Where the rich look for second homes

Where the rich look for second homes

Billionaires: New faces of ‘newsies’

CNBC’s Julia Boorstin updates us on recent acquisition deals for trophy publishing assets by high-net-worth individuals. Steven Levy, Wired senior writer, provides insight into Jeff Bezos-Washington Post deal.

Most of the ultra-high-net-worth individuals hail from North America, but they tend to stick closer to home, primarily doing their extra home shopping in the Caribbean and North American hot spots, the report said.

Like their North American counterparts, the Middle Eastern ultra-rich also tend to buy their extra homes closer to home, looking in Dubai and Abu Dhabi, although they’re also beginning to nibble in the Mediterranean, according to the research.

(Read more: Global billionaire population tops 2,000)

Russian wealth drives luxury property buying in many of the European destinations, but it’s also active in the Caribbean, it said.

But the one growing group of ultra-rich you won’t find high up on the list are the Chinese.

Chinese home buyers tend to focus on cities, and the chances for capital appreciation are generally weighed carefully, said Paul Tostevin, an associate at Savills World Research, in the report.

(Read more: The Top 10 Universities for Billionaire Alumni

“Current cultural norms mean that indoor leisure pursuits are favored over sun and sea and, as a consequence, Chinese buyers have been found to seek a different product to those from the West,” he said, although he noted Hainan, an island in the South China Sea, part of which has been dubbed the “Chinese Riviera,” has been an exception.

—By CNBC.Com’s Leslie Shaffer; Follow her on Twitter @LeslieShaffer1

High Net Worth


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