Sustainability and the Super-Rich

Some call it cuddly capitalism. Others know it as ESG (environmental, social and governance), a more altruistic approach to making money that’s filtering down into many areas of corporate life. But it seems the super-rich really are starting to think about the impact on the environment in the way they live and invest. 

Three-quarters of the world’s UHNWIs – that’s those with a net worth of over US$30m – say they want their investments to have a positive environmental outcome, according to Knight Frank’s Wealth Report. And those who source and sell property to some of these high-spenders in London and overseas are starting to see that in practice.

Penny Mosgrove, CEO of Quintessentially Estates, the property division of the global concierge company, says her clients – who will typically spend millions on a property – are “obsessed” with recycling. They want five separate bins, she says, and they balk at seeing any plastic bottles in her car when she takes them on viewings. When renovating their homes, they will now prioritise local craftsmen, to support small, independent artisans in their neighbourhoods, rather than fly in exotic furnishings from the other side of the world. 

Some luxury clients will only consider design if it’s ‘vegan’ – which means using only ethical and cruelty-free products that haven’t been tested on animals, contain no animal products or are in any way toxic.

This is still a niche area – but we at Rive Gauche are seeing a shift in our clients’ thinking. They are increasingly questioning the provenance of materials – and the environmental impact of producing and transporting goods long-distance. With each project, we spend time assessing the origins of the materials, and the impact of using them, so the client can take this into account when making a decision.

Other wealthy home-owners no longer consider it essential – or even desirable – to have private parking for several cars, when car- or electric bike-sharing schemes, or even Uber, will do nicely. For those who do have their own cars, charging points for electric cars are a must – and England will be the first country in the world to insist on mandatory charging points in all new-build homes.

In San Francisco, developers Troon Pacific, whose 870m2 house, Residence 950, is LEED Platinum-certified (the highest level in green building) and sold last year for $27m, say solar energy, water reuse and air filtration systems are seen as “big value adds” for wealthy clients.

And the developers behind Spain’s first highly sustainable residential building, Francesc Macià 10 in Barcelona, have also been surprised by their buyers’ desires to take the residences’ impeccable eco-qualifications a step further, including one buyer’s addition of internal patios to have a greater connection with nature. Unlike “normal consumers”, says a spokesperson for the project, “UHNWIs know they can force companies to go one step ahead in terms of sustainability, and have started to ask questions about the impact on the environment of the buildings they are considering buying in.”

Biophilic design of this sort – that is, design that enhances our connection with nature, including through the use of greenery, light and large areas of glazing – is becoming an important element of luxury new-builds across the world, from Milan’s Bosco Verticale, which is shrouded in greenery, to Ballymore EcoWorld’s Wardian in London’s Canary Wharf, with its lushly-planted terraces and communal areas. After a year of lockdowns during the pandemic, we imagine people will only start to think more about how they can blend inside and out to beautiful and luxurious effect.

Buyers in London will also pay for the very best in purified air, as evidenced at The Bryanston, whose developers Almacantar are the first in Europe to collaborate with AirRated to constantly monitor the air quality in its properties. 

Our clients at Rive Gauche are becoming increasingly concerned about purifying their homes in various ways – from the air and water, to blocking potentially harmful wifi and mobile phone waves, in their desire to create pure and clean interiors that enhance their sense of wellbeing.

At present, designing the most energy-efficient, eco-minded properties comes with big price tags – not exclusively because of their eco credentials, but because these properties are likely to be in the most prime locations, with ultra-high interior spec and possibly a famous architect at the helm.

So besides enhancing your personal wellness and, in some small part, helping to save the planet, what sort of value does having the latest energy-saving technology in your home add?

Some clients will naturally be more concerned about the environmental impact of their design choices than others. Some will prioritise that peace of mind – that they have been considerate towards the future of the planet – over the minutiae of the profit margin. Ultimately, designing your perfect home is about creating a space that represents you, where you feel safe and happy. Less so for investors, but certainly for end-users, environmental consideration is part of this.