DID YOU KNOW? The USA's most expensive residential property closed yesterday at 220 Central Park South for a mere $238 million, just shy of a quarter billion dollars. While some may decry this as capitalism run amok, let's not forget how the $6.7 million in transfer and mansion taxes alone will benefit all New Yorkers....not to mention enormous real estate taxes that will be collected every month....forever.
DID YOU KNOW? A recent Spectrem survey of U.S. investors with $25 million or more reveals:
- Their average age dropped by 11 years since 2014, to 47. These rich Americans, whose ranks have more than doubled since the depths of the Great Recession, are younger than less wealthy millionaires.
- The average age of those with at least a mere $1 million is 62, a number that hasn’t budged in years.
- Investors under 38 attributed their success to “inheritance” and “family connections”. But the same proportion also said “hard work” and “running my own business” played a role.
- About 70% of the richest investors said they’re still working.
- Those 65+ hold more than a third of U.S. wealth.
- About 172,000 U.S. households have net worths of at least $25 million, up from 84,000 in 2008.
- Americans 75+ are the only age group whose median net worth rose from 2007 to 2016, according to the Federal Reserve Survey of Consumer of Finances released in July 2018.
- 91% of investors with $25 million or more keep assets in a trust.
DID YOU KNOW? In the past two years, assets outside central London account for the highest share of private investors’ property spending in the city this decade Dallas and Philadelphia are within a
cluster of second-tier U.S. cities that have seen demand spike from bigger overseas buyers. Investors in Australia’s office market similarly moved beyond city centers last year. Why? Less competition from institutional investors.
DID YOU KNOW? By the year 2050, the World Economic Forum estimates that the world’s oceans will contain more plastic than fish. The presence of micro-plastics in the ocean is not just a concern for the environment, because we now know that we’re consuming fish that contain micro-plastics!