Australia is also expected to see a 70% rise in UHNWIs between now and 2026. However the overall population will still be smaller than several European countries, including Germany and Switzerland.
Kymbal Dunne, Knight Frank Director Office Leasing in Sydney, said: “Australia is seen by UHNWIs as a safe haven. Sydney and Melbourne, in particular, are the two global cities of interest to them.
“It’s an excellent place to educate your children and a back-up strategy for foreigners looking to relocate, should things not work out in their homeland.
“The liveability, climate, political stability, transparency and sophistication of markets, and the currency value compared to US dollar, make investing attractive.”
He added: “Flights with no ‘stop over’ like the Perth to London leg planned for 2018 will be game changers.
“Political instability caused by Brexit in Europe and USA’s “America First” policy must have an impact on the world. This will change capital flows, where safe havens are more sought after whilst uncertainty continues.
“Property development needs to reflect global standards and service expectations, as it will be compared to that of other global cities. I think mixed development will become more viable, as people want to live closer to work.”
The number of UHNWI’s is predicted to climb by 12% in Europe over the next decade, compared with 91% in Asia.
Vietnam is expected to see its ultra-wealthy population rise by 170% to 540 over the next decade – the highest rate of growth in the world.
Other report findings
- the UK’s traditional alliances with Australia, the US, Canada and New Zealand will all grow stronger post-Brexit. It is expected Britain will reintroduce two-year working visas for citizens from Australia and New Zealand in the next few years
- Randwick in Sydney has been picked by experts to outperform in the category of infrastructure and transport, thanks to several stations on a new light railway line, scheduled for completion in 2018
- Australia was named number eight on a list of countries where property investors were most likely to invest. The UK was number one, America second and Germany third.