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There are about 200k UHNWI in the world taking the most generous definition wikipedia provides. Supposing they are split across Tokyo, Shanghai, Moscow, Beijing
by yummyfajitas 10y ago
There are about 200k UHNWI in the world taking the most generous definition wikipedia provides. Supposing they are split across Tokyo, Shanghai, Moscow, Beijing, NYC, London, Mumbai and Delhi (to name only the expensive megacities I can name off the top of my head), that's 200k UHNWI out of 195 million.
https://en.wikipedia.org/wiki/Megacity https://en.wikipedia.org/wiki/Megacity
https://en.wikipedia.org/wiki/Ultra_high-net-worth_individual https://en.wikipedia.org/wiki/Ultra_high-net-worth_individua...
Assuming each of them rents 10 flats, they might consume 1% of the total housing supply.
- hammock 10y agoFair point although we are conflating households with individuals. Anyway, drawing a line at UNHWI is arbitrary, we are interested in cash buyers driving up prices. So another group to look at would be non-primary residence. The average across the five boroughs is 29%. And in midtown Manhattan it reaches 44%[1]. So we are getting to the big numbers now that you are looking for, big enough to move prices in a substantial way. [1]http://mobile.nytimes.com/2015/01/11/realestate/new-york-citys-emptiest-co-ops-and-condos.html http://mobile.nytimes.com/2015/01/11/realestate/new-york-cit...
- yummyfajitas 10y agoFrom the article: And perhaps surprisingly, the data indicated that “the vast majority of pieds-à-terre are middle class,” Mr. Miller said. “They are owned by people who have a studio in the city and a home in the suburbs, or maybe it was their first apartment that they chose to keep and rent it out.” What does middle class people becoming landlords have to do with the rich? Insofar as a flat is being rented out (as many of them are, according to the article), it's not even reducing housing supply.