Wealth in 2025

NEWSLETTER

Family office insights this week:

• Key insights from the Knight Frank Wealth Report 2025

• When $100M is enough for a family office

• Books: personal growth and character

• A podcast on strategic learning for wealthy families

• Results from last week’s US Gold Card poll

Wealth in 2025

A review of the Knight Frank 2025 Wealth Report: global investment behavior, generational shifts and luxury performance.

The 19th edition of the Knight Frank Wealth Report offers a lengthy 86-page analysis of private wealth and global investment trends.

Being a global real estate consultancy and estate agency, the report skews towards real estate, but there are valuable insights across all areas of global wealth.

There’s data on the behavior of private investors, an exploration of affluence and the evolution of the billionaire, plus a look at collectibles and how these luxury assets are performing.

The report stands out for its creative data visualization, it’s well worth a download, but today’s newsletter gives you the highlights.

The fortunes of the wealthy improved in the last year, with a 4.4% hike in high-net-worth-individuals worth over $10M, taking this total to over two million people.

Africa is emerging as a growth hub for wealth creation, with the highest forecasted growth rate of any continent when looking ahead to 2028.

Nearly 40% of the world’s HNWIs reside in the US (that’s nearly twice the level of China) meaning America still largely shapes global luxury markets.

The US also dominates billionaire wealth:

Wealth mobility is transforming housing markets, and the ease with which wealth can move both locally and internationally is driving innovative efforts to attract it and attempts to control it.

Billionaires of the future are more likely to work in manufacturing or fashion (manufacturing has produced more new billionaires than tech over the past 10 years), are increasingly likely to be female, especially among younger billionaires - and overall, they are getting younger as older generations pass on wealth.

This year’s report also includes a survey of 150 family offices from around the world, with an average AUM of $560 million. 44% of these family offices plan to increase their real estate investments in the next year.

Growth areas for family office real estate are led by the residential, logistics/industrial and then luxury residential sectors. Direct investing is the most popular route, and most families plan to hold RE for the medium-to-long term.

Family office investment strategies vary, with 32% following an opportunistic approach and only 16% making it a core strategy, highlighting the value of working with a suitable real estate partner. 

Location freedom continues to drastically increase with wealth and is contributing to the global lifestyles:

The report included a global study of 1,788 wealthy 18- to 35-year-olds, of which 81% (!) said it was feasible to work remotely. 

Those surveyed also listed wellness and health as their highest priority, followed by travel and education. Almost half said they would spend a windfall of money on experiences rather than material possessions, but in terms of luxury assets, real estate comes top.

Interest rates continue to impact prime property markets. The past year saw rate cuts outpace rises for the first time in three years. 

There is a lack of new‑build luxury residential real estate inventory, with markets such as New York showing listings at 10%-20% below the five‑year average, and the reports note buyers are still abnormally price conscious.

Prime residential price growth was slightly up from last year, with global luxury house prices up 3.6% through 2024. However, some growth markets shot the lights out.

The report also takes a very readable excursion into vineyard real estate, perhaps most interesting: a 21-hectare property on the North Fork of Long Island with 14ha of grapes is listed at US$6.9 million, which seems like a steal considering someone paid about that much for a banana duct-taped to a wall last year.

Download the full Knight Frank Wealth Report 2025 here.

𝕏 highlights

When $100M is enough for a family office.

A teaser for next week’s newsletter.

And because I love a meme.

 💼 where to work

Three notable family office job opportunities currently open…

Chief Financial Officer - Kapor Center Family Office (Oakland, CA / Single Family Office)

Executive Assistant - Private Family Office (San Francisco / Single Family Office)

Family Office Associate - Santa Barbara Management (Chicago / Multi-Family Office)

📚 what to read

A friend recommended David Brooks to me and I’ve been dipping into his 2015 book The Road to Character. It’s a look at moral depth and personal growth viewed through historical examples. Brooks argues that struggle, humility, and service build real character and it’s difficult to disagree.

📻 what to listen to

This episode of Legacy Builders from advisory company the Beacon Family Office was recommended by a reader. Host Cory Cagnon talks to Torri Hawley of Tamarind about family and next gen learning. There are some gems in this one.

📺 what to watch

Kieran Culkin’s beautiful Oscar acceptance speech.

And finally…

Last week I asked about interest in the $5 million Gold Card for US citizenship. Most people were not interested, but 5 people said this was appealing. That’s $25 million to the treasury right there!

Next week’s newsletter is themed Eat the Rich - the movie and TV genre that satirizes and lambasts the ultra-wealthy. From The White Lotus to Succession, the ultra-rich are almost always cast as the bad guys. Does this matter, does this genre hit the mark and what do the wealthy really think? It’s a fun one!

Monday’s Family Office Buzz featured an article claiming that family office careers are risk-free, stress-free, tan-friendly, and there was a Hong Kong/Singapore standoff - plus a look at Richard Branson’s growing exclusive properties.

Right, that’s enough for today.

Until next week, see you on 𝕏 or LinkedIn.

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