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

Wealth-X has recently released their 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 market in the nation. It is important to note the origination of global wealth and its migration has had a profound effect on the Seattle cityscape and housing market in regards to overseas investment and increases in wealth in North America.

Overseas Investment

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 there has also been continuing devaluation in currency. Many Chinese investors are looking to diversify their portfolios and property investment is a preferred option. Historically, many Chinese investors have focused on the Vancouver, BC region for property investment, however, recent foreign buyer taxes and proposed tax and penalties for owners of vacant house in the region has led these investors south across the border to Seattle. This increased investment in Seattle’s housing market has ultimately led to a more competitive market for buyers.

Wealth Increases in North America

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 rise 3.1% to 628 (the third largest concentration outside of Europe and Asia). This increase in wealth and the sheer number of billionaire within North America has 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 into the city and expanded job opportunities within the region, these increases have ultimately led to a more competitive and hotter 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 current 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.