Remedies, therefore, reaction. I happen to think, however, that the credit to the recapitalisations by creditors seen in most
also differ. A transparent, globally coordinated and crisis will only be solved by concerted international other industries. The government should participate
harmonised approach with adequate resourcing action that will eventually occur on a properly alongside to a restricted extent, perhaps only at a
would better support today’s global markets. Bank coordinated basis. This approach will be level necessary to protect depositors.
nationalisations, whether partial or complete, may fundamentally incompatible with the adoption by
serve to speed the process, too, though it is individual countries of strongly protectionist PW This is a difficult question to assess. There was
conceivable that immediate concerns, such as policies. Conversely, therefore, were a mood of no dress rehearsal for the crunch. Furthermore,
easing credit conditions, may in the short term lead strong protectionism to take root, then I think this governments responded in different ways and over
to looser bank capital constraints. would hamper efforts to restore the flow of differing lengths of time. In my opinion, the key
international credit and greatly prolong the issue here is how governments interact with their
GraHam Harvey There will be regulatory change, as recession. I think we will see a little protectionism global counterparts to manage this international
public and shareholder pressure on financial going on for domestic political reasons, but not at a economic reality, while also managing their
institutions, especially those partly or wholly owned level that will be critically dangerous. electorates’ local fears and concerns.
•
8 c it iprivatebank.com k ni ght f r a nk .com 9
8. monitor Future wealth trends Future wealth trends monitor
ussia’s economic performance over the Equities have plunged. Safe government debt yields
the public attitude to
past eight years has been astounding. almost nothing. Risky commercial debt is worth banks during the crunch
Between Vladimir Putin becoming prime next to nothing. Worst of all, our sensible, wealthy Russia in figures...
minister in 1999 and stepping down as president
last year, GDP rose more than six times in nominal
Russian may be facing demands from friends and
associates to repatriate some money to repay
$386bn A survey by the All-Russian Public Opinion Research
Centre (VTsIOM), ‘People and Banks Amid the
The nation’s foreign Finanical Crisis: What Should Depositors Do?’,
terms. Poverty halved – only a sixth of Russians live favours and help them out. For those scrambling currency reserves on
conducted in October 2008*
below the breadline, compared with one-third when for cash, one option might be to sell a prized 4 February, down by more
he took office. Once a basket case, Russia became property in London or New York. But the weakening than a third from their peak
of $600bn in August 2008. PeoPle who have
one of the largest economies in the world, paying residential property market means that these flats % 40.6%
59.4
40%
bank dePosits
off its debts and building up a $600 billion foreign and houses, bought at the top of the market, may be (% of the total
currency reserve. worth considerably less. number of
The drop in value of the respondents)
Yet look a bit more closely and the results are less The most likely solution is an uncomfortable one: rouble in the six months to
impressive. Russia failed to diversify its economy. thrift and patience. The bad thing about being rich 4 February. The currency
Are not AFrAid oF
hit a historic low against
The number of small and medium-sized enterprises is that you have expensive habits. The good thing is the dollar at a few kopeks
losing their money
*the Vtsiom conducted the proactive nationwide survey among 1,600 respondents in 140 settlements in 42 regions, territories and republics of russia in october 2008. the margin of error is within 3.4%.
shrank. Reform in public service faltered. Plans for that you can always cut back on them in a downturn. short of 41 roubles.
new roads, schools, hospitals and power stations The bigger questions are about what the
were much-publicised but rarely completed. future holds. Firstly, will the current traumas and 8.7% Are AFrAid oF
losing their money
Corruption rocketed. As Boris Nemtsov and economic pain in Russia herald a future in which The fall in industrial
output in November 2008,
e xPert oPinion Vladimir Milov have pointed out in their seminal wealth is held more widely and more durably?
compared with the previous
pamphlet, Putin: The Bottom Line, the results of the Economic downturns have one good feature: they year, according to figures
the safest way to save Money
WiLL ThE
past eight years are actually rather feeble. The same highlight the faults of badly managed businesses. published in December. (% of the total number of respondents)
point is made, from a different quarter, by Igor
Yurgens, who runs a think tank close to the Russian
That can give the well-managed competitor a
chance to move in. For now, the story in Russia is $42.8 property 51%
BEar
The average price for Urals
president, Dmitri Medvedev. of the politically motivated bailout. But over the crude oil on global markets gold And Jewellery 19%
So when the financial crisis hit Russia, the economy as a whole, the downturn will see more bad in January this year. The sberbAnk (russiA’s lArgest bAnk) 17%
country was more fragile than it should have been, businesses go bust than good ones – and that is an budget forecast an oil price
BuckLE?
opportunity for the entrepreneurial class. of $70. roubles in cAsh 13%
given the recent bonanza. The stock market has
plunged by nearly three-quarters. The rouble –
once a symbol of Russia’s recovery from the 1998
Secondly, will the business class in Russia
develop a political voice? One of the startling
13.8% shAres oF compAnies 8%
The rate of inflation last Foreign cAsh currency 7%
economic crisis – has been steadily devaluing. features of opinion poll surveys over the past
russia has seen huge levels of wealth creation in November. One of the
Investors who hold Russian commercial debt eight years has been the clash between Russians’ biggest macro-economic
recent years. edward lucas, a leading commentator problems over the previous
are twitchy. Inflation is high and unemployment appreciation of higher living standards and complaints of business – about tax rules, about bad
on the country, evaluates what the global recession is rising. The rickety financial system has not political stability, and their generally gloomy
two years, inflation remains
roads and about silly regulations – are the
stubbornly high.
will now mean for its economy and super rich collapsed, but it is in poor health. For many who feelings about the nitty-gritty performance of foundation of political pluralism.
have done well out of the past eight years, these are the government. Is corruption getting better or Thirdly, if the business people of Russia do
i l l u s t r At i o n b y l u k e w i l s o n
worrying times. worse? Worse, say the polls – and president Dmitri demand a better deal, will the Kremlin actually
A sensible, wealthy Russian would typically Medvedev agrees. Are elected representatives pay attention to them? For now the arguments
diversify his assets and income streams: some following their own interests or those of their seem finely balanced, with people around
would be inside Russia – perhaps in the company voters? Their own. Are public services getting Medvedev, such as the economist Igor Yurgens,
or job where he first made his fortune. Then there better or worse? Worse. And so on. saying that the time has come for more political
might be some property in London, plus a mix of For anyone doing business in Russia, the costs and economic openness, and some people around
blue-chip equities and government securities, with of the overloaded infrastructure and predatory Putin saying the opposite. On the outcome of that
a few holdings in hedge funds and more exotic officialdom are burdensome and infuriating. Yet, hangs the future of Russia’s new middle class – and
investments, perhaps with leveraged bets at
brokers in Moscow or London.
so far the business world has preferred to keep its
head down and enjoy the profits rather than
much else besides.
•
For the truly unlucky, all those have gone sour complain about the costs. With the downturn, Edward Lucas is the Central and Eastern Europe
at once. The brokers are demanding margin calls. there is just a chance that this will change. The Correspondent for The Economist.
10 c it iprivatebank.com k ni ght f r a nk .com 11
9. Attitudes Attitudes to wealth Attitudes to wealth Attitudes
pHotoGrApHy: richard powers
re Se arch
t’s tempting to assume that wealth insulates Survey DiStribution enough to have increased their exposure to equities. quickly. Many investors also acknowledge the
Changing
HNWIs from the day-to-day worries associated Bank accounts have been the biggest beneficiary long-term nature of property investment: even
with economic downturns. Surely, when you are from the flight away from stock market volatility – if values fall your asset is unlikely to disappear
%
worth millions or even billions, it doesn’t matter almost 60% of those represented by our survey have completely. Despite this, a significant number
33
28
fortunes
%
if stock markets fall a bit or your house is worth substantially increased the amount they have on of HNWIs have either increased or reduced their
less than you paid for it. However, according to the deposit. The perceived safety of the bond markets is exposure, with a very small percentage increasing
results from The Wealth Report’s Attitudes Survey, reflected by the fact that 67.8% of respondents have it substantially.
7%
which was completed by a global spread of Citi 1 22% increased their exposure to this kind of investment. This ambivalence is probably a reflection of the
The results from The Wealth Report’s Private Bank’s wealth managers acting for almost But uncertainty about the ability of even national diversity of the property market and the attitude of
HNWI Attitudes Survey provide a unique 2,000 of the world’s richest people, that is not the governments to repay increasing levels of debt could the wealthy towards it. While stock markets around
europe & russia
window on how the credit crunch is case. The wealthy have the same preoccupations and Americas explain why 14.3% of people have decided to reduce the world have all been heading one way only,
affecting the behaviour and attitudes of concerns as everybody else. If anything, they keep an China, se Asia & Australasia their exposure to bonds. property markets have not reacted homogeneously.
even closer eye on their investments and react more middle east, indian As our PIRI survey on page 26 confirms,
the wealthy towards their property and subcontinent & Africa
investment portfolios. Knight Frank’s quickly when markets start to change. property As An investment performance has varied widely. In those areas where
Andrew Shirley analyses the numbers When looking at bricks and mortar as an investment values dropped fastest and furthest, canny HNWI
Asset Distribution class, the picture becomes less clear. The majority investors are sensing the bottom of the downturn is
There has already been a substantial shift in asset of HNWIs appear to be sitting on the fence at the imminent and are slowly reinvesting.
distribution among the rich, who appear to have moment, with 57.1% making no change to their Experienced investors realise we are firmly into
taken decisive action to mitigate risk and protect property portfolios, although over 90% have seen the bargain-hunting stage of the property cycle,
their wealth (see bar chart on page 14). Although their property portfolios decrease in value during especially in the commercial and newbuild sectors.
the creation of fortunes is often associated with the credit crunch, with about a third of those hit by a A number of survey respondents said their clients
risk and daring decisions, safety first seems to be substantial decrease (see the graphs on page 14). were actively looking to take advantage of distressed
the mantra in times of economic turbulence, with The illiquid nature of property probably goes sales to cheaply acquire stable assets with good
both transparency and stability highly valued. Based some way towards explaining this lack of action. yields. Many fortunes have been property-based and
on this survey, almost 90% of HNWIs have either While an entire portfolio of stocks and shares can a large proportion of the HNWI community has a
decreased or substantially decreased their exposure be sold with just a few taps on a keyboard, it is passion for property ownership. According to our
to equities, while virtually all have moved away from more difficult – and sometimes almost impossible survey, property accounts on average for 30% of their
hedge funds. A small proportion, 7%, feels confident – during an economic downturn to sell property asset portfolios. But even this enthusiasm has
12 c it iprivatebank.com k ni ght f r a nk .com 13