News Americas, NEW YORK, NY, Fri. June 12, 2015: Ultra high net worth individuals in the Caribbean region are on the rise.
That’s according to a new Wealth-X Caribbean Wealth & Investment Report. Wealth-X is the global authority on wealth intelligence found that the Caribbean’s ultra high net worth (UHNW) population increased by 2.1 percent last year.
This is attributed to a resurgent regional economy and attractive luxury real estate property markets, which saw sales rising by over 11 percent globally, according to the new report released Thursday.
The Wealth-X Caribbean Wealth & Investment Report 2015 shows that there are over 1,155 UHNW individuals with at least US$30 million in assets living in the Caribbean. More than 67 percent have relocated from another country.
The United States, the United Kingdom and Canada are the top three countries the ultra wealthy have relocated from.
The report also shows that government incentive programs and new buyers are fuelling interest in the region as a prime residential resort destination.
Several Caribbean nations have begun offering programs to incentivize property buying. Barbados, for instance, introduced a special entry and residence permit in 2014 that allows foreign nationals who invest US$2 million into Barbados real estate to establish residency.
Meanwhile, while Caribbean luxury real estate values remain 10-15percent below their 2008 highs, prime residential real estate sales increased more than 10 percent in 2014.
“This study shows that resurgent luxury real estate markets in the Caribbean, and specifically Barbados, are in prime position to take advantage of long-term growth trends in global UHNW demand for real estate, Wealth-X President David Friedman commented.