Luxurious individuals increasingly purchasing second residences in multiple cities - not limited to New York and London alone
Top 20 Cities for Second Homes Among Ultra-Wealthy Individuals by 2025
London, despite higher taxes and stricter regulations in the United Kingdom, remains the most important international city for second homes among ultra-wealthy individuals, ranking third worldwide. This is according to a report by wealth analysis firm Altrata, which lists the top 20 cities where ultra-wealthy individuals will purchase second homes by 2025.
The report ranks cities by the number of Ultra-High-Net-Worth Individuals (UHNWIs) who own second homes there, including both U.S. cities and cities worldwide. Miami tops the list with 13,211 UHNWIs owning second homes there, followed closely by New York and London.
Miami's rise to the top can be attributed to its favorable tax regime, warm climate, and appeal to wealthy entrepreneurs and the Latin American diaspora. Meanwhile, global financial centers like London, Beijing, and Hong Kong remain highly significant.
New luxury markets such as Dubai and Lisbon have also become increasingly popular. Dubai, with its strategic advantages and lifestyle offerings, ranks seventh worldwide, while Lisbon, due to its cosmopolitan culture, relative affordability, and real estate-supported Golden Visa program, ranks sixteenth.
Cities like Geneva, Singapore, and London support intergenerational wealth planning due to their legal security, privacy, and financial infrastructure. Geneva and Zurich, ranking fifth and ninth worldwide among non-U.S. cities, are on the rise due to their combination of privacy, security, political stability, proximity to outdoor leisure activities, top-notch education, and strong wealth infrastructure.
Naples in Florida has an unusually high proportion of second homes among its ultra-high-net-worth population, with 95% of luxury properties there being used as second homes. Naples ranks tenth on the list.
Aspen in Colorado has one of the highest concentrations of ultra-wealthy residents per capita, with one ultra-wealthy resident for every 77 inhabitants. Aspen ranks eighteenth on the list.
For many wealthy buyers, a second home is a multifunctional asset that combines lifestyle, wealth protection, and geopolitical flexibility. Wealthy individuals are increasingly viewing additional properties as a secure store of value, particularly in regions with favorable tax regulations or residency permits through investments.
The Portuguese government has discontinued the Golden Visa program to ease pressure on the local housing market. However, Lisbon remains a popular choice among American buyers.
New York and London continue to dominate, but cities like Naples in Florida, Dubai, and Lisbon are gaining significance. For today's ultra-wealthy, luxury is defined by freedom of movement, intergenerational wealth planning, and institutional-level security.
The report provides an overview of global real estate data from Ultra-High-Net-Worth Individuals (UHNWIs) as of July 2025. The findings are based on Altrata's own Wealth-X and RelSci databases. Marco Tirelli, founder of Tirelli & Partners, stated that the ability to operate across time zones, languages, and legal systems is no longer an option, but a basic prerequisite for the globally connected elite.
[1] Report by Altrata [2] Bloomberg [3] Forbes [4] CNBC [5] Wall Street Journal
What cities will be popular for investing in second homes among the ultra-wealthy individuals by 2025, as per the report by Altrata? London, Miami, New York, Dubai, Lisbon, Geneva, Singapore, and Naples in Florida are among them.
In what ways can owning a second home serve as a multifunctional asset for the ultra-wealthy individuals? It can provide lifestyle, wealth protection, and geopolitical flexibility, while offering a secure store of value, particularly in regions with favorable tax regulations or residency permits through investments.
