Personal wealth investment in CRE has shifted from being individualistic and idiosyncratic to something much more structured, according to JLL’s Private Wealth Tracker 2025.
Today, high-net-worth individuals, family offices, and privately owned businesses are “bringing a level of professionalism and diversification that rivals—and often surpasses—their institutional counterparts.” JLL called the results a “seismic shift” in which this wealth class brings “unprecedented sophistication and ambition,” operating at a scale and strategic understanding that was not always there.
According to JLL’s data, private wealth was involved in more than $1.5 trillion in direct deals globally over the last decade. The most popular destination for investment was the Americas, with a 42% share. EMEA and Asia Pacific gained 37% and 21% respectively.
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Between 2013 and 2024, the highest investment destinations were $604 billion in the U.S. The U.K. was second, with $155 billion. Next, $114 billion in Germany. Australia received $91 billion, with $61 billion in Hong Kong, $57 billion in Japan, $44 billion in France, $34 billion in the Netherlands, Canada with $32 billion, and $31 billion in Sweden.
London, Hong Kong, New York, Tokyo, Los Angeles, Sydney, Dallas, Paris, Seoul, and Phoenix were the top destination cities.
U.S. private wealth is the most active, as the largest share of global wealth is being created there. However, it does have a home-based bias.
The top 10 sources of capital for private wealth investments from 2013 through 2024 were the U.S. at $557 billion, Germany at $82 billion, the U.K. at $81 billion, $67 billion from Hong Kong, $58 billion from Australia, Japan at $55 billion, China at $47 billion, $38 billion from France, $37 billion from Canada and Sweden at $35 billion.
The split in types of properties starts, as might be surprising, with 30% in office. It’s important to remember that these are global numbers and the plight of office markets might not be the same across the globe. Other preferences are 24% for residential, 18% for retail, 12% for industrial and logistics, 11% for hotels and 4% for alternatives.
Returns drive interest in global private real estate. The top 10-year annualized returns by asset class are global private equity (11.9%), global equities (10.6%), global private real estate (6.4%), global hedge funds (6%), gold (5.3%), US corporate high yield bonds (5.2%), global REITs (4%), investment grade corporate bonds (2.3%), and U.S. Treasury investments (0.8%).
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