How and Where Do HNWI Want to Live Their Lives?
The purchasing power—and one of the hottest markets today—is at the upper end of the luxury sector. The activity is so prevalent and pervasive that it may be time to coin a new adjective to describe the breathtakingly expensive products being consumed by the world’s One Percent.
And it’s affecting many markets. Condominium developers are reducing the number of units in order to build larger, more-expensive residences to meet the demand for homes over $10 million. Hotels are adding more suites to keep up with requests for pricey and spacious accommodations. Global airlines are making improvements to premium class cabins to cater to high-net-worth travelers.
Who are the folks who make up the One Percent? David V. Johnson, a real estate developer from Michigan (and a client), is building a vacation home development on Virgin Gorda in the British Virgin Island that will be carbon neutral and in harmony with nature.
One of David’s purchasers, someone who saw the shoreline near his home on the East Coast of the United States become polluted, said he bought at Oil Nut Bay because he wanted a place that was unspoiled for his grandchildren.
People who have made their money are now focusing on how and where they want to live their lives. They are thinking about the lifestyle they want for their families and future generations.