India's ultra-rich prefer investing in equities, bonds over real estate

The Macallan-60 year old-1926 sold for a record price at auction

The Macallan-60 year old-1926 sold for a record price at auction

It has also been grossing the country's highest office space absorption for 10 straight years, it said.

Despite Brexit uncertainties, London reclaimed the top spot in Knight Frank's 2019 City Wealth Index, which takes into consideration such factors as investment, the number of ultra-high-net-worth individuals, and the luxury lifestyle available.

Overall, luxury home prices in Asia-Pacific gained 2.7% with most markets experiencing low, yet steady growth.

First and second homes make up 45 percent of total wealth for Kenya's super-rich, with the HNWIs owning an average of 2.7 homes, according to Report.

Wealth managers and advisors said 39 percent of their clients have property investments in the country, while 22 percent have invested in foreign property.

London trumps New York as top city for world's wealthy

Aside from Manila, the only other Asian cities who made it to the top 20 are Singapore and Tokyo. Despite Brexit concerns, London took the number one spot overall, reclaiming the spot from NY, which dominated last year's standings, showed Knight Frank's Wealth Index 2019.

The Knight Frank Prime International Residential Index (PIRI 100) said the Philippine capital was the top luxury home market in the world, with prices of luxury homes rising by 11 percent from December 2017 to 2018. Hong Kong ranked third and Singapore fourth in this index.

The global ultra-high-net-worth (UHNW) population grew by 7,091-almost one every hour-to a total of 198,342 past year, according to The 2019 Knight Frank Wealth Report released Wednesday. Last year, China and Hong Kong buyers accounted for about a quarter of purchases in London homes worth at least 2 million pounds (US$2.6 million), according to Knight Frank, nearly doubling from two years earlier. 18% Indian UHNWIs showed affinity towards purchasing homes outside of their domicile country.

Respondents said 29 percent of their clients are looking to invest in the country's property markets in 2019/2020, while 17 percent are exploring overseas, with the likely destinations being the United Kingdom (55 percent), UAE (25 percent), USA (15 percent), Australia and Canada (15 percent), Germany (10 percent), and South Africa, Spain, India, Ukraine and Ireland (5 percent). "As we learn to live without the ultra-low interest rates that have supercharged real estate markets globally since 2008, lower price growth is an inevitable outcome of the shift in monetary policy".

In the year ahead, the report projects wealthy Indians would get more inclined towards equities and bonds, while globally investors are likely to go for investments into property and the most liquid asset of cash. Private equity, which saw only about 4% of wealth allocation in 2018, is set to see a significant rise in 2019, it said.

North Korea airs dramatic documentary of Kim-Trump summit
The site is where North Korea carried out satellite launches in recent years until the recent attempts at detente with Washington. Mr Bolton also said it was too soon to make a determination on the reports of North Korea's missile activities.

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