Wealthy individuals are purchasing second residences in various cities beyond New York and London in 2025.
Top 20 Cities for Ultra-Wealthy Second Homes by 2025
The wealth intelligence firm Altrata has released a report detailing the top 20 cities worldwide where ultra-high-net-worth (UHNW) individuals are expected to purchase second homes by 2025. The list includes a mix of traditional and emerging global hubs, with Miami leading the pack as the most popular city for UHNW second-home buyers.
1. Miami, USA
With over 13,200 ultra-wealthy residents owning secondary properties, Miami tops the global list for UHNW second homes, surpassing New York and Los Angeles.
2. London, UK
London, despite being outside the US, is the city with the most UHNWIs who own second homes, with 9,221. It remains the most important international city for second homes among ultra-wealthy individuals, ranking third globally.
3. New York, USA
New York is the second-ranked city in the US, with 12,813 UHNWIs who own second homes.
4. Dubai, UAE
Dubai is ranked as the 10th city outside the US with the most UHNWIs who own second homes, with 1,288.
5. Emerging Hotspots
Emerging hotspots like Lisbon, Portugal, and Naples, Florida, have gained traction as attractive destinations offering lifestyle benefits, tax advantages, and investment opportunities.
6. Classic Luxury Markets
Classic luxury markets such as Monaco and St. Tropez maintain appeal but don't dominate as overwhelmingly as before, showing a diversification in preference for second-home locations.
7. The US Prominence
The U.S. features prominently with multiple cities reflecting the trend of wealthy migrants seeking favorable tax treatments and lifestyle improvements, including Scottsdale and Florida’s coastal cities like Naples and Miami.
8. Spanish Coastal Regions
Spanish coastal regions such as Costa del Sol remain popular for their combination of natural beauty, pleasant climate, and competitive property values.
9. Zurich and Geneva
Zurich is ranked ninth among non-US cities for UHNW second homes, while Geneva is ranked fifth.
10. Trends in Regions with Favorable Tax Regulations
This trend is particularly pronounced in regions with favorable tax regulations or residency permits through investment.
11-20
The remaining spots on the list are filled by cities such as San Francisco, Los Angeles, San Jose, Boston, Greenwich, Washington, D.C., Chicago, Monaco, St. Tropez, Beijing, Costa del Sol, and Scottsdale.
Why Second Homes?
For today's ultra-wealthy, luxury is defined by freedom of movement, intergenerational wealth planning, and institutional-level security. A second home for many wealthy buyers is a multifunctional asset that combines lifestyle, wealth protection, and geopolitical flexibility.
Marco Tirelli, founder of Tirelli & Partners, stated that the ability to operate across time zones, languages, and legal systems is a baseline requirement for today's ultra-wealthy. Luxury, according to Tirelli, is 'The ability to have time - for oneself, for loved ones, for a good life.'
[1] Altrata Report (2025) [2] REALM and Sotheby's International Realty [3] Wealth-X Report (2023) [4] Knight Frank Report (2024) [5] Savills Report (2025)
1. What lifestyle preferences might contribute to the growth of second homes in Miami ? The report suggests that Miami is attracting ultra-wealthy second-home buyers due to its combination of lifestyle benefits, tax advantages, and investment opportunities, making it a popular destination for those seeking a multifunctional asset that caters to their needs for wealth protection, geopolitical flexibility, and a desirable quality of life.
2. What cities offer significant opportunities for travel and lifestyle enhancement ? The top 20 cities for UHNW second homes by 2025, as listed in the report, include both traditional and emerging global hubs like Miami, London, New York, Dubai, and several other cities such as Lisbon, Portugal, and Naples, Florida, which have gained traction as attractive destinations for their lifestyle offerings and benefits.
