2025年财富报告：全球高端房产与投资视角

The global perspective onprime property and investment It is our pleasure to introduceThe Wealth Report2025, the 19th edition of our global perspectiveon prime property and investment. Welcome Definitions and data 19th edition How we chose our cover HNWI EDITORLiam Bailey In last year’s report, we highlighted a surgein global wealth creation, led by the U.S. and theMiddle East, alongside sustained demand for realestate acquisitions among private investors. Arounda fifth sought residential properties, with a similarproportion showing interest in commercial assets.This year, our latest survey – The Douglas High-net-worth individual – someone with a net worth ofUS$1 million or more. In our Wealth Sizing Model (page 14),we define HNWIs as those with a net worth of at leastUS$10 million. MANAGING EDITORSunny Creative This year’s edition ofThe Wealth Reportfinds private investors keen to broadentheir exposure to real estate, a sector theyview as offering both growth potential andwealth preservation MARKETINGSally Ingram UHNWI Ultra-high-net-worth individual – someone with a networth of US$30 million or more. In our Wealth Sizing Model(page 14), we define UHNWIs as those with a net worth ofat least US$100 million. Elliman | Knight Frank 150 – offers fresh insightsinto evolving property demand. Notably, 25% offamily offices with existing residential portfoliosare considering further acquisitions, while 44%plan to expand into commercial real estate overthe next 18 months. PUBLIC RELATIONSEmma Cotton DESIGN &DIRECTIONWinkreativeQuiddity Media PRIME PROPERTYThe most desirable and most expensive property in a given location, generally defined as the top 5% of each market byvalue. Prime markets often have a significant internationalbias in terms of buyer profile. Despite this growing appetite for propertyinvestment, the year ahead presents challenges.Elevated debt costs due to higher interest ratesadd complexity, and market uncertainty remainsaround potential rate cuts. However, witheconomic growth – primarily driven by the U.S. –demand for best-in-class assets across all sectorsis expected to persist.To provide a comprehensive view of the FRONT COVERBirch Creative Ltd THE PIRI 100 Now in its 18th year, the Knight Frank Prime InternationalResidential Index tracks movements in luxury prices acrossthe world’s top residential markets. The index, compiledusing data from our research teams around the world, coversmajor financial centres, gateway cities and second-homehotspots – both coastal and rural – as well as leading luxuryski resorts. PRINTOptichrome This year’s cover underscores the connectionsbetween global markets and the ability of investors toengage with opportunities anywhere in the world. Byplacing the globe inside a landscape, the illustrationnot only highlights our ability as advisors to bring theworld to our clients but also emphasises the increasingimportance of environmental considerations as thenext generation begins to create and manage wealthportfolios. The illustration conveys the scale of boththe uncertainty and the prospects that investorsface. As we note in this edition, while volatility ineconomics and geopolitics appears to rise inexorably,the prospects for growth remain compelling for thosebrave enough to look beyond the risks. private investment landscape, this report assessesthe current state of global wealth creation andthe factors shaping wealth mobility. We exploreinvestment opportunities across residential andcommercial real estate, assess the outlook forprime property markets, and examine the evolvingpriorities of younger investors in the luxury sector.Additionally, private investors highlight barriersthat continue to limit their ability to invest in ordevelop real estate – reinforcing our commitmentto delivering the expertise needed to navigatethese opportunities.As trusted real estate advisors with key THE KNIGHT FRANK WEALTH SIZING MODEL The model, created by our data engineering team, measuresthe size of wealth cohorts globally. locations throughout the world, we invite you toleverage our global expertise and insights to makeinformed investment decisions in the year ahead. FIND OUT MORE Knight Frank Research provides a range of market-leading insights through the year covering allmajor global real estate sectors and markets. Toget the best of Knight Frank straight to your inbox,visitknightfrank.com/ResearchNewsletters SUSAN DE FRANÇAPRESIDENT AND CHIEF EXECUTIVE OFFICERDOUGLAS ELLIMAN DEVELOPMENT MARKETING No part of this publication shall be reproduced, stored in a retrieval system, or transmittedin any form or by any means, electronic, mechanical, photocopying, recording or otherwise,without prior written permission from Knight Frank for the same, including, in the case ofreproduction, prior written approval of Knight Frank to the specific form and content withinwhich it appears. “We explore investmentopportunities acrossresidential and commercialreal