Tycoon Number Rising in Cyprus

PUBLISHED ON Apr 23, 2019

Individuals are getting wealthier. Cyprus tycoon number is rising the fastest, according to a late report by Knight Frank.

The number of individuals in Cyprus worth over US $30 million rose to 205 in 2018.

The report predicts that individuals in Cyprus worth over $30 million is expected to rise by about 20% to 25% over the next five years.

In 2018, the country with the biggest number of individuals with more than $30m was the US with 47,127. Such was followed by Japan with 18,534 and Germany with 14,047. In 2019, the number worldwide will exceed 20 million for the first time.

Moreover, Cyprus was ranked 35th in 2018 with increase in luxury housing prices with a rise of 2.8% compared to 2017.

Knight Frank’s report for 2018 had Cyprus at 41st place in 2017 as regards the increase in the index of luxury homes with a rise of 2.6% compared to 2016. Top on the list are Manilla, Edinburgh, Munich, Buenos Aires and Mexico City.

The report also refers to citizenship by investment plans worldwide saying that this attracts tycoons from all over the world and including both Cyprus and Malta. In last year’s report, Knight Frank pointed out that Cyprus tycoon number consists largely of Russians.

In addition, the report notes that there is a global investment interest, especially from Indian tycoons who opt for coveted markets such as London, Melbourne and Dubai. However, other markets, particularly in Cyprus, Malaysia and Sri Lanka, are also proving popular with Indian investors.

The next 12 months will see a shift in the performance of  global property markets, as purchasers and investors respond to greater uncertainty in the  global economy, a proliferation of market regulation and the rising cost of debt.

The continent with most individuals with assets over $30m is Europe (70,627), but the country with most individuals worth over $30m is the US (47,127). In Europe, Germany leads the table with 14,047 followed by the United Kingdom with 12,559.

Asia ranks third with 48,245  and Japan and China follow having a total of 18,534 and 9,953 respectively. The continent with the fewest individuals with assets over $30m is Africa with only 2,050.

Source: In-Cyprus