Latest news with #HNWI
Hans India
6 days ago
- Business
- Hans India
India's Luxury Market Surge: HNW and UHNW Population Set to Grow 11–15% CAGR Through 2034, a must-watch market for global luxury brands: BCG Report
Luxury is at a turning point. For the first time in more than a decade, the Personal Luxury Goods Market is experiencing a slowdown in growth, with flat to slightly negative performance expected in 2025. BCG's True Luxury Global Consumer Insights 2025 reveals a fundamental market shift: aspirational consumers—the entry point for many into luxury—are pulling back, while top-tier clients are confirmed to become the key engine for long-term value. The report, based on a global survey of luxury consumers across all spending tiers, with a focus on the ultra-spenders, provides a clear path forward for brands seeking to grow in a challenging environment. The global luxury market is at an inflection point—while aspirational consumers pull back, top-tier clients, who make up just 0.1% of the population, are driving 23% of all luxury spend. India is not yet the 'next China', but with its HNW and UHNW population growing at 11–15% CAGR through 2034, it is fast becoming a must-watch market for global luxury brands. As wealth creation accelerates and a young, brand-conscious demographic rises, brands are setting the stage for deeper local engagement. The future of luxury lies in re-focusing on craftsmanship, personalization, and intimate experiences—especially in emerging markets like India where aspiration is increasingly backed by affluence. Key findings of the report: Aspirational buyers are really slipping away: Once accounting for 70% of the luxury market, aspirational consumers have lost almost 15 percentage points in share as affordability concerns rise. The cost of chasing scale, losing soul in luxury: Luxury was once the realm of the few, but in the race for scale, much of the industry lost its soul and traded exclusivity for reach, stability for volatility. Brands overly exposed to Aspirational consumers are seeing their performance erode. The way forward starts at the core: The most resilient brands are those focused on top-tier clients - clients that spend on average 355.000 euro per year on luxury and build on an underlying HNWI audience of over 900,000 individuals growing ~10% annually. The report calls for a back to the core strategy: both on the core luxury consumer and on the core luxury fundamentals, by meeting top-client's expectations. Find them where they spend. Personal Luxury remains their baseline, but the share of wallet of those individuals spans beyond it: luxury is no longer confined to ownership—it is now about lifestyle orchestration, with a shift towards 'health-as-wealth' mindset What they expect from brands, they do not get. What they want is simple: connection, intimacy, excellence, recognition. What do they get? A luxury that still feels too noisy, too crowded, too industrialized. Brands need to refocus their strategy, centered on high-touch, human-led client relationships (enhanced by GenAI), exclusive experiences, and vertically integrated product quality.
Zawya
23-07-2025
- Business
- Zawya
Dubai sees 14% jump in Q2 2025 residential values
The cost of buying real estate in Dubai has significantly gone up on the back of strong investor interest and high influx of millionaires. Residential property values in the emirate went up by 14% during the second quarter of the year, as the economy continued to pick up, state reforms boost home ownership trends and high-net-worth individual (HNWI) population expanded, according to CBRE Middle East. Leading the growth in values are properties in premium neighbourhoods which continue to record significant increases. The first six months of the year demonstrated high buying activity within the residential real estate market, particularly in the off-plan segment, with overall transactions rising by 23% year-on-year. Sales during the period totalled AED 270 billion. The commercial real estate services and investment firm said that initiatives like Dubai's 'First-Time Home Buyer Program' have stimulated property demand and encouraged home ownership. 'The UAE is poised to attract a record number of millionaire migrants in 2025, fuelling demand, particularly in the luxury and off-plan sectors,' CBRE noted. The UAE's millionaire population has expanded in the last few years, as many HNWIs left wealth hotspots overseas. This year, more than 9,800 millionaires are expected to relocate to the UAE, according to Henley & Partners. (Writing by Cleofe Maceda; editing by Seban Scaria)
Business Times
29-06-2025
- Business
- Business Times
StashAway's Singapore operations turn Ebitda positive in FY2024
[SINGAPORE] Wealth platform StashAway's Singapore market has turned earnings before tax, interest, depreciation and amortisation (Ebitda) positive in FY2024 ending Dec 31. On a group level across Singapore, Malaysia, Dubai, Hong Kong and Thailand, Ebitda loss narrowed to S$5.3 million for 2024 from S$8 million in 2023. Revenue for 2024 jumped 36 per cent to S$14.8 million, from S$10.9 million in 2023. Michele Ferrario, co-founder and chief executive officer of StashAway, said: 'This growth has been driven by mostly current customers continuing to invest with us.' StashAway's main market – Singapore – was the key driver for revenue growth, jumping 44.9 per cent to S$11.3 million in 2024 from S$7.8 million in 2023. Costs for Singapore's operations dipped slightly to S$15.1 million in 2024 from S$15.7 million in 2023. In particular, marketing expenses only inched up to S$843,338 in 2024 in Singapore, compared to S$785,970 in 2023, underscoring that growth was from existing customers rather than new customers. At the group level, marketing costs edged up from S$1.1 million in 2023 to S$1.5 million in 2024. This has resulted in StashAway's Singapore operations being Ebitda positive with S$1.4 million in 2024, from a loss of S$1.8 million in 2023. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up What has been key to getting existing customers to invest more is the new products introduced over the last three years, from Simple Guaranteed, which finds the best fixed deposit rate to Income Investing, a fixed income product. The alternatives offerings such as private credit, private equity, venture capital, angel investing and private infrastructure have also aided in driving up customers' assets under management. Ferrario said that the combination has helped clients invest 'more of their wealth' with the company. While the new alternatives offerings were solely catered for high-net-worth individuals (HNWI), these offerings did not see as much growth from HNWIs as the core portfolio offerings. Still, the launch of these alternatives did attract more HNWIs to invest more with StashAway, he added. Turning Ebitda positive in Singapore shows that the company can grow revenue without significantly growing costs. For a 36 per cent jump in 2024 revenue, transaction and operating costs grew 25 per cent to S$2 millon in 2024 from S$1.6 million in 2023. The CEO said: 'In our case we also have a tech-first approach, so there is the leverage of classic asset management business with the operational leverage of a technology firm.' StashAway was always on the path of turning Ebitda positive in Singapore, being part of the budget of last year, he said. The unit economics work, and coupled with discipline on managing the cost base, it has become just a question of growth. Currently, there is no hard timeline to reach profitability, as Ferrario wants StashAway to be nimble in meeting changes. When the company reaches profitability will depend on its decisions on growth and how much it spends to grow. As the company invests in the smaller markets, the journey to profitability has been slower, he said. Inorganic growth is also not being ruled out, with the wealth platform open to opportunities. There were previous opportunities in the past but StashAway ultimately decided not to follow through. Any acquisition will need to make strategic and financial sense, especially as a way to get to where the company wants to be faster.
NDTV
25-06-2025
- Business
- NDTV
Millionaires On The Move: Where The World's Rich Are Migrating To In 2025?
At least 142,000 millionaires are likely to move to a new country in 2025, according to Henley & Partners, a global consultancy giant for residence and citizenship by investment. The number of these high-net-worth individuals (HNWIs) - the ones with over $1 million in liquid assets - is projected to rise to 165,000 in 2026, says the Henley Private Wealth Migration Report 2025. The UAE maintains its position as the world's biggest wealth magnet, with a record net influx of 9,800 millionaires predicted this year. The US, Italy, Switzerland, and Saudi Arabia are also among the preferred destinations for millionaires. The UK is anticipated to have the highest net outflow of high-net-worth individuals from any country, according to the report. Where Are The Millionaires Headed? The United Arab Emirates remains the most sought-after destination for wealthy individuals, with 9,800 HNWIs projected to gain residency status in 2025, up from 6,700 last year. The US is projected to be in second place for millionaire inflow this year, attracting an estimated 7,500 new millionaires, while Italy is in third place and Switzerland fourth. Saudi Arabia is also experiencing rapid growth, with over 2,400 inbound millionaires expected in 2025, an eight-fold increase from last year. Countries Losing Wealth The United Kingdom is facing the largest single-year exodus of wealth, with 16,500 HNWIs projected to acquire residency elsewhere. China is the second-biggest loser, with 7,800 HNWIs likely to gain residency status in another country. In Asia, South Korea is expected to see significant net outflows with 2,400 millionaires, while India is set to experience a significant loss of 3,500 millionaires. EU heavyweights France, Spain and Germany are predicted to see net HNWI losses in 2025, with estimated outflows of -800, -500, and -400 millionaires, respectively. Ireland (-100), Norway (-150), and Sweden (-50) are also seeing huge wealth losses. Why Does Wealth Migration Matter? "At stake is a profound shift in economic influence, as countries compete not just for talent but for the fortunes that follow it," the report stated. With an estimated collective investable wealth of around $63 billion, the UAE has evolved from a regional hub to a global wealth nexus through comprehensive policy innovation, it added. Interestingly, the UK, prior to 2016, had always drawn more millionaires than it lost to migration. According to Nuri Katz, the term "migration" is somewhat misleading, as many wealthy individuals use these programs as a "Plan B." "These people are not actually leaving the UK. They are simply getting paperwork in different countries but aren't necessarily making the move," he added. Investment Migration Programs Only about 30% of HNWIs opt for investment migration programs to secure residency or citizenship. The majority acquire residency through work visas, ancestry visas, retirement visas, family visas, or birthright second passports, according to Henley & Partners. What Makes UAE And USA Attractive To High-Net-Worth Individuals The country's welcoming immigration policy, zero income tax, world-class infrastructure, and political stability make the UAE the preferred destination for HNWs, said the report. The UAE's Golden Visa program, introduced in 2019 and tweaked in 2022 to expand eligibility, offers a long-term, renewable residence visa valid for 5 or 10 years. "Recently, a lot of high-net-worth people have been moving to the UAE for the lifestyle and, obviously, the absence of personal income tax," Katz added. The US is expected to welcome 7,500 millionaires in 2025, mainly through the EB-5 Immigrant Investor Program, which has "channeled over $50 billion in foreign direct investment while creating hundreds of thousands of American jobs," the report said.
Cision Canada
24-06-2025
- Business
- Cision Canada
Millionaires on the Move: UK Braces for Historic Wealth Flight as Global Migration Peaks
LONDON, June 24, 2025 /CNW/ -- A record-breaking 142,000 millionaires are projected to relocate this year, with the UK expected to see the largest net outflow of high-net-worth individuals by any country since international investment migration advisory firm Henley & Partners and global wealth intelligence firm New World Wealth began tracking millionaire migration 10 years ago. According to the Henley Private Wealth Migration Report 2025, the UK is forecast to lose a staggering –16,500 millionaires in 2025 — more than double the anticipated –7,800 net outflow from China, ranked 2 nd this year after topping the millionaire-loser leaderboard for the past decade. In stark contrast, the UAE retains its crown as the world's leading wealth magnet, with a record net inflow of +9,800 relocating millionaires expected this year — over 2,000 more than the US in 2 nd place. +7,500 new wealthy migrants are forecast to make America home by year-end. Dr. Juerg Steffen, CEO at Henley & Partners, says "2025 marks a pivotal moment. For the first time in a decade of tracking, a European country leads the world in millionaire outflows. This isn't just about changes to the tax regime. It reflects a deepening perception among the wealthy that greater opportunity, freedom, and stability lie elsewhere. The long-term implications for Europe and the UK's economic competitiveness and investment appeal are significant." For the first time, EU heavyweights France, Spain, and Germany are also expected to see net HNWI losses in 2025 — with projected net outflows of –800, –500, and –400 millionaires, respectively. Ireland (–100), Norway (–150), and Sweden (–50) are beginning to see significant wealth losses too, with many affluent Europeans relocating to more investor-friendly hubs on the continent. Global winners: Where the wealth is heading Key beneficiaries of this trend are Switzerland, set to attract a net gain of +3,000 migrating millionaires this year, while Italy, Portugal, and Greece are also forecast to see record inflows of +3,600, +1,400 and +1,200, respectively — driven by favorable tax regimes, lifestyle appeal, and active investment migration programs. Outside of Europe, Saudi Arabia is the biggest riser on this year's inbound list, projected to see a net inflow of +2,400 new millionaires. Traditional destinations such as Singapore (+1,600), Australia (+1,000), Canada (+1,000), and New Zealand (+150) appear to be losing their appeal, with their lowest net inflows on record provisionally expected in 2025. Thailand (+450) is rapidly emerging as Southeast Asia's new safe haven, with Bangkok positioning itself as a key rival to Singapore. Hong Kong (+800) and Japan (+600) are forecast to enjoy higher HNWI inflows this year, while Central American and Caribbean jurisdictions — including Costa Rica (+350), Panama (+300), the Cayman Islands (+200), and Bermuda (+50) — are all set to attract record numbers of wealthy migrants to their shores. Three African nations — Morocco (+100), Mauritius (+100), and the Seychelles (+50) — make it onto the inbound millionaire migration rankings for 2025. Global losers: Where the wealth is leaving In Asia, South Korea is expected to see significant net outflows of HNWIs (–2,400), more than double last year's figure. Vietnam (–300) is also beginning to see a worrying uptick in millionaire departures, and Pakistan (–100) continues to lose millionaires to the UAE. Taiwan (–100) presents a mixed picture: while its tech-driven economy remains robust with +65% millionaire growth over the past decade, growing tensions with China and a lack of luxury real estate options appear to be unsettling some of its wealthiest residents. Despite ongoing instability in the Middle East, Israel is expected to show relatively modest outflows (–350), primarily to the US, while Lebanon (–200) faces concerning losses, with many wealthy individuals relocating to Cyprus, Greece, and the UAE. Iran (–200) is also losing HNWIs to the UAE. In Latin America, Brazil (–1,200) and Colombia (–150) are both expected to see sizeable wealth drains, while the other BRICS nations — China (–7,800), India (–3,500), Russia (–1,500), and South Africa (–250) — are all on track to record their lowest net millionaire losses since Covid.
