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World’s Rich Take Advantage as $1 Trillion Property Market Craters

Wealthy investors were the most active buyers of commercial property in 2022, a new report finds.

Amancio Ortega
Amancio OrtegaPhotographer: fotopress/Getty Images

Zara founder Amancio Ortega, Spain's richest person, expanded his global portfolio of commercial real estate last year, acquiring at least 10 properties across North America and the UK for more than $2 billion.

Other ultra-wealthy individuals and their investment firms remained focused on the asset class, which was among the hardest-hit by the pandemic and the lasting consequences of remote work, according to Knight Frank’s 2023 Wealth Report.