Russian & Chinese Billionaires Eye U.S Property Market As Personal Wealth Increases Exponentially


The 2009 global recession might have brought a number of businesses to their knees, however, in the subsequent years, billionaires from Russia and China have registered an exponential increase to their personal wealth. This can attested by the fact that these men of immense wealth who have now been featured on Forbes rich list with names such as Roustam Tariko, billionaire owner of Russian Standard Bank, Vladislav Doronin, chairman of Moscow-based real estate developer Capital Group etc. are now rapidly acquiring U.S. luxury properties. In a recent revelation it has been stated that Russian billionaire Yuri Milner, has now purchased a luxury mansion the U.S for a whopping $100 million, making it the largest estate sale in the U.S. This luxury estate is a French style Chateau overlooking San Francisco Bay and is spread across 18 acres. The entire $100 million estate is composed of a ballroom, screening room, wine cellar, gym, spa and pools inside and out.

Similar scenarios are being played across major U.S cities, such as Manhattan, New York, where a 1916 ‘neo- French Renaissance’ luxury real estate has now been put up for sale with an asking price of $90 million by StreetEasy.com. As per reports, luxury properties that cost $20 million or more are now attracting international owners and investors, especially in cities such as New York, California and Florida that have become a favorite spot for Russian billionaires. The primary reason behind this flurry of foreign interest is the fact that the U.S housing market is still reeling from the effects of the recession and as a result has led to discounts on properties. The Forbes magazine’s annual global ranking of billionaire that has Carlos Slim sitting at the top has now entered 214 more names to the coveted congregation. This now exhaustive list is composed of about 54 billionaires from China and 31 billionaires from Russia. In nearly a decade, it has happened for the first time that the Forbes list now feature more Asia-Pacific billionaires than European ones, with a total of 105 billionaires from the Asia-Pacific region.

Via Bloomberg

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