The Rich still prefer Property

Interestingly, the Sunday Times reports, “Property has pipped equities to the title of most popular asset class among the world’s wealthiest individuals, according to a report published last week. The survey by Knight Frank of Citi Private Bank’s international high-net-worth clients — those with assets worth more than $10 million (£6.6 million) — showed that the bulk of their portfolios (33 per cent) were invested in property. Equities account for the next-biggest chunk — 24 per cent — followed by cash and bonds, at 17 per cent and 13 per cent, respectively.

The results indicate that even more money could be flooding into bricks and mortar this year — 71 per cent of respondents said they believed that 2010 was a good time to buy, compared with 68 per cent who think that equities are a good purchase. compared with 41 per cent invested in commercial property, 5 per cent in agricultural and 4 per cent in funds.”