全球財富大增，房地產最受富人買家青睞 近年來，全球財富急據增加，根據瑞士信貸發布的《 2022 全球財富報告 》，在 2021 年期間，全球總財富增長了 12.7% ，約達 463.6 兆美元，創下有史以來最快的年增率。即便將通脹因素列入考量， 2021 年的實際財富增長仍達 8.2% ，還是高於平均年增率 6.6% 。其中，家庭財富增加最多的地區，分別是美國、中國、加拿大等地。 這些超級富豪，如何運用他們的巨額財富進行投資呢？答案是：投資在房地產。 據 2023 年《財富報告》指出，詳細盤點了超高凈值人士 （ UHNWI ） 的財務情況，這份報告調查了 500 多名私人銀行家、財富顧問和家族辦公室，背後代表著超過 2.5 兆美元的總財富。報告顯示，超級富豪的資產配置，以商業不動產為主力，佔比高達 34% ，其次則是股票 26% 與債券 17% 等。 其中， 21% 的超級富豪會直接投資商業不動產，例如購買辦公室。辦公室的物業是富人考量的重點之一，最受歡迎的產業包含醫療保健與再生能源等。另外， 13% 的富豪，選擇透過債務融資或房地產投資信托基金 （ REITs ） ，間接投資商業不動產。 長期以來，房地產一直是富人的熱門投資工具，考量點其一是避險且穩定，作為一項有形資產，房地產提供穩定的收入，且隨著時間演進，升值潛力高。 這點從連續 3 年的新冠疫情與烏俄戰爭等地緣政治衝擊經濟，更可明顯看出。房地產市場雖然偶有波動，但整體仍維持強勁表現。 MSCI 分析全球房地產指數即指出，在 2022 年 9 月比 2021 年底高出 7% ，顯示房地產投資者更禁得起 2022 年的風暴，甚至能獲得更好的回報。 房地產同時是富人家族傳承資產的首選。隨著戰後嬰兒潮世代陸續傳承資產，許多經濟學家將此刻，視為當代歷史上最大的財富轉移年代，富人在有生之年將房地產贈予年輕一代，更有助於減少未來的遺產稅。 在全球各地，也可看到愈來愈多的富二代買家。蘇富比國際房地產棕櫚灘經紀公司表示，許多年輕買家經常使用信托基金購買房屋，相較於與父母同住，為了投資效益與隱私，年輕買家偏好自行置產。 亞洲富豪也持續在世界購入房產，根據瑞士信貸數據， 2021 年中國成為世界富豪數量排名第二的國家。亞洲買家偏好黃金地段、良好景觀，且期望是新建案。例如洛杉磯的比佛利山莊或是韓國江南地區的豪宅等。 即使部分政府祭出打房政策，仍有買盤持續進場。例如今年 4 月新加坡政府祭出重拳打房，將外國人士買房的印花稅調增至 60％，仍有不少世界富豪繼續買進。某些房產僅限當地買家，但新加坡島的高檔住宅、渡假勝地聖淘沙的別墅，永久居民與外國買家都有機會購買。外國買家則是基於買第二、第三套房產，或是移民新加坡的考量置產。 富豪湧入，也使得全球各地房價成長，例如波多黎各的豪宅市場富豪買家湧入與開發商接連建造超級豪宅，使得房價不斷創高，兩年內房子以 1,000 萬美元、 1,200 萬美元、 2,000 萬美元的價格攀升。 在愛爾蘭，房地產被視為儲存家族財富的有價值場所，也是高凈值人士幫助他們成年子女置產的首選方式。另外，葡萄牙也是熱門選擇。葡萄牙蘇富比國際地產公司表示：「葡萄牙不徵收財富稅、遺產稅或房產稅。」稅收優惠的一大利多，讓葡萄牙成為國際富豪置產的標的。除了潛在的稅收優惠，現在有許多買家偏好尋求穩定的地緣政治，擁有黃金簽證計劃的馬爾他，因此成為了受歡迎的選擇。 全球富豪財富增值，帶著熱錢買進房地產，進而讓富豪的資產再升級。瑞士信貸在其報告中就曾提及：「預計到 2026 年全球財富將增加 169 萬億美元，累計增長 36% 。」預期透過房地產穩健的投資配置，帶動全球總財富穩健成長。           Global Family Assets Soar during Pandemic whilst Real Estate Becomes Preferred Store of Wealth In recent years, global wealth has been increasing rapidly. According to the 2022 Global Wealth Report published by Credit Suisse, the total global wealth grew by 12.7% in the year 2021, reaching approximately $463.6 trillion, marking the fastest annual growth rate in history. Even after considering inflation, the adjusted wealth growth in 2021 still reached 8.2%, which is higher than the average annual growth rate of 6.6%. The regions where household wealth increased the most include the United States, China and Canada. How do these ultra high net worth individuals invest their substantial wealth? The answer is real estate. According to the 2023 Wealth Report, a detailed assessment of the financial situation of Ultra-High-Net-Worth Individuals ( UHNWI ) was conducted. The report surveyed over 500 private bankers, wealth advisors, and family offices, representing a total wealth of over $25 trillion USD. The report indicates that super-rich individuals primarily allocate their assets to commercial real estate, accounting for 34% of their portfolios, followed by stocks ( 26% ) and bonds ( 17% ). Among them, 21% of super-rich individuals choose to invest directly in commercial real estate, such as purchasing office spaces. Office properties are one of the key considerations for wealthy individuals, and the most popular industries include healthcare and renewable energy. Additionally, 13% of the wealthy individuals opt to indirectly invest in commercial real estate through debt financing or Real Estate Investment Trusts ( REITs ). For a long time, real estate has been a popular investment among wealthy individuals. One of the key considerations is its hedging capabilities and stability. As a tangible asset, real estate provides a stable income and has a high potential for appreciation over time. Despite occasional fluctuations, the real estate market has maintained strong performance overall.This can be clearly seen from the continuous impact of events such as the COVID-19 pandemic over the past three years and geopolitical tensions like the Ukraine-Russia conflict. According to MSCI’s Global Property Index, real estate values were 7% higher in September 2022 compared to the end of 2021, indicating that real estate investors were more resilient to the storms of 2022 and even able to achieve better returns. Real estate is also the preferred choice for wealthy families to pass on their assets through generations. With the post-war baby boomer generation gradually transferring their wealth, many economists consider this period as the largest wealth transfer era in modern history. Wealthy individuals gifting real estate to the younger generation during their lifetime can also help reduce future estate taxes. There is an increasing number of wealthy second-generation home buyers worldwide. According to Sotheby's International Realty Palm Beach brokerage, many young buyers often purchase properties through trust funds. These young buyers prefer to own their own homes for both privacy and investment purposes, rather than living with their parents. Asian billionaires are also continuing to invest in properties around the world. According to data from Credit Suisse, in 2021, China ranked second in terms of the number of billionaires globally. Asian buyers often prefer new developments in prime locations with excellent views such as luxury properties in Beverly Hills of Los Angeles, and prestigious homes in the Gangnam area of South Korea. Despite the implementation of certain governments' policies to cool the housing market, there remains a continued number of buyers. For instance, during April, the Singaporean government took an aggressive approach by increasing the stamp duty on foreign property buyers to 60%, yet many global billionaires continue to make purchases. While certain properties are restricted to local buyers only, high-end residences on Singapore Island and villas in Sentosa are available to both permanent residents and foreign buyers. Foreign buyers are motivated to purchase properties in Singapore by factors such as investing in a second or third home or considering as part of their plans to immigrate to Singapore. The influx of billionaires has indeed led to the growth of real estate prices worldwide. For example, in Puerto Rico, the luxury housing market has seen an influx of wealthy buyers and developers constructing super mansions, driving property prices to new highs. Within two years, houses have witnessed price increases reaching $10 million, $12 million, and even $20 million USD. In Ireland, real estate is seen as a valuable place to store family wealth and is a preferred way for high-net-worth individuals to help their children purchase properties. According to Sotheby's International Realty Portugal, Portugal does not impose wealth tax, inheritance tax, or property tax. The significant advantage of tax incentives also makes Portugal an attractive destination for wealthy international individuals looking to invest in properties. Apart from the potential tax benefits, many buyers now prefer seeking stable geopolitical environments. Malta, with its Golden Visa program, has become a popular choice for such buyers. As global wealth increases, affluent individuals are investing their hot money into real estate. Credit Suisse mentioned in its report that Global wealth is expected to increase by $169 trillion USD by 2026, representing a cumulative growth of 36%. It is anticipated that a robust investment allocation in real estate will contribute to steady growth in the total global wealth.