The ultra wealthy are on the move, with a record 128,000 millionaires likely to relocate to a new city, country or even continent this year. But what are their motivations, and why is Monaco proving so popular?
According to Henley & Partners, some 128,000 millionaires are set to relocate over the course of 2024, a 6.6% increase on the previous record of 120,000 that was established in 2023. Their desire to up sticks is being fuelled by a variety of reasons, from changes to tax and visa policies to more favourable market conditions elsewhere and a will to seek out a better life for themselves and their families.
Knight Frank’s newly released European Lifestyle Report tells the same story, but points to Europe as one of the most attractive destinations for HNWIs (high net worth individuals) looking to put down new roots.
In the report, Head of European Residential Research Kate Everett-Allen notes Europe’s strengths, from its cultural richness, high quality of life and excellent healthcare to its global connections and accessibility, relatively stable political outlook and economics, education facilities and, importantly, “transparent and mature property markets”.
See more: Flat-tax and lifestyle: how Italy is seducing the world’s UHNWIs
Another source of appeal, she explains, is the diversity of lifestyle options available on the continent. Potential new residents can choose from a dynamic, cosmopolitan city such as London, Paris, Berlin, Stockholm or Barcelona, or opt for the different pace of a resort destination, defined by Knight Frank as sun, ski or rural location.
Four out of five HNWIs are likely to plump for the former, but the interest in a resort relocation is not insignificant.
When asked to rank their favourite resorts by the Knight Frank team, the more than 700 HNWIs interviewed by the real estate firm placed Monaco as the second most desirable location after the Swiss ski resort of Verbier and followed by the south of France in third.
The Principality proved particularly popular with GenX and Post-War HNWIs, as well as with the younger GenZ and Millennial groupings.
Read more: Real Estate: Family homes dominate Monaco’s property market growth
Knight Frank also delved into data produced by Oxford Economics and the European Commission to anaylse why certain destinations have more appeal than others to HWNIs. 20 “premier destinations” were considered – 10 city locations and 10 resorts – in the rankings, with Monaco returning a top rating in three of the five categories and earning the highest average position.
The Principality topped the board when it came to quality of life, the environment and human capital, placed second for infrastructure and mobility, and achieved third place for economy.
The south of France, which benefits from a close proximity to Monaco, also performed well, coming first for infrastructure and mobility, third for the environment and fourth for economy.
To read the European Lifestyle Report, click here.
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