There has been a gradual political shift towards populism in recent decades. In Europe, from the 1960s to 2016, the share of the vote garnered by parties expressing a populist agenda rose from 5.1% to 13.2%. The groundswell of public opinion which brought Republican candidate, but not Republican Party favorite, Donald Trump to the White House is another example of the shifting political spectrum. Political analysis is not our primary area of expertise, but we should bear in mind that populist party manifestos frequently have a common rallying cry: the low level of wage growth achieved by workers. The fairness (or not) of this can be left to more polemical writers, but low wage growth matters to real estate.
Source : UBS AG