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New Delhi [India], June 13 (ANI): Mumbai and New Delhi are among cities in India that recorded a sharp annual increase in their <keyword id="6354553" type="General" weightage="100" keywordseo="real-estate" source="Orion">real estate</keyword> prices in the first quarter of 2024, according to a report by London-headquartered global property consultancy firm <keyword id="6363605" type="General" weightage="20" keywordseo="Knight-Frank" source="Orion">Knight Frank</keyword>. In case of Bengaluru, the average real estate prices witnessed a modest 4.8 per cent rise in prime residential or luxury homes during the January-March quarter of 2024. According to the report by the property consultant, titled '<keyword id="22041946" type="General" weightage="20" keywordseo="Prime-Global-Cities-Index-Q1-2024" source="Orion">Prime Global Cities Index Q1 2024</keyword>', Mumbai's significant rise on the international index was largely due to the rise in demand in the city. While the demand has been strong for all segments, there has been a rise in the sale of higher value products. Mumbai recorded the third highest year-on-year growth in prime residential prices in Q1-2024, pushing it up the ranking table by three places to 3rd position from its 6th position in Q1-2023. Delhi NCR rose from 17th rank in Q1-2023 to 5th in Q1-2024 with a growth of 10.5 per cent on a yearly basis. However, Bengaluru observed a slight decline in ranking from 16th place in Q1-2024 to 17th rank in Q1-2024, even while it recorded a 4.8 per cent yearly growth in residential prices. India's main cities, notably New Delhi and Mumbai, have witnessed a surge in house prices driven by robust economic growth, with annual GDP growth exceeding 8 per cent in the just concluded financial year 2023-24. Manila, the capital city of Philippines, claimed the top spot in the ranking with a 26.2 per cent annual rise in prices. The growth, as per the Knight Frank report, can be attributed to two key factors: purchasing power, and substantial infrastructure investments within and around the city. Tokyo in Japan jumped 17 places up with 12.5 per cent yearly price growth and ranked 2nd in the index. Despite Japan's overall population decline, Tokyo sustains a net population growth owing to migration from other regions within the country. Shishir Baijal, Chairman and Managing Director at Knight Frank India said, "The strong demand trend for residential properties has been a global phenomenon, led by gateway markets of Asia- Pacific and EMEA (Europe, Middle East, and Africa)." "Like its peers in these regions, the improved rankings of Mumbai and New Delhi on the Prime Global Cities Index was underscored by the resilience in sales growth volume. We expect the momentum of sales to remain stable over the next few quarters as the economic conditions are likely to remain broadly unchanged." The Prime Global Cities Index is a valuation-based index tracking the movement of prime residential prices across 44 cities worldwide. The index tracks nominal prices in local currency.

Mumbai, Delhi record real estate price appreciation in double digits; Ranked 3rd and 5th globally

New Delhi, The Indian ultra-rich allocate 17 per cent of their investable wealth towards luxury items, with maximum preference to watches followed by art and jewellery, according to <keyword id="19895043" type="General" weightage="20" keywordseo="knight-frank" source="keywords">Knight Frank</keyword>. In a virtual press conference, real estate consultant Knight Frank released 'The Wealth Report 2024', highlighting that 17 per cent of the investable wealth of Indian Ultra-high Net Worth Individuals (<keyword id="20759156" type="General" weightage="20" keywordseo="uhnwi" source="keywords">UHNWI</keyword>) is allocated towards luxury or passion investments. UHNWI are defined as individuals with a net worth of USD 30 million and above. The joy of ownership has been cited in the survey as the prime reason for Indian UHNWIs for making investments into luxury assets, the consultant said. Among Indian UHNWIs, luxury watches are the most coveted investment category, followed by art and jewellery. Classic cars are at 4th position, followed by luxury handbags, wine, rare whisky, furniture, coloured diamonds, and coins. However, on a global scale, the super-rich show their preference for luxury watches and classic cars. <keyword id="19895044" type="General" weightage="20" keywordseo="knight-frank-india" source="keywords">Knight Frank India</keyword> Chairman and Managing Director <keyword id="20404833" type="General" weightage="20" keywordseo="shishir-baijal" source="keywords">Shishir Baijal</keyword> said in a report, "<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s affluent class has long shown a fondness for collectibles spanning various categories. With both domestic and global markets offering significantly higher returns for such items, India's ultra-wealthy are actively pursuing investment opportunities in areas aligned with their passions." The demand for rare collectibles is on the rise across different age groups in India, he added. "... as wealth continues to grow in the country, we can anticipate further investments in these asset classes," Baijal hoped. According to the annual Knight Frank Luxury Investment Index (KFLII), which tracks the performance of 10 popular investments of passion, art was the best-performing luxury asset class with prices rising 11 per cent in 2023. "Despite witnessing a depreciation of 9 per cent in the last 12-month, over a longer period of 10-year, rare whisky continued to command its premium value registering 280 per cent returns," the report said. Despite the major auction houses observing a year of record-breaking sales in the luxury investment market, the KFLII edged into marginal negative territory for the second time, declining 1 per cent in 2023. This was because several constituents of the index dropped into the red zone or showed minimal gains.

India's super rich put 17% of investable wealth in luxury items says Knight Frank

The residential market shows a positive outlook, with 51% of stakeholders predicting higher sales over the next six months. However, a notable 24% expect stability, while 25% predict a potential decrease, reflecting a balanced yet cautious sentiment, as per a recent <keyword id="19895043" type="General" weightage="20" keywordseo="Knight-Frank" source="keywords" meta.keywordsubtype="org" meta.entityname="Knight Frank" meta.hostid="261" meta.entityid="Knight Frank">Knight Frank</keyword> report. The outlook for residential launches is also positive, with 61% expecting an increase, suggesting continued demand. A more tempered view is held by 20% of respondents who expect stability, and 19% foresee a decrease in launches. The Indian <keyword id="20152263" type="General" weightage="20" keywordseo="real-estate-sector" source="keywords">real estate sector</keyword> continues to reflect a positive outlook for the near future, though with a more cautious approach. In terms of pricing, 63% of stakeholders expect a rise, but 36% anticipate stable prices, and a very small minority predict a decline. G Hari Babu, National President, National Real Estate Development Council (<keyword id="20429653" type="General" weightage="20" keywordseo="naredco" source="keywords">NAREDCO</keyword>), said, "The residential and office markets continue to show notable activity, signaling ongoing growth and opportunity. Developers and other key stakeholders, including banks and financial institutions, are maintaining a positive outlook." He added, "This suggests that while there may be short-term challenges, the sector is well-positioned to adapt and thrive. The continued optimism and activity in the market highlight the sector's ability to sustain its momentum and drive forward, amidst changing conditions." The <keyword id="22822547" type="General" weightage="20" keywordseo="office-leasing-market" source="keywords">office leasing market</keyword> shows signs of strong recovery, with 63% of respondents predicting an increase in leasing activity, driven by positive business sentiments and <keyword id="21313740" type="General" weightage="20" keywordseo="economic-revival" source="keywords">economic revival</keyword>. However, 24% expect stability, and 13% foresee a decline. New office supply also remains a point of interest, with 47% expecting an increase, while 29% anticipate stability, and 24% forecast a decrease. Furthermore, 67% of stakeholders expect office rents to rise, signaling confidence in the market's ongoing growth, even as 27% anticipate stable rents and 7% expect a decrease. The <keyword id="20635920" type="General" weightage="20" keywordseo="future-sentiment-score" source="keywords">Future Sentiment Score</keyword>, which measures stakeholders' outlook over the next six months, saw adjustments across various regions. The North Zone score slightly decreased from 65 in Q1 2024 to 63 in Q2 2024, though it remains firmly optimistic. The South Zone witnessed a more significant drop from 76 to 65, signaling a moderated outlook. In the East Zone, the score fell from 77 to 65, largely influenced by the discontinuation of the 2% stamp duty cut. The West Zone also saw moderation, with the score dipping from 73 to 66, though it too, remains optimistic. The overall Developer Future Sentiment score decreased from 72 to 61, reflecting a more guarded approach. Developers, while cautious, continue to remain optimistic due to strong sales since early 2023. On the other hand, the Non-Developer Future Sentiment core, which includes financial institutions and PE funds, also moderated from 73 to 68. This shift indicates stakeholders' careful consideration of macroeconomic concerns. Optimism in India's broader economic scenario remains strong, with 59% of respondents expecting an improvement, reflecting confidence in the country's economic resilience. However, 24% foresee stability, and 17% predict a decline, underscoring global economic uncertainties. Meanwhile, 51% of respondents anticipate increased funding availability for real estate investments, reflecting continued confidence in the financial sector's support for the real estate market. Shishir Baijal, Chairman and Managing Director of Knight Frank India Pvt Ltd, noted, "As we transition through 2024, a host of factors are playing out globally. The global economic landscape shows resilience despite ongoing challenges. Inflation rates are gradually aligning with central bank targets, enabling a more supportive monetary policy. India, benefiting from stable post-election conditions, remains a strong growth beacon." He added, "Domestic consumption is robust, supported by consumer loans, though there are some signs of growth moderation. Food inflationary pressures persist, but are converging overall towards price stability targets. With a projected GDP growth rate of 7.2% for FY 2025, India's outlook remains positive. An effective monetary policy by the Reserve Bank of India has helped sustain growth with price stability, positioning India as one of the fastest-growing large economies globally." The Current Sentiment score, which reflects stakeholders' view of the market compared to six months ago, moderated from a decadal high of 72 in Q1 2024 to 65 in Q2 2024. This suggests a more measured outlook as stakeholders navigate evolving global economic conditions. Despite the dip, the score remains indicative of optimism. Looking forward, the Future Sentiment index also adjusted from 73 in Q1 2024 to 65 in Q2 2024, signaling a positive yet more conservative outlook for the near term. While macroeconomic uncertainties may dampen enthusiasm, stakeholders continue to show confidence in the sector's resilience and adaptability.

Despite budget provisions, residential housing market will see sales growth, notes recent report by Knight Frank

<ul class="summary-list"><li>Knight Frank's new wealth report shows that about 70 people a day became uber-rich last year.</li><li>The total number of people worth at least $30 million rose by 4.2% to about 627,000 worldwide.</li></ul>Almost 70 people a day joined the ranks of the uber-wealthy last year, Knight Frank has revealed.The newly minted members boosted the worldwide number of ultra-high-net-worth individuals (UHNWIs) by 4.2% to about 627,000, the real estate group said in its latest <a target="_blank" href="https://www.knightfrank.com/wealthreport">Wealth Report</a> released on Wednesday.A net worth of at least $30 million is required to be classed as a UHNWI. However, it only takes $5.8 million to rank in the top 1% of wealthy Americans, Knight Frank said.North America had the fastest growth among the world's regions, with its UHNWIs rising by 7.2%. That reflected a strong showing from US stocks and a <a target="_blank" href="https://markets.businessinsider.com/news/stocks/economy-stock-market-rally-federal-reserve-inflation-recession-soft-landing-2024-2">buoyant US economy</a> as inflation cooled, hopes for <a target="_blank" href="https://www.businessinsider.com/how-ai-is-changing-everything">AI advances</a> and <a target="_blank" href="https://www.businessinsider.com/interest-rates-fed-pauses-increases-december-rate-cuts-powell-inflation-2023-12">interest-rate cuts</a> grew, growth proved resilient, and unemployment stayed at historic lows."The improving interest rate outlook, the robust performance of the US economy, and a sharp uptick in equity markets helped wealth creation globally," said Liam Bailey, global head of research at Knight Frank, in a press release.Affluent people benefited from other assets rising in price as well. Gold gained 15%, bitcoin jumped 155%, residential property values in the world's top markets rose by 3.1%, and rents climbed at triple their long-term average pace, Knight Frank said.On the other hand, the Knight Frank Luxury Investment Index suffered a rare decline of less than 1%. While prices for art, jewelry, and watches rose, the value of whisky, cars, handbags, and furniture declined.<h2>Millennials set to get richer</h2>Knight Frank also projected a 28% surge in the total number of wealthy people over the next five years, led by India and mainland China.Moreover, it heralded the transfer of $90 trillion of assets from older generations to millennials over the next two decades, which it expects to create "the richest generation in history."Strikingly, women accounted for just 11% of UHNWIs worldwide, although that was up from 8% less than 10 years ago.Wealthy boomers also seem more pessimistic about markets and the economy, with only 52% predicting their wealth will grow in the next year, compared to 7% of the Gen Z members surveyed.Fewer than 10% of boomers expect to buy a home this year, compared to more than 20% of millennials.The difference might reflect that more boomers already own homes; they're more concerned about taking on a mortgage when rates are near a 20-year high; or they're more worried about a stock-market crash or recession and thus reluctant to make any big outlays.

Almost 630,000 people worldwide are now worth at least $30 million, Knight Frank says

<keyword id="19895142" type="General" weightage="100" keywordseo="Shah-Rukh-Khan" source="keywords">Shah Rukh Khan</keyword>, widely known as the "King of <keyword id="19897820" type="General" weightage="20" keywordseo="Bollywood" source="keywords">Bollywood</keyword>," has officially joined the ranks of India’s wealthiest, debuting on the 2024 <keyword id="21075617" type="General" weightage="20" keywordseo="Hurun-India-Rich-List" source="keywords">Hurun India Rich List</keyword> with an impressive wealth of Rs 7,300 crores. But how did a Delhi boy with dreams of making it big in Mumbai become one of India’s richest individuals? Let’s dive into the ventures that propelled King Khan into the billionaires' club. <h3 style="line-height:1.2;margin-top:14pt;margin-bottom:4pt;"><keyword id="20033371" type="General" weightage="20" keywordseo="Red-Chillies-Entertainment" source="keywords" meta.keywordsubtype="org" meta.entityname="Red Chillies Entertainment" meta.hostid="261" meta.entityid="Red Chillies Entertainment">Red Chillies Entertainment</keyword></h3>Shah Rukh Khan’s production company, Red Chillies Entertainment, has been a significant contributor to his wealth. Founded in 2002, Red Chillies has become a key player in Bollywood, producing blockbuster films and investing in high-quality visual effects. From chart-topping films like Chennai Express and Raees to the massive success of Pathaan in 2023, Red Chillies has consistently delivered box office hits. <div type="Article" hostid="261" msid="112412196" title="&amp;#39;Deadpool &amp;amp; Wolverine&amp;#39; screenwriters reveal secrets and spoilers, including the movie&amp;#39;s original villain and who wrote that Hugh Jackman divorce joke" mstype="2" mssubtype="0"></div>With an estimated revenue consistently in the hundreds of crores and a profit of Rs 85 crores last year, the company has not only cemented SRK’s position as a top actor but also as a successful producer. Furthermore, the company’s VFX division, Red Chillies VFX, has set new benchmarks in the <keyword id="20161413" type="General" weightage="20" keywordseo="Indian-film-industry" source="keywords">Indian film industry</keyword>, working on major projects that have earned critical and commercial acclaim, such as Ra.One, Fan, and Laal Singh Chaddha. These ventures have significantly bolstered SRK’s wealth, making Red Chillies Entertainment a cornerstone of his business empire. <h3 style="line-height:1.2;margin-top:14pt;margin-bottom:4pt;"><keyword id="19899758" type="General" weightage="20" keywordseo="Kolkata-Knight-Riders" source="keywords" meta.keywordsubtype="org" meta.entityname="Kolkata Knight Riders" meta.hostid="261" meta.entityid="Kolkata Knight Riders">Kolkata Knight Riders</keyword></h3>Shah Rukh Khan’s entry into the sports business with the IPL franchise Kolkata Knight Riders (KKR) has been a masterstroke. Co-owned by SRK, Juhi Chawla, and Jay Mehta, KKR has become one of the most successful and profitable franchises not just in the Indian Premier League, but also in the sporting world. The team’s consistent performance on the field has been matched by its financial success off it, with KKR’s brand value rising steadily over the years. As per Forbes, the cricket team was valued at over $1 billion in 2022. This surge in valuation played a crucial role in boosting SRK’s wealth, contributing significantly to his fortune. The success of KKR, coupled with its passionate fan base and strong marketing, has made it a jewel in SRK’s business portfolio, further solidifying his status as a businessman. <h3 style="line-height:1.2;margin-top:14pt;margin-bottom:4pt;">Brand SRK: The most followed Indian on social media</h3>More than just a business mogul, Shah Rukh Khan is also a brand unto himself. With 44.1 million followers on Twitter, SRK is the most followed individual from the 2024 Hurun India Rich List on Indian social media. His massive <keyword id="20462299" type="General" weightage="20" keywordseo="social-media-presence" source="keywords">social media presence</keyword> has translated into lucrative endorsement deals and collaborations with global brands. <div type="Article" hostid="261" msid="112249289" title="One of Singapore&amp;#39;s flashiest CEOs was planning to throw a Tomorrowland-style party for the books. Then the mirage started to fall apart." mstype="2" mssubtype="0"></div>Consistently being one of the most visible endorsers, SRK earns substantially from <keyword id="20004407" type="General" weightage="20" keywordseo="brand-endorsements" source="keywords">brand endorsements</keyword>, with an estimated fee of Rs 4-5 crores per endorsement. His portfolio includes major brands like Hyundai, Dubai Tourism, and BYJU'S, further adding to his immense wealth. His ability to leverage his celebrity status into profitable business ventures has undoubtedly been a key factor in his <keyword id="21015152" type="General" weightage="20" keywordseo="wealth-accumulation" source="keywords">wealth accumulation</keyword>. <h3 style="line-height:1.2;margin-top:14pt;margin-bottom:4pt;">Real estate</h3>Real estate has always been a key component of wealth building, and Shah Rukh Khan is no exception. Shah Rukh Khan’s <keyword id="22962036" type="General" weightage="20" keywordseo="real-estate-ventures" source="keywords">real estate ventures</keyword> extend far beyond his iconic Mumbai residence, Mannat. One of his lesser-known yet highly lucrative ventures is in Dubai, where he and his wife Gauri Khan launched a luxurious beachfront residential project, the "SRK Boulevard," located in the posh Dana Islands. This mega project, worth over Rs 18,000 crore, features 10 residential buildings with high-end facilities, including marine sports and leisure amenities. Designed by Los Angeles architect Tony Ashai, with interiors by Gauri Khan, this project highlights SRK’s foray into international real estate <h3>And of course, films</h3>Shah Rukh Khan’s earnings from films and endorsements are a significant part of his wealth. Known as one of the highest-paid actors in India, SRK reportedly charges over Rs 100 crores per film. This is certainly no small amount, but it is unlikely that filmmakers will find fault with it, considering how his films regularly break box office records. As per IMdB, both 2023 films Jawan and Pathaan grossed over Rs 1000 crores worldwide. All in all, King Khan’s entry into the Hurun India Rich List is significant not just for him, but for the entire entertainment industry. SRK’s success reflects the growing financial clout of Indian film stars and the increasing importance of entertainment in wealth creation. In 2024 alone, Hurun India Rich Listers from the entertainment industry added Rs 40,500 crores to their wealth, with SRK leading the charge. This trend highlights the expanding influence of Bollywood and the entertainment sector in India’s broader economic landscape.

Baadshah of Bollywood Shah Rukh Khan debuts on India's richest list with Rs 7,300 cr — here's how the King made his wealth

<ul class="summary-list"><li><keyword id="20254334" type="General" weightage="20" keywordseo="Richemont" source="keywords" meta.keywordsubtype="org" meta.entityname="Richemont" meta.hostid="261" meta.entityid="Richemont">Richemont</keyword>, the conglomerate behind brands like <keyword id="20006766" type="General" weightage="100" keywordseo="Cartier" source="keywords" meta.keywordsubtype="org" meta.entityname="Cartier" meta.hostid="261" meta.entityid="Cartier">Cartier</keyword>, is outperforming its competition.</li><li>Its focus on <keyword id="22159441" type="General" weightage="20" keywordseo="hard-luxury" source="keywords">hard luxury</keyword>, like jewelry and watches, has helped it through a rough economic climate.</li></ul><keyword id="20018817" type="General" weightage="20" keywordseo="LVMH" source="keywords" meta.keywordsubtype="org" meta.entityname="LVMH" meta.hostid="261" meta.entityid="LVMH">LVMH</keyword> is the biggest <keyword id="21183725" type="General" weightage="20" keywordseo="luxury-conglomerate" source="keywords">luxury conglomerate</keyword> in the world. As the owner of brands like Louis Vuitton, Moët &amp; Chandon, and Bulgari, the French company has become synonymous with luxury — and made a lot of money doing it, as demonstrated by <a target="_blank" href="https://www.businessinsider.com/who-is-bernard-arnault-owner-louis-vuitton-lvmh-net-worth">CEO Bernard Arnault's</a> position as the third-richest man in the world. But there's another corporation beating LVMH at its own game, and you probably haven't even heard of it: Richemont. Switzerland-based Richemont, behind brands like Cartier, Van Cleef &amp; Arpels, and Piaget, is having a moment. Its stock has climbed more than 20% since the start of the year, outperforming LVMH as well as <a target="_blank" href="https://www.businessinsider.com/gucci-sales-profit-reputation-falling-luxury-kering-michele-china-2024-5">Kering, which sells brands like Gucci</a> and Saint Laurent. It's a boon for investors seeking reassurance that European luxury stocks aren't over — especially in China. "Richemont has provided reassurance to investors on several points. Cartier and Van Cleef are continuing to show very strong momentum and notable growth," Chiara Battistini, JPMorgan's head of European luxury and sporting goods research, told Business Insider over email. One major benefit in this uncertain economic climate: Richemont is skewed to hard luxury, including the <a target="_blank" href="https://www.businessinsider.com/cartier-history-luxury-jewelry-watchmaker-worth">iconic designs of Cartier</a>, which has been creating jewelry for high-flying members of society for more than 150 years, as well as Van Cleef. "In tough times, because we are in tough times right now in luxury, there is a tendency to buy less, buy better," Erwan Rambourg, the global cohead of consumer and retail research at HSBC, told BI. "At the end of the day, if you have to buy one piece of jewelry from one jeweler, it's going to be Cartier." In the first quarter of this year, Richemont's largest brands all saw positive year-over-year growth on Google Trends and an increase in website visits, according to a JPMorgan report from May. Meantime, brands like Louis Vuitton and Gucci saw declines in both areas. Even LVMH's Arnault has noticed: "In the competition, there's a very good group, that is the Richemont Group," he said in January, going on to compliment the group's chairman, fellow billionaire Johann Rupert. "Rupert, we consider as an outstanding leader. And I don't, in the slightest, wish to upset his strategy." <h2>All that glitters is gold</h2>Unlike <a target="_blank" href="https://www.businessinsider.com/lvmh-creating-neighborhoods-around-its-brands-2024-4">luxury conglomerates LVMH</a> and Kering, Richemont focuses disproportionately on hard luxury — literally, the stuff made from hard materials like gold, gemstones, and diamonds. In the 2024 fiscal year, jewelry made up 69% of its revenue and watches 18%. It's a good time to be in that business. During difficult macroeconomic times or when people are squeezed, they are more likely to splurge on something they know will hold value, like metals and gems, than on something less durable and more trend-driven, like clothing or handbags (<a target="_blank" href="https://www.businessinsider.com/hermes-became-ultimate-status-symbol-2024-2">with Hermès being a notable exception</a>). "At times of economic crisis — I mean, not that everyone runs out and buys a Cartier watch or a Van Cleef &amp; Arpels necklace — but they are a safer bet," Fflur Roberts, the head of global luxury goods at Euromonitor, told BI. Part of the reason is that a classic Cartier piece — like the rectangular Tank watch launched in 1919 or the three-banded Trinity ring, which debuted five years later — is unlikely to go out of style. The <a target="_blank" href="https://www.businessinsider.com/cartier-love-bracelet-popular-again-2015-12">Love collection, a Cartier classic</a> featuring a screw motif, has been around for five decades and still makes up more than 20% of the company's revenue, HSBC's Rambourg said. <div type="image" title="A picture of Princess Diana with her hands folded in a namaste post, wearing a long white dress." height="968" width="1180" msid="111117084" hostid="261"></div>"It doesn't have the fashion risk to the same extent as, for instance, apparel and even leather goods," Jelena Sokolova, a senior equity analyst for Morningstar, told BI of the fine jewelry business. "All of this favors the most established brands: Cartier and Van Cleef." Jewelry is also a good investment. A 2022study by Credit Suisse and Deloitte called fine jewelry and watches "safe havens" in "uncertain times," with steady single-digit returns and low volatility. "The world might come to an end, and your piece of jewelry might still be worth something," Rambourg said. And when it comes to <a target="_blank" href="https://www.businessinsider.com/jewelry-whats-popular-and-out-of-style-right-now-2024#long-lasting-classics-are-becoming-more-popular-2">buying bling as an investment</a>, no one wants to roll the dice on something new. "When people are concerned about putting their money in other, more traditional financial assets, then jewelry has become an area where people are investing," Euromonitor's Roberts said. "Spending a bit more and getting a really true heritage luxury brand like Cartier" is safer, she added. <h2>China cha-ching</h2>Last month, rumors swirled that <a target="_blank" href="https://www.businessinsider.com/status-symbols-people-at-new-york-fashion-week-see-everywhere-2024-2">Van Cleef</a> planned to raise its prices in China — and chaos ensued. Local news <a target="_blank" href="https://jingdaily.com/posts/van-cleef-and-arpels-price-hike-sparks-chinese-buyer-frenzy">outlets</a> reported lines forming at the country's 30-plus stores as customers rushed to buy Alhambra bracelets, which cost anywhere from $1,420 for a single clover on a yellow gold chain to $61,500 for a five-clover diamond design. The frenzy shows just how devoted Chinese consumers are to the now-iconic clover pieces, which can be seen on the wrists and necks of the country's influencers and street-style inspirations. The popularity is reflected in the data. Driven by Richemont's top brands, Cartier and Van Cleef, sales gained 7% in the country, including Hong Kong and Macau, in Richemont's 2024 fiscal year. <div type="image" title="van cleef necklace" height="683" width="1024" msid="111117077" hostid="261"></div>Meanwhile, <a target="_blank" href="https://www.businessinsider.com/rich-chinese-millennials-solo-travel-no-kids-new-status-symbols-2024-5">some luxury conglomerates, like Gucci's parent company Kering</a>, have struggled in that market. While Richemont's results in the country have been touch-and-go depending on the quarter, the company is still beating out the competition. "They are over-indexed in China compared to their peers," Sokolova said. Part of that is related to the <a target="_blank" href="https://www.businessinsider.com/china-economy-gold-rush-consumer-spending-money-savings-starbucks-gucci-2024-5">increasing popularity of jewelry</a> in the country. In 2023, jewelry and watches overtook handbags as the top-spending category in China, according to a <a target="_blank" href="https://www.mckinsey.com/industries/retail/our-insights/state-of-fashion#/">McKinsey report</a>. By 2027, its share of discretionary spending is expected to gain another four percentage points. On top of that, the philosophy of buying a tried and true brand — and specifically recognizable items from one of these brands — is even stronger in China. Branded jewelry is expected to increase from 15% of the market in 2019 to 25% to 30% in 2025, according to a 2021 McKinsey report. That growth is driven by customers in Asia. From the aforementioned Alhambra line, which was called out on Richemont's earnings call, or Cartier's Love collection, no one does branded like Richemont. "If you're in a bar or restaurant, you're sitting at a distance, you can recognize the Labra pendant from Van Cleef. You can recognize the Love ring or the Love bracelet or the Trinity," Rambourg said. "It's the equivalent of putting a big fat logo on a bag." <h2>Passing down the crown jewels</h2>There's another piece of hardware that Richemont has handled well: its scepter. In May, the company announced a new CEO, Nicolas Bos, a Cartier veteran who transformed Van Cleef from an unprofitable brand to Richemont's second-biggest cash driver. It was welcome news in an industry in which many <a target="_blank" href="https://www.businessinsider.com/bernard-arnault-lvmh-adds-nepo-baby-children-to-board-luxury-2024-4">companies remain family-run</a> — a model accompanied by uncertainty. <a target="_blank" href="https://www.businessinsider.com/bernard-arnault-lvmh-children-delphine-antoine-alexandre-frederic-jean-dior-2023-1">LVMH</a> and Prada have both been caught up in media speculation around who will take over when their patriarch and matriarch, respectively, step aside. While chairman Rupert is still staying on — the controlling shareholder, he founded the company by spinning the international brands off of his father's South African conglomerate in 1988 — Bos' appointment provides some relief for investors. The company's announcement caused shares to tick up 6%. <div type="image" title="Nicholas Bos" height="684" width="1024" msid="111117074" hostid="261"></div>"The No. 1 question I've had for the past two years is who's going to replace Rupert? What's the post-Rupert world?" Rambourg said. "They just bought themselves a lot of time" by nominating someone in their 50s to run the group, he said. The appointment also included a restructuring of the company, naming one CEO for the entire conglomerate, which "provided better clarity and more straightforward structure on corporate governance," JPMorgan's Battistini said. That said, Bos does have his work cut out for him, particularly regarding the YNAP, the group's online fashion retailer that owns sites like Net-A-Porter. It's a lossmaker for a company, and a deal to offload it fell apart in December. Last week, it was reported that the platform would pull out of China amid dwindling sales. But as they say, heavy is the head that wears that crown — but perhaps not the arm that wears the Cartier Love bracelet. Correction: June 20, 2024 — An earlier version of this story had misstated Nicholas Bos' age. He is about 53, not 51.

The luxury conglomerate behind Cartier is beating LVMH at its own game

<ul class="summary-list"><li>The world's ultra-rich lost 13.6%, or $13.8 trillion, of their wealth in 2022, per a Knight Frank report.</li><li>The Ukraine war, the energy crisis, and interest rate hikes hit investment portfolios.</li></ul>Even the ultra-rich had a bad 2022 — it's not surprising, given the fallout from the Ukraine war, the energy crisis, and the Fed's rate hikes hitting their investment portfolios.The triple crisis that roiled the global economy saw the world's richest lose about $13.8 trillion worth of assets — that's 13.6% of their wealth in 2022— according to <a href="https://www.knightfrank.com/wealthreport/2023-03-01-combatting-wealth-shrinking-what-are-2023-investor-strategies-" target="_blank" rel="noopener">Knight Frank's wealth report</a> published Wednesday.The London-based real estate consultancy surveyed 500 private bankers, wealth advisors, and family offices who manage over $2.5 trillion in collective wealth for ultra-high net worth individuals. Just four in 10 ultra-wealthy people saw a boost to their wealth in 2022, but the "overwhelming trend" was negative, Knight Frank said in the report.For example, just four people — Tesla CEO Elon Musk, Amazon founder Jeff Bezos, Binance CEO Changpeng Zhao, and Meta co-founder Mark Zuckerberg — saw $392 billion wiped off their collective fortunes last year, according to the <a href="https://www.bloomberg.com/news/features/2022-12-29/billionaire-wealth-losses-in-2022-hit-1-4-trillion-led-by-elon-musk-jeff-bezos" target="_blank" rel="noopener">Bloomberg Billionaires Index.</a>In 2022, the ultra-rich in Europe experienced the largest decline in wealth with a drop of 17%, followed by Australiasia with 11%, and the Americas by 10%, according to Knight Frank. The ultra-rich in Africa and Asia saw the smallest declines with a 5% and 7% drop, respectively.The wealth rout came on the back of the Russia-Ukraine war and the resulting rising inflation. To curb a rapid rise in inflation, most major central banks — including the US Federal Reserve — <a href="https://www.reuters.com/markets/global-central-banks-deliver-historic-rate-hike-blast-2022-2022-12-23/" target="_blank" rel="noopener">started raising interest rates last year</a> to curb rapid price increases. However, this further depressed the markets. Higher rates mean companies tend to borrow less for investment and growth, which impacts their earnings. A rise in interest rates also hits <a href="https://www.businessinsider.com/housing-market-crash-home-prices-mortgage-rates-case-shiller-kpmg-2023-1">demand for real estate</a> because mortgages will cost more.The ultra-rich are not immune to these policy changes that hit their investment portfolios.According to Knight Frank, the ultra-rich parked 32% of their total wealth in their residential properties. They stashed another 26% and 21% of their wealth in equities and commercial properties, respectively."The fall in wealth is unsurprising given the dramatic pivot in monetary policy that culminated in the worst performance for the traditional blended portfolio since the 1930s," wrote Flora Harley, the executive editor of Knight Frank's wealth report.

The world's ultra-rich lost about $14 trillion of their wealth in 2022, Knight Frank study shows

<ul><li>100% UHNIs in India expect their wealth to grow in 2023, compared to 69% globally. </li><li>15% Indian UHNIs held residential property abroad as compared to 28% globally. </li><li>For UHNIs, the top segments for wealth allocation were equities, direct commercial property, bonds and private equity. </li><li>For the first time, private investment surpassed institutional investment in global commercial real estate. </li></ul>Last year was good for Indian ultra high networth individuals or UHNIs – as 88% of them reported growth in their wealth. Globally, only 40% of the <keyword id="469040" type="General" weightage="20" keywordseo="super-rich" source="Orion">super rich</keyword> could make the same claim as per a report by property consultant <keyword id="6363605" type="General" weightage="100" keywordseo="knight-frank" source="Orion">Knight Frank</keyword>. It hence comes as no surprise that all of them – 100% of Indian UHNIs — expect their wealth to grow even in 2023, says The Wealth Report 2023. Globally, 69% of them expect good tidings this year. In India, 19% of Indian super rich are self-made and under 40 years, while globally they account for 23%. UHNIs or the super-rich are defined as those who have an investable surplus of ₹25 crore or more. <cmsannotation type="cmsannotation" annotationid="A bad year for global wealth" comment="subhead2" text="A bad year for global wealth">A bad year for global wealth</cmsannotation> The year of 2022 however was a wealth destroyer, the aggregate global wealth fell by 10%. The most hit was Europe which was on the receiving end of the Russia-Ukraine war – whose wealth fell by 17%. In Asia and Middle East regions, it fell by 7% each, and 10% in the Americas. Globally, in 2022, private investors were the most active buyers in global commercial real estate investment. They invested $455 billion accounting for 41% of the total. “This represents private investors’ highest share of global commercial real estate on record and is the first-time private investment has surpassed institutional investment,” Knight Frank said. <cmsannotation type="cmsannotation" annotationid="More wealth to secondary homes" comment="subhead2" text="More wealth to secondary homes">More wealth to secondary homes</cmsannotation> The report also revealed interesting insights regarding home ownership of Indian UHNIs. On average, they own an average of 5.1 homes, while the global number is 4.1. The wealth allocation to primary and secondary homes was 37% for Indians, and 32% globally. Only 15% Indian UHNWIs held residential property abroad as compared to 28% globally. Interestingly, the top favoured countries for home purchase for Indian super rich in 2022 were UK (47%), UAE (41%), USA (29%) and Canada (18%). As many as 21% of Indian UHNIs considered making commercial property investments, and slightly higher than the global average. <cmsannotation type="cmsannotation" annotationid="Bags, not classic cars" comment="subhead2" text="Bags, not classic cars">Bags, not classic cars</cmsannotation> Most UHNIs allocate most of their wealth into equity markets — at 34%. Next comes direct commercial property (17%), bond market (16%) and private equity (10%). Art, watches and luxury handbags were the top three investments of passion for Indians. Globally, art, classic cars and jewelry were the top three. <cmsannotation type="cmsannotation" annotationid="Capital appreciation vs preservation" comment="subhead2" text="Capital appreciation vs preservation">Capital appreciation vs preservation</cmsannotation> In 2023, 31% UHNIs said that capital appreciation was their biggest goal for wealth, while 25% said that their biggest goal was capital preservation. Income generation (25%) and diversification(14%) were the next biggest goals. Also, one-third of the respondents said that they want to expand property holdings while 29% said that they want to deleverage. When it came to the safest asset class, residential property was considered the safest, followed by gold, bonds, commercial property and equity markets. Cryptocurrencies were considered as the most volatile asset. The report also revealed that 77% UHNIs feel that environmental considerations impact their investment decision to some extent. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/axis-bank-completes-acquisition-of-citibanks-consumer-business-heres-everything-to-know/articleshow/98337170.cms">Axis Bank completes acquisition of Citibank’s consumer business for ₹11,603 crore – here’s everything to know</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/this-is-how-big-your-1-million-home-would-be-in-top-cities/slidelist/98335765.cms">This is how big your $1 million home would be in top cities</a>

India's super-rich gear up for a better year ahead: Knight Frank

<ul class="summary-list"><li>It's a bad idea to view luxury watches like they're investments, the CEO of Rolex said.</li><li>"This sends the wrong message and is dangerous," Jean-Frédéric Dufour told NZZ last week.</li></ul>If you think an expensive watch is akin to an investment that can offer stock market-style returns, you're doing it all wrong — according to the CEO of Rolex at least. "I don't like it when people compare watches to stocks. It sends the wrong message and is dangerous. We make products, not investments," Jean-Frédéric Dufour told Swiss newspaper <a target="_blank" href="https://www.nzz.ch/english/watches-and-wonders-2024-rolex-ceo-on-cooling-markets-and-the-idea-behind-the-watch-fair-ld.1825387">NZZ</a> last week.His comments as <a target="_blank" href="https://markets.businessinsider.com/news/stocks/whiskey-rolexes-trading-cards-collectibles-federal-reserve-stock-market-outlook-2024-1">secondhand watch prices slide</a> after spectacular pandemic-era growth.<a target="_blank" href="https://watchcharts.com/watches/price_index">WatchCharts' Overall Market Index</a>, which tracks prices, spiked 72% between January 2021 and March 2022 as retail investors who got rich trading cryptocurrencies and meme stocks sought to diversify their portfolios.Since that peak, the gauge has tumbled 38%, while the benchmark <a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500 index</a> of US stocks is up 13% over the same period.Watch prices started dropping as the Federal Reserve started raising interest rates. Between May 2022 and July 2023, the central bank jacked up borrowing costs from near-zero to about 5%. When interest rates are higher, demand for big-ticket items tends to fall, because there's more incentive for consumers to save rather than spend.Dufour, who's been Rolex CEO since 2015, also told NZZ he's expecting a "challenging" year. Luxury watch companies such as Rolex, Patek Philippe and Audemars Piguet can't necessarily cut prices to stimulate demand, he added."It marks the end of a phase in which all manufacturers have been doing well. In good times, production tends to be too high. When markets weaken, as is the case now, retailers come under pressure to cut prices. This is extremely problematic because discounts damage emotional products like ours," Dufour said.A year ago Patek Philippe chairman Thierry Stern warned that the market for luxury watches was "<a target="_blank" href="https://www.businessinsider.com/swiss-luxury-watch-execs-say-the-market-is-slowing-down-2023-4">slowing down</a>."His company makes the <a target="_blank" rel="" href="https://www.businessinsider.com/tiffany-co-patek-philippe-nautilus-ref-5711-watch-blue-face-2021-12">coveted Nautilus</a> sports watch and only produces between 60,000 and 70,000 watches a year, which start at about $30,000.

Stop thinking your expensive watch is an investment, says Rolex boss

<ul class="summary-list"><li>The secondary market for luxury watches has sunk to its lowest level in over two years. </li><li>The WatchCharts market index and has slumped 37% from a record high in March last year.</li></ul>Since late 2022, Wall Street has been rife with predictions for the Federal Reserve's interest-rate increases to wreak havoc in the US economy and stock market.While the broader economy has held up surprisingly well, the monetary blitzkrieg has sparked a downturn of a different kind — a rout in the secondary market for luxury watches.The WatchCharts Overall Market Index — which tracks the prices of 60 timepieces from top brands including Rolex, Patek Philippe, and Audemars Piguet — has plunged 37% from a March 2022 peak. A separate index for just Rolex models fell 31% over a similar period.The US central bank's aggressive monetary tightening from March 2022 through July this year is seen as a key reason for the slump in watch prices. Higher interest rates have fueled fears of an economic downturn, spurring investors to scale back luxury spending and boost savings. A setback in the crypto market, also precipitated by rate rises, has also hurt demand for watches.The costliest timepieces suffered the worst declines. Those in the $50,001 to $100,000 price bracket slumped over 10% in the past 12 months, while the $10,001 to $20,000 group fell about 7%, according to WatchCharts data. The $5,001 to $10,000 band also dropped 7%.Luxury watches have underperformed stocks since March 2022, when the Fed started raising interest rates. The S&amp;P 500 index of US large-cap shares is up by over 12% since then.Certain chronometer brands have felt the bite more than others. The Rolex Market Index, which tracks the 30 most valuable models, is down 8% from a year ago, while the Patek Philippe index lost 16%. Audemars Piguet saw the sharpest losses, down 19% year on year, WatchCharts data showed.When the "everything rally" was in full swing earlier in the pandemic, luxury watches were no exception. Surplus cash was piling into all kinds of alternative investments — such as nonfungible tokens and meme stocks — opulent timepieces were swept along with the tide.Prices of Rolexes, Patek Philippes, and Piguets reached record highs in early 2022. Preowned watch sales reached $22 billion in 2021 — nearly one-third of the $75 billion luxury-watch market, a report from Boston Consulting Group found.Despite the declines over the past year, prices have climbed considerably higher over the longer term, outperforming the stock market. The Rolex index is up by more than 42% from five years ago."Luxury watches have performed well, especially over the long term, in comparison with traditional investment categories," BCG said in a report published earlier this year. "From August 2018 to January 2023, average prices in the secondhand market for top models from the three largest luxury brands — Rolex, Patek Philippe, and Audemars Piguet — rose at an annual rate of 20%, despite broader market downturns during the pandemic, compared with an annual rate of 8% for the S&amp;P 500 index."This article was originally published on July 30, 2023.

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