Super-rich flocking to Australia

Super-rich flocking to Australia

5 May 2017

Knight Frank’s newly established Prestige Residential division comes as a direct result of the findings of the agency’s newest edition of The Wealth Report, which was released earlier this year. The report analyses the growth of the super-rich population (Ultra High Net Worth Individuals, or UHNWI) in 125 cities spread across 89 countries.

The Report found that Australia is becoming increasingly attractive to a growing number of UHNWI, along with the US and Canada.

According to Knight Frank’s Director of Residential Research Michelle Ciesielski, “Australia is increasingly well-positioned for the world’s wealthy as a good place to migrate and invest due to a number of factors, including lifestyle and relative security as HNWIs seek a safe haven from political upheaval.”

The latest data reveal that Sydney and Melbourne come in first and second place in terms of rapid growth in the number of HNWI, while Perth takes eighth position.

The Urban Developer revealed that Deborah Cullen has joined Knight Frank from Colliers International’s Lifestyles Estates team.

Deborah Cullen said “We will be the only firm in Australia so far to achieve this level of international connectedness, which I believe will be extremely important for individuals wanting to expand their residential property portfolios moving forward,” she said.

Knight Frank Global Head of Residential Lord Andrew Hay said the company’s global sales network is involved with the most prestigious residential properties around the world.

“Our latest annual edition of The Wealth Report has found that Sydney and Melbourne are in the top 10 list of most important cities globally for the wealthiest to invest,” he said. “Countries such as Australia that offer a fiscal and political ‘safe haven’, as well as excellent quality of life, are expected to see strong growth over the next decade in the populations of super-rich,” Lord Hay said.

In Sydney, Knight Frank’s Asian Markets team recently closed three high-end residential transactions to the value of over AUD35 million.

Knight Frank’s client base already includes 1,000’s of billionaires, according to the Australian Financial Review.