Malaysia’s Ultra-Rich Own The Most Homes In Asia
Malaysia takes pole position when it comes it owning the most number of primary and secondary homes in the Asia-Pacific region, revealed a wealth survey.
The Wealth Report Attitudes Survey 2018 by global property consultancy Knight Frank found that the country’s ultra-high-net-worth individuals (UHNWIs) owned 3.5 homes each while their Chinese counterparts followed closely behind with 3.3 homes.
The survey deals with issues that influence the investment and lifestyle decisions of the wealthy, based on the responses of 541 of the world’s leading bankers and wealth advisors.
It added that despite taking the lead, Malaysian UHNWIs did not plan to slow down as 33% of them considered buying another international home, compared with the global average of 23%.
Meanwhile, Malaysia took third place when it came to the percentage of their portfolios allocated to property (excluding primary residence and secondary homes) at 44%, just behind Hong Kong (47%) and Australia (44%).
However, Australians and New Zealanders were the least interested in acquiring more homes as only 13% of Australians and 9% of New Zealanders planned to buy more properties domestically, while only 11% and 6% respectively were considering investments overseas.