Business management & development Business management & development
A wealth of D
espite economic shocks, geopolitical instability, market volatility and the tail end of a pandemic, the world continues to get richer. Although 2022 saw the first fall in net global household wealth since the 2008 global financial crisis, global wealth could reach $629trn by 2027. This is according to the Global Wealth Report – an estimate of the wealth holdings of 5.4 billion adults across 200 markets – put together by Credit Suisse and UBS. The projection is for a rise of 38% over five years, which will create many more high-net-worth individuals (HNWIs) and serve as a major shot in the arm for certain industries, notably the luxury end of the hospitality sector.
“The world has experienced a surge in new wealth creation post-Covid, which is based on the economic
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knowledge
The luxury hotel sector is driven by increasing global wealth, and analysis suggests a rising number of high-net-worth guests could fuel new development. Jim Banks talks to development experts Willemijn
Geels of InterContinental, Francesco Cefalu of Mandarin Oriental and Jan Hazelton of Kerzner about the market segments and regions that offer the best prospects for new luxury hotel projects.
turnaround and other macroeconomic factors,” says Jan Hazelton, vice-president for global development at destination resort and ultra-luxury hotel operator Kerzner. “Demand for luxury and experiential travel has increased, and our hotels have benefited from the uplift in occupancy and average rate over the past couple of years.”
The positives for Kerzner derive from its focus on positioning itself to cater for luxury travellers seeking larger spaces, increased privacy, and authentic experiences. InterContinental (IHG) has seen similar trends among guests who increasingly want not only accommodation but immersive experiences that cater to their desire for knowledge and cultural richness. “When developing our brand portfolio, consumer and investor demand plays an important part and tells us a
Hotel Management International /
www.hmi-online.com
Kerzner
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