High net worth individuals (HNWIs) and their assets enjoy a
global lifestyle; property, companies and wealth are spread across
multiple jurisdictions and travel between them is easy. Or at least
it was.
Many HNWIs, along with the rest of the world, are accepting of
the fact that Covid-19 is going to affect international travel for
2020 and maybe beyond. Meaning, this year, luxury assets located
outside of the HNWI's country of residence will probably go
unused.
The natural question to ask is whether the HNWIs will still want
or need these assets in 2021 and beyond? Depending on the answer,
we could see a downturn in the acquisition of new luxury assets for
this sector or the abandonment and sale of assets they already
own.
