FOLLOWING THE MONEY
Remarkably, Cape Town is the cheapest in the world for high-end property
The world’s super-wealthy continue to invest in cross-border bolt holes as the promise of a second passport becomes an important drawcard for property buyers in cities as well as in sun and ski belts
Political and economic upheaval in many areas have supported a renewed search for safe-haven investment destinations. That’s according to Knight Frank’s The Wealth Report 2017, released last week, which tracks the investment patterns and attitudes of ultra-high-net-worth individuals across the globe. These are defined as those with US$30m or more in net assets. The report editor, Andrew Shirley, says this year’s edition is published at a time when events have the potential to influence wealth creation and wealth flows, much as the global financial crisis did a decade ago. He refers to the change of leadership in the US with the election of President Donald Trump, the UK’s decision to leave the EU, German and French elections and a critical succession of power in China. Knight Frank tracks, among other things, the performance of the housing markets of the world’s leading city, sun and ski belts.The report confirms a strong and growing attraction for Canada, Australia and New Zealand ...