_Andrew Hay: Letter from America

Those in attendance were encouraged by the fact that the report predicts New York will be the city with the most UNHWIs over the next decade (London named in fourth place). 

Attendees also placed great significance on the growing importance of Beijing and Shanghai and the creation of UHNWIs from Asia Pacific in the next 10 years. Does this conflict with potential US foreign policy? We will have to wait and see. 

Wealth flows to South America have been subdued over the past year, possibly due to the run up to the US election and the rhetoric that emerged throughout the campaign. The question now is will these wealth flows be allowed to commence again? There are encouraging signs of increasing Argentinian interest.

New York from the Air

A visit to 432 Park Avenue and to World Trade Centre on glorious bright spring day highlighted the confidence and resilience of New York and its architecture. 

^{A view of 432 Park Avenue from the World Trade Centre}  

Having visited One Seaport during my stay in New York, I was struck by the ambition of the iconic new development overlooking Pier 17, a scheme that perhaps has generated the most traction in the global market in the past 6 months, with Knight Frank being the top sales brokerage involved. Our success with the scheme is a credit to our Asia Pacific network and, in particular, Taiwan. 

What struck me most about my visit was the confidence of the business community and property sector post-election. All sectors feel they are now in for a strong run for the next 2-3 years. The sense of confidence and energy was the strongest I’d felt in New York for several years.

Thank you New York and Douglas Elliman for a fantastic few days, next stop Sydney.