Here’s Where the Ultra-Wealthy Are Predicted to Buy in 2024

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According to a new report from Knight Frank, the world gained an additional 25,000 UHNW individuals—those worth $30 million or more—by the end of 2023, a 4.2 percent spike from the year prior. But where exactly are all these newly ultra-wealthy folks buying homes?

“As wealth portfolios recovered in 2023, affluent buyers targeted residential property in the world’s luxury markets,” said Liam Bailey, global head of research at Knight Frank. The London-based property broker found that the increase in the UHNW population increased most in North America and the Middle East. The report also found that of the total of 626,619 people in this group, 22 percent, or more than a fifth, plan on investing in residential property this year. 

The broker’s research, which analyzed 100 global markets, showed that 80 of them posted flat or positive annual price growth, and luxury home prices climbed 3.1 percent on average in 2023. Manila, the capital of the Philippines, recorded the largest annual price gains of 26.3 percent, with Dubai following with a hefty price growth of 16 percent and the Bahamas closely behind at 15 percent. 

“At the start of 2023, economists were expecting a much weaker outcome across global residential property markets,” said Kate Everett-Allen, head of international residential and country research at Knight Frank. “Stock markets were heading for more pain, inflation was veering out of control, and the pandemic-fueled property boom was set to end in tears as borrowing costs hit 15-year highs in some markets. However, that never happened—we’ve seen a much softer landing in terms of price performance around the world.” 

And whereabouts are UHNW buyers looking to buy now? The report noted that Americans are increasingly shopping for overseas real estate, whether that’s for tax purposes, a vacation retreat, or a lifestyle change. More specifically, buyers from the U.S. account for the bulk of foreign purchasers of ultra-prime London properties and remain super active throughout Europe.

The report also predicted that the best-performing luxury markets in the U.S. in terms of price growth will be Miami, followed by New York and Los Angeles. Globally, Auckland, New Zealand, is forecasted to be one of the most in-demand markets in 2024, followed by Mumbai, Dubai, Madrid, Sydney, and Stockholm. 

“With the mobility of wealth increasing all the time, a key question is whether future growth remains within these and other high-growth markets or whether there is a leakage of talent to Europe, Australasia, or North America,” added Bailey.