“Never before have wealth creation, economic risk and politics been so closely intertwined with the performance of prime residential and commercial property markets. Drawing on insight from Knight Frank, Citi Private Bank and other leading commentators, The Wealth Report 2012 pulls together all these strands and explains their connections and likely implications. Using exclusive data and survey results, we uncover how the wealth being generated by the worlds fastest growing economies is an integral part of the equation, but also discover on page 16 that economic growth alone is not enough to create cities considered genuinely important by the worlds wealthiest people. The central trend dominating prime property markets has been the relentless growth of plutonomy economics, a phenomenon that sees the wealth of the richest 1% growing far quicker than that of the general population a trend we initially examined in our first Wealth Report in 2007. A year later, in the eye of the global economic storm, plutonomy seemed under threat as asset values plummeted. Ironically the response to the financial crisis did more to revive the value of investments held by the wealthy than improve the position of the wider population.”
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