Savills reported that global real estate, including residential, commercial, and agricultural land, was valued at $379.7 trillion in 2022. The market’s worth decreased from 2021 to 2022 as interest rates and inflation increased. However, the market value in 2022 was 18.7% larger than pre-pandemic levels. The residential sector accounted for the largest proportion of the worldwide real estate market, with $287.6 trillion in 2022. Whereas commercial real estate accounted for 13% of overall market value.
Global investment in the real estate sector is declining. According to a recent PwC survey, sellers and buyers are responding to increased interest rates. Market experts anticipate an increase in investments, owing to greater clarity on monetary policy in the United States, Europe, and Asia. One of the real estate industry’s major market trends is to prioritize sustainability while selecting office space.
On March 13, Reuters reported that Goldman Sachs Asset Management (GSAM) will begin investing in the US commercial real estate sector this year. Since the pandemic, rising interest rates and record-high vacancy rates have resulted in a decline in US office and commercial property prices. This continues to be a key issue for investors, resulting in a reduction in market investments. Despite this, GSAM anticipates a market rebound, fueled by a potential boost in the US economy.
Housing affordability is a major concern in the United States, Europe, and Asia Pacific, limiting market expansion. On March 25, Reuters reported that single-family house sales in the US decreased by 0.3% in February, according to the Census Bureau. This reduction can be attributed to higher mortgage rates, with the average 30-year fixed-rate mortgage increasing to 6.94% in February, according to Freddie Mac. Reuters reported on April 23 that sales have recovered to reach 693,000 units in March. This marks the largest gain since September 2023. You can also see the
With this background, let’s take a look at the ten biggest billionaires in the real estate business.
10. Stephen Ross
Net Worth in 2024: $10.1 billion.
Stephen Ross created Related Companies, a housing development company, in 1972. His company has developed and acquired properties worth over $60 billion around the world. As of April 27, his net worth was $10.1 billion.
9. Mangal Prabhat Lodha
Net Worth in 2024: $10.6 billion.
Mangal Prabhat Lodha, ranked ninth on our list, is the founder of Lodha Group, a leading property developer. The company was founded in 1980 and is now known as Macrotech Developers. He has a net worth of $10.6 billion as of April 27.
8. Kwong Siu-hing
Net Worth in 2024: $11.4 billion.
Kwong Siu-hing was the chairperson of Sun Hung Kai Properties Limited from 2008 to 2011. She is also one of the largest stockholders in the company. As of April 27, her net worth was $11.4 billion.
7. Manuel Villar
Net Worth in 2024: $11.4 billion.
Manuel Villar is the chairman of Vista Land & Lifescapes, a renowned property developer. Villar is ranked seventh among the richest billionaires in real estate, with a net worth of $11.4 billion.
6. Joseph Lau
Net Worth in 2024: $13.1 billion.
Joseph Lau is placed sixth on our list of the richest billionaires in the real estate business. He was the previous chairman of Chinese Estates, a major property developer. As of April 27, his net worth was $13.1 billion.
5. Peter Woo
Net Worth in 2024: $14.1 billion.
Peter Woo is one of the biggest billionaires in the real estate industry. Woo has served as chairman of Wheelock & Co., a renowned property developer. As of April 27, his net worth was calculated at $14.1 billion.
4. Harry Triguboff
Net Worth in 2024: $16.2 billion.
Meriton, owned by Harry Triguboff, is a developer of apartment towers. The company has a large presence in Sydney and offers high-density living options. With a net worth of $16.2 billion, he ranks fourth on our list.
3. Donald Bren
Net Worth in 2024: $18.0 billion.
Donald Bren is one of the most powerful real estate magnates in America. He controls Irvine Co., the leading real estate corporation in Southern California, with 129 million square feet of assets. His company’s portfolio includes around 125 housing complexes and 590 office buildings.
2. Kushal Pal Singh
Net worth (2024): $20.3 billion.
Kushal Pal Singh is placed second on our list of the richest billionaires in real estate. He owns DLF, India’s leading real estate company. As of April 27, his net worth was $20.3 billion.
1. Lee Shau Kee
Net Worth in 2024: $28.3 billion.
Lee Shau Kee tops our list of real estate billionaires. He co-founded Sun Hung Kai Properties Limited, a renowned real estate and property development company. His net worth was $28.3 billion as of April 27.