Wealth-X 2015-16 Billionaire Census and the Seattle Housing Market

Wealth-X has recently released its 2015–16 Billionaire Census, a comprehensive study on the global billionaire population, including insight into the assets, lifestyle, motivations, and social networks of the world’s wealthiest individuals.

 

Currently, Seattle has one of the hottest housing markets in the nation. It is important to note that the origination of global wealth and its migration have had a profound effect on the Seattle cityscape and housing market in regards to overseas investment and increases in wealth in North America.

 

Capital flight from Asia, where 26.1 percent of the world’s billionaires reside, has had a profound impact on the Seattle housing market. While the Chinese housing market is cooling off and currency devaluation continues, many Chinese investors are looking to diversify their portfolios, with property investment being a preferred option.

 

Historically, many Chinese investors have focused on the Vancouver, BC region for property investment. However, recent foreign buyer taxes and proposed penalties for vacant homes in that region have led investors south across the border to Seattle. This increased investment has ultimately created a more competitive market for buyers.

 

To learn more about Chinese investment in the Seattle real estate market, please visit: “Gold Rush” of Chinese Buyers Enter Seattle Real Estate Market.

 

The Wealth-X report states that there has been an 8% increase in the overall billionaire net worth in North America, while the number of billionaires within the region rose 3.1% to 628, the third-largest concentration outside of Europe and Asia.

 

This increase in wealth and the growing number of billionaires within North America have had a direct influence on Seattle, as the city has expanded rapidly during the tech boom. Tech giants such as Amazon and Microsoft have brought immense wealth and job opportunities to the region, which have contributed to a hotter and more competitive housing market.

Increased global capital influx and investments flowing into the city are directly responsible for the ever-changing Seattle cityscape. Ultimately, it has made the Seattle housing market one of the hottest in the nation.

 

With years of experience in the high-end residential real estate market in Seattle and the Eastside, I’m expertly positioned to assist you in navigating this competitive housing market. If you are in the market to buy or sell, I would be happy to assist you with all of your real estate needs.

 

Please contact me here.

 

To read the full Wealth-X: 2015–16 Billionaire Census, please visit: Wealth-X The Billionaire Census 2020.