The US, UK and Spain are popular destinations for rich people to buy real estate.

Spain has become one of the popular choices of the wealthy when it comes to buying real estate abroad, second only to the United States and the United Kingdom, according to a report by Knight Frank.

So, where in the world do rich people buy houses?

Spain is followed on the list by Australia and France, the other two countries that round out the top 5 investment markets for high net worth individuals over $30 million (€28 million).

In an economic downturn

what 2022 was like, 4 out of 10 rich people increased their wealth, thanks in part to real estate investments, as well as foreign exchange, tactical investments in financial markets and, for the first time in a decade, maintaining a significant amount of liquidity in portfolios in the face of volatile stocks and bonds.

According to the report, which surveyed more than 500 private bankers, financial advisors and family office managers, the outlook for this year is improving.

More than 70% of respondents believe that their clients will increase their wealth by 2023 through investments in real estate, technology and capital markets.

Nevertheless, the rise in interest rates

will curb demand for residential real estate, as about 15% of these wealthy individuals intend to purchase residential real estate this year, down from 21% last year.

Middle Eastern and Asian buyers will lead the way among those most likely to make secondary real estate investments and even take up residence in these countries.

Their main targets will be the healthcare, logistics, industrial and office sectors, as well as private rentals, hotels and entertainment.

On the other hand

Wealthy individuals are increasingly paying attention to the energy source (57%), the potential for renovation (33%), and the materials used and their carbon footprint (30%) when purchasing real estate as an investment.

"Everything points to the fact that this year, an increase in interest rates may lead to some price adjustments, but without a sharp impact on investment volumes," says Carlos Zamora, director of the residential real estate department at Knight Frank in Spain.

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