Luxury real estate has been on a tear for the last two years.

Sales for luxury single-family homes rose 14.5% in 2021 while prices increased 20.3% from 2020. Sales for attached luxury homes saw a more dramatic uptick of 29.6% YOY and a 16.6% increase in prices, according to Coldwell Banker Global Luxury’s just-released The Report 2022.

Part of the reason for the surge? Historic double-digit wealth gains. This, combined with a transformation of living patterns, led to soaring demand for larger homes — and more of them — which depleted inventory and sent home prices surging by the end of 2021.

Data from Wealth-X shows that the world’s wealthy population (those with a net worth of $5 million+) grew 19.8% from 2020 to 2021, adding 597,550 individuals to bring the total population to 3,612,730 individuals worldwide. Their combined wealth rose 20.4% to over $75 trillion. This was a significant increase from 2020, which saw only a 2.1% YOY gain. U.S. wealth growth rates were higher in 2021, rising 24.8% in both total wealth and population of individuals with a net worth $5 million+ YOY.

For more insights, make sure to read the complete findings of The Report 2022.