If you're a millionaire looking to buy a home in Shanghai today, prepare for a reality check: US$1 million once bought you 83 square meters of luxury 10 years ago. Now? Just 44.

It's not just Shanghai. In Miami, that same budget gets you 54 percent less space than it did a decade ago. In Dubai, nearly 60% less. Around the world, luxury real estate is shrinking, but global wealth is not.

According to Knight Frank's 2025 Wealth Report, newly released in Shanghai last week, the world now counts over 2.24 million high-net-worth individuals, up 4.4 percent year-on-year. The US and China together account for 60 percent of them, with China at 20 percent and rising fast. What's changing even faster is who is getting rich, and how they're investing.

Over the past decade, manufacturing quietly overtook tech as the top source of billionaire wealth, producing 509 new billionaires, half of them from China. These aren't unicorn founders in hoodies; they're factory bosses and industrialists from places like Dongguan, Suzhou, and Wuxi, now buying luxury villas in London and penthouses in Singapore.

They're not alone. A generational shift is also underway. The average billionaire is now 66, but tech billionaires are younger at 57, and the fastest-growing cohort may be women. Though women still account for just 13 percent of billionaires globally, among new billionaires under 30 years old, 47 percent are women, a sharp rise that signals deeper structural change.

What are the wealthy investing in?

Family offices are ramping up real estate exposure in particular. In Knight Frank's global survey of 150 offices, 44 percent said they plan to increase direct property investment in the next 18 months. Luxury homes, office towers, logistics parks, and hotels top their lists. And while most still prefer to invest close to home, Chinese capital is flowing into Dubai, Singapore, and Europe at a steady clip.

Together, these trends suggest that luxury is no longer just about status or square meters. It's about global access and cultural fluency.

So what do these new buyers really want? And how are they changing the game? To find out, I sat down with Paul Fisher, Chief Executive Officer of Knight Frank Greater China, for a closer look at who's buying, where they're going, and what this means for the next era of global wealth.

CNS: How do you see China's high-net-worth individuals reshaping the global wealth landscape? Where is their capital going today?

Chinese high-net-worth individuals (HNWIs) are transitioning from a domestic focus to strategic global asset diversification. It is a fascinating trend that mirrors Chinese enterprises expanding overseas. Real Estate remains a cornerstone of their investment strategy.

At Knight Frank, we've seen a growing demand for cross-border advisory. While established hubs like London and New York remain popular for their stability, emerging cities such as Dubai are attracting investors seeking growth potential.

In Knight Frank's transaction cases, Chinese buyers have become the second-largest group of overseas real estate purchasers in Dubai, second only to British buyers who rank first.

CNS: Having worked across different countries, what stands out to you most about investor behavior in the Chinese market?

One thing I have noticed is that Chinese investors possess remarkable acumen in identifying "windows of opportunity." Whether it's capitalizing on emerging sectors within China or seizing short-lived investment trends, their ability to act swiftly on potential profit opportunities is truly outstanding.

This sharpness has been a key driver behind their success in domestic markets and is increasingly influencing their forays into international investments. Another observation is that real estate continues to be a preferred asset class for Chinese investors, reflecting a cultural difference for tangible and income-generating assets with perceived stability.

CNS: Have you seen a shift in how Chinese buyers engage with luxury real estate? What does "luxury" mean to them now?

Chinese buyers' approach to luxury real estate has undergone a significant transformation, shifting away from ostentatious consumption towards what we call "stealth luxury."

Today, they prioritise elements such as privacy, sustainable architecture, and state-of-the-art smart home technology. These buyers seek properties that offer exclusivity and a discreet sense of opulence, rather than merely showcasing wealth.

Location remains a crucial factor in their decision-making process. However, the importance of comprehensive amenities and services has grown substantially. Buyers now evaluate luxury properties based on factors like high-end concierge services, wellness facilities, and eco-friendly design. A prime location is no longer sufficient; a property's ability to provide a holistic, luxurious lifestyle experience has become equally vital.

CNS: What emerging trends are you seeing among younger Chinese clients in terms of how they invest or consume?

Younger Chinese clients are driving notable shifts in investment and consumption. Our Wealth Report predicts that Asia will surpass North America in wealth creation over the next four years. The rise of young, affluent individuals, spurred by family business successions, is evident, with women accounting for nearly 47 percent of billionaires under 30 last year, reflecting greater gender equality in wealth.

Real estate ranks as the top luxury asset for new wealth holders, chosen by around 30 percent, ahead of luxury cars. This group also prioritizes environmental sustainability, actively seeking green investments. One thing businesses can take note of is that the younger generations are highly tech-savvy. For example, they embrace digital tools and readily use VR for property viewings, remote consultations and digital asset management. These types of technologies can spill over into other industries as well.

CNS: From your perspective, how is the concept of "Chinese luxury" evolving, and what does that shift signify to you?

Before, "Chinese luxury" could sometimes be seen as mimicking Western aesthetics. Now there is a shift toward embracing a distinct oriental identity rooted in cultural confidence. Driven by the rise of guochao (national trend) brands, there's a growing fusion of traditional Chinese elements with global luxury resources – think silk embroideries on modern couture or imperial garden motifs in architectural design.

This shift signifies a deeper cultural awakening: Chinese luxury now aims to reinterpret heritage through a contemporary lens, rather than replicate foreign models.

Brands are leveraging global craftsmanship to tell uniquely Chinese stories, such as integrating Song Dynasty aesthetics into minimalist interiors or using Suzhou embroidery techniques in high-fashion accessories. It's a paradigm where "Made in China" evolves into "Created in China," blending East-meets-West sensibilities to define a new standard of luxury that honors tradition while embracing modernity.

And without further ado, many glamor attendees for our See & Be Seen Gallery: