Global Luxury Market On The Rise
The world’s affluent population– people worth $5 million or more– grew 19.8% in 2021, and with it grew the luxury housing market, according to Coldwell Banker Global Luxury’s 2022 Global Luxury Market Insights report, titled “The Report.” There are now 3,612,730 affluent individuals worldwide, with a combined wealth of over $75 trillion. Wealth growth in the U.S. rose 24.8% in both population and wealth in 2021, up from 8.1% in 2020. At the same time, luxury single-family home sales– the top 10% of any given market– increased 14.5%, with prices jumping 20.3% from 2020. Attached luxury homes saw a 29.6% increase YOY and a 16.6% increase in prices. “Double-digit wealth and affluent population gains have happened concurrently with a once-in-a-generation…