According to a new report, New Zealand will expect a 70% increase in ultra-wealthy inhabitants over the next decade. Knight Frank, an international property consultant said that the super-rich are attracted to New Zealand’s and Australia’s interesting lifestyles and healthy economies. New Zealand is also listed as among the most favourable locations for second homes for the ultra-high net worth individuals.
Additional factors that draw wealthy people to New Zealand and Australia include robust real estate returns, resilient stock markets and recovery in commodity markets. According to Andrew Amoils, head of Research at New World Wealth that specializes in the research of wealthy people, migration of the wealthy to the region in the future will be due to good economic fundamentals and safe haven status.
According to Layne Harwood, country head of Knight Frank New Zealand, investments made by the ultra-rich in New Zealand has become significantly strong; however, interest levels have also increased substantially in recent years.
High profile investors like Peter Thiel is supportive of New Zealand as an investment and lifestyle destination. Investors are not actually investing in commercial property because they prefer the rural lifestyle and working stations in areas like Queenstown. Other investment favours business and Auckland residential properties.
At the moment, Auckland has 880 multi-millionaires with net worth exceeding $10 million. There are 310 ultra-wealthy residents with net worth of $30 million and more. It is predicted that the figures will increase to 527 by 2026. Hardwood says that ultra-high net worth individuals like New Zealand’s isolation, stable government and the above average long term economic growth.
For the super-rich who own yachts’, New Zealand is their travel destination to gain yachting expertise. The interest of Hollywood has also been stimulated by the works of New Zealand-based directors, Sir Peter Jackson and James Cameron.
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