Knight Frank Thailand and Kasikorn Bank Private Banking to Help Customers Grow Their Wealth through Investment in London’s Luxury Property Market

Knight Frank Thailand, in cooperation with Kasikorn Bank Private Banking, opened a new window of opportunity for Kasikorn Bank’s private banking customers, helping them grow their wealth through investment in luxury property in London, the world’s most attractive financial hub. The event reflected Knight Frank Thailand and Kasikorn Bank Private Banking’s positions as the world’s leading real estate consultancy and wealth management advisor, respectively.

Interesting information and insight on the market are featured in Knight Frank’s latest edition of The Wealth Report 2017, which tracks the growing super-rich population around the world. This was shared at the special event, “KNIGHT FRANK THAILAND & KASIKORN BANK PRIVATE BANKING: The Wealth Report 2017: UK PROPERTIES AND UK STUDIES”, discussion held exclusively for Kasikorn Bank Private Banking customers at the Phanyapon of Kasikorn Bank’s Phaholyothin Office. Participants were also invited to be a part of a remarkable trip to explore London’s upscale properties, exclusive schools and world-class universities campus tour in early May 2017.

Mr. Phanom Kanjanathiemthao, Managing Director, Knight Frank Thailand said, “I am pleased that Knight Frank is launching the 11th edition of The Wealth Report today. The report tracks the growing super-rich population in 125 cities across 89 countries. The number of Ultra-High-Net-Worth Individuals (UHNWIs) – those with US$30m or more in net assets – rose by 6,340 in 2016.”

He further explained that, at a regional level, North America will still be the key hub for UHNWIs in 2026, with a population of 95,860. However, Asia will be starting to challenge this title. At present, Asia has 27,020 fewer UHNWIs than North America; by 2026, this difference will have shrunk to just 7,680.  Asia is also set to strongly outperform Europe in terms of the rate of growth of UHNWIs over the next 10 years, with a 91% increase predicted, compared with 12% in Europe.

On a metro level, cities in the US and Greater China appear prominently near the top of the rankings in terms of absolute growth in the ultra-wealth bracket. The US tops the chart with New York City reaching a population of 7,722.  With an exponential growth in the UHNWI population in China (140% growth forecast on a country level), Shanghai and Beijing are expected to close in on the US.

Figure1: Wealth Distribution – Top 10 by CITY (UNHWI populations 2016, 2026)

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The City Wealth Index shows London emerges just ahead of New York overall with top scores for both investment and connectivity, while New York leads on both current and future wealth. London is the only European city in the top 10; all European cities score lower for future than for current wealth. London is also where many of the world’s super-rich have a home.

Figure2: The Knight Frank City Wealth Index 2017

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The London property market holds very high potential for investment, considering it is a hub for investment, with a secured financial system and good infrastructure, including the future cross rail which will be expected to be completed in December 2019. This will increase connectivity into Central London. With a favourable currency exchange rate, Crossrail’s impending completion, a buyers’ market (as Brexit can always be used to negotiate the price), and price decreases in resale property, London holds very high potential for investment.

In the event, Kasikorn Bank’s private banking customers will also be informed about the trend of London property prices after Brexit, addressing the Brexit negotiation and impact, and whether London is safe and worth investing in at this time. Moreover, London is also the hub for education of Thai HNWIs; in the event, Kasikorn Bank will share the experience to Thai HNWIs who may have interest in selecting a London school for their children.

Mr. Phanom added, “In partnership with Kasikorn Bank Private Banking, we will help Kasikorn Bank customers find the best opportunities that best suit their needs and enable them to optimize their investment opportunities for long-term success.”