Today, The Boston Consulting Group released a report (Delivering on the Client Promise: Global Wealth 2009) that identified indices that demonstrate the downturn in the global economy is affecting the assets of millionaire households.
For luxury real estate marketers, this creates opportunity. As “assets under management” decline, many will turn to real estate. A luxury residence is an asset that can be enjoyed while serving as a safe haven that has already experienced significant price adjustment.
As marketers, we face a smaller number of prospective buyer, the number of millionaire households worldwide fell from 11 million to about 9 million.
With nearly 4 million, the United States continues to have the most millionaire households.
Opportunities for securing overseas buyers, Singapore has the highest concentration of millionaires and Kuwait, the United Arab Emirates and Qatar have three of the six densest millionaire populations.
“Wealth will begin a slow recovery in 2010 but may not reach its precrisis level until 2013,” said Peter Damisch, a BCG partner and a coauthor of the report. “We expect wealth to grow at an average annual rate of about 4 percent from year-end 2008 through 2013.” Wealth will grow fastest in Asia-Pacific (excluding Japan) at 9.5 percent per year over the same period, he added.
PR: wait… I: wait… L: wait… LD: wait… I: wait… wait… Rank: wait… Traffic: wait… Price: wait… C: wait…
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