The world's super rich now own homes worth more than the GDP of the UK or France and almost TWICE that of India

• The world's super rich now own more than $3 trillion in owner-occupied residential property according to consultancy Wealth-X and Sotheby's
• Of the 211,000 ultra-high net worth individuals, 80% own two or more homes for personal use
• New York, London and Hong Kong lead the top ten cities that the super rich buy in, followed by Los Angeles and San Francisco
• The US, UK and Switzerland are the top three countries for ultra wealthy home buyers

By Oliver O'connell For Mailonline

Published: 00:59 EST, 5 February 2015 | Updated: 02:09 EST, 5 February 2015

The world's super rich now own more than $3 trillion worth of owner-occupied residential property according to a new report released by private wealth consultancy Wealth-X and Sotheby's International Realty.

The figure is significantly more than the GDP of either France or the UK, and double that of India, and relates to homes that were bought for their personal use, rather than property purchased as a pure investment.

The total value of these homes grew 8% in 2014.

There are 211,275 ultra-high net worth individuals, those with $30 million or more in assets — around the world. Luxury residential real estate was considered as property worth more than $1 million.

Developments such as 432 Park Avenue under construction in New York City (pictured) are aimed specifically at ultra high net worth individuals. New York already has the highest number of homes owned by the super rich

Fueling this boom is the 'ongoing shift in the wealth creation cycle' from the West to the East, the growing importance of 'intergenerational wealth transfers' the report stated.

Those individuals with inherited wealth hold 17% of their net worth in residential real estate, while those that created their wealth hold a little under 9% in the asset class.

There has also been an increase in the number of new developments specifically targeting the super rich across the world as developers have realized that many of these ultra-high net worth individuals are looking for homes outside of their country of origin.

Adding to demand for luxury real estate is the recent collapse in oil prices, fears of punitive taxes, worries about the confiscation of assets, and new sanctions against countries such as Russia. Real estate in world cities is still considered a safe investment.

The main hubs for luxury residential real estate are New York City, London and Hong Kong, but niche locations – such as Lugano, the Hamptons, and other rural areas around the world – are gaining in popularity according to the report.

The report also found that 79% of the world’s super rich own two or more properties and just over half of them own three or more residences.

London continues to attract buyers from all over the world, the largest number come from India. One Hyde Park in Knightsbridge is home to London's most expensive apartment

Demand in Mumbai for wealthy residences mostly comes from elsewhere in India, though increasingly Indian expatriates are investing. Pictured is the 27-story home of Mukesh Ambani, chairman of Reliance Industries

They are also are increasing the number of properties they hold outside their home countries with the U.S., U.K. and Switzerland being the three favorite locations for foreign buyers.

New York is the city with the highest number of residences owned by the super rich in the world, followed by London, Hong Kong, Los Angeles and San Francisco.

Rounding out the top ten are Washington, D.C., Singapore, Dallas, Mumbai and Paris.

While a townhouse or gated mansion has always been a popular investment, tastes are changing and demand for high-rise luxury living is seeing skylines across the world changed dramatically - most notably in Manhattan where supertall, but skinny, towers are rising along 57th Street.

The mix of foreign buyers varies, with UK buyers are the most prevalent in New York, Los Angeles and San Francisco, along with buyers from India and Australia.

The Indian super rich also flock to London and Singapore, which also attracts home buyers from Indonesia and China. Chinese buyers also favor Hong Kong and Paris. In Washington, Dallas and Mumbai the demand is predominantly domestic.