Welcome

This is a pivotal moment for private wealth. Despite ongoing economic headwinds, we believe that now is the time to focus on the opportunities ahead

RORY PENN HEAD OF LONDON RESIDENTIAL SALES & CHAIR OF PRIVATE OFFICE

It is an absolute pleasure to welcome you to The Wealth Report 2023, the 17th edition of this market-leading report.

In last year’s edition we described the surge in new wealth creation on the back of the postCovid bounceback and its impact on asset price and market performance. The story at the heart of this year’s report is driven by the legacy of that economic rebound.

We find ourselves in a new investment environment. Rising inflation was the number one risk cited in The Wealth Report 2022. That led to one of the biggest rises in interest rates in history – and a corresponding shift in investor behaviour. Asset prices fell back and, as we confirm in this report, overall wealth levels fell.

Despite the challenges still facing many markets, in this year’s report we argue that now is the time to look beyond the crisis. We believe that investor sentiment will brighten as interest rates are seen to peak.

We have taken the opportunity to look forward at the themes we believe will dominate investor behaviour through this year and next.

“In every major sector there is a need for better, greener and more innovative space to meet occupier and purchaser requirements”

We consider the global mobility of wealth and investments, commercial and residential real estate opportunities, the next phase of ESG, the outlook for luxury property and the lasting impact of Covid on global connectivity. We also take the pulse of luxury investment markets and consider the philanthropic opportunities from rewilding.

Unlike previous downturns, we did not enter the current cycle with an overhang of real estate inventory. In every major sector there is a need for better, greener and more innovative space to meet occupier and purchaser requirements.

We are committed to providing you with the right advice to help you take advantage of these opportunities. Following last year’s expansion of our Private Office network into New York and Singapore, we are delighted to announce our latest move into Monaco which, alongside our established London and Dubai private client teams, means we are well placed to help you achieve your goals.

Please do get in touch. The Private Office and wider Knight Frank network would love to be of assistance.