DID YOU KNOW? Traditionally, most wealth was transferred at death. In recent decades, however, more significant levels of wealth are being passed on before death. This is sometimes done to empower or gradually prepare the next generation by giving them limited amounts of wealth to oversee. At other times it is for practical, logistical or tax-planning reasons. (WEALTH-X)
DID YOU KNOW? Around $15.4 TRILLION will be transferred by 2030 from older generations to next generations with a net worth of $5m or more. That's the size of the Chinese economy or 15X the market cap of Amazon. 550,000 individuals in total will pass on an average of $28.2 million! While many focus on the Uber-rich ($100m+), often forgotten are the ‘lesser rich’, those with assets between $5 and 30 million. There are 18,480 individuals with wealth of $100m+ in the USA who will be passing on wealth, but almost HALF A MILLION of those with assets between $5-30 million will be passing on assets too. Globally, there are over 42X the number of people worth $5-30m than those $100m+. We should never forget that those with a net worth lower than $5m (and much less) will also be transfering wealth and these studies don't address this. (WEALTH-X)
DID YOU KNOW? Most people inheriting wealth will be in their 40’s and 50’s…..this is possibly the most potent group of luxury real estate buyers too. It may also explain some of the delay in first time home buyers.
DID YOU KNOW? 25% of New York City bus riders didn’t pay the $2.75 fare during the first three months of 2019, up from 18% for the same period in 2018 and 13% in 2017. (NY POST)
DID YOU KNOW? River Oaks is one of the most beautiful suburbs of Houston, just moments from Downtown. It is also one of the wealthiest areas in Texas and the USA with homes selling for between $1 - 20 million. Established in the 1920s by William and Michael Hogg, the community became a well-publicized national model for community planning. It comprises just 1,100 acres in total and the median home size is more than 3,600 square feet! (WSJ)
DID YOU KNOW? Home builder confidence rose one point to 65 in July, as measured by the National Association of Home Builders’ monthly index. (Marketwatch)
DID YOU KNOW? The Architecture Billings Index fell into negative territory in June, according to the American Institute for Architects. Inquiries for new projects hit a decade low, while design contracts also fell. New design contracts score reached a 33-month low and the project inquiries score hit a 10-year low. (CNBC)