A new report by wealth intelligence firm Altrata ranked the top 20 cities where ultra-high-net-worth individuals \u2014 defined as those with a net worth of at least $30 million \u2014 are buying second homes in 2025.<\/p>\n
While familiar names like London and New York remain dominant, emerging destinations<\/a> from Naples, Florida, to Dubai and Lisbon are quickly gaining ground.<\/p>\n The findings are based on Altrata’s proprietary Wealth-X and RelSci databases, which combine verified profiles, residential ownership records, and relationship mapping of the global wealthy.<\/p>\n The report captured a snapshot of global UHNW property data as of July 2025, focusing specifically on privately held secondary residences \u2014 homes that are not primary dwellings and are not owned through corporate structures.<\/p>\n In total, Altrata estimates there are around 480,000 UHNW individuals globally.<\/p>\n Increasingly, they’re using real estate<\/a> as a leveraged asset \u2014 a way to gain legal footholds in key jurisdictions, diversify tax exposure, and secure homes that double as investment vehicles and escape plans.<\/p>\n The top 20 cities for second homes in 2025<\/p>\n The report ranked cities by the number of UHNW individuals who own a second residence in each location, looking at both US cities and cities in the rest of the world.<\/p>\n Top 10 US cities:<\/p>\n Miami \u2014 13,211New York \u2014 12,813Los Angeles \u2014 8,640San Francisco \u2014 6,477Naples, Florida \u2014 4,213Boston \u2014 3,167San Jose \u2014 2,824Greenwich, Connecticut \u2014 2,732Washington, DC \u2014 2,699Chicago \u2014 2,295<\/p>\n Top 10 cities outside the US:<\/p>\n London \u2014 9,221Beijing \u2014 5,648Hong Kong \u2014 4,939Singapore \u2014 4,256Geneva \u2014 1,745Munich \u2014 1,686Milan \u2014 1,650Paris \u2014 1,643Zurich \u2014 1,354Dubai \u2014 1,288A second home is more than a vacation pad<\/p>\n For many UHNW buyers<\/a>, a second home is no longer just a vacation getaway. It’s a multi-use asset that blends lifestyle, wealth protection, and geopolitical flexibility.<\/p>\n Related stories<\/p>\n Business Insider tells the innovative stories you want to know<\/p>\n Business Insider tells the innovative stories you want to know<\/p>\n “Real estate in a rare or beautiful location has the same attributes as gold \u2014 except you can use it, enjoy it, build memories with it,” said Jack Cotton, a founding member of REALM and veteran agent with Sotheby’s International Realty.<\/p>\n Cotton added that in today’s volatile world, additional homes are increasingly seen as part of a portfolio strategy. “More and more HNW individuals will consider second, third, and fourth homes as a safe store of value<\/a>,” he said.<\/p>\n That’s especially true in regions that offer favorable tax environments \u2014 such as Florida and Switzerland \u2014 or residency-by-investment incentives, like Dubai’s Golden Visa.<\/p>\n Dubai’s skyline.<\/p>\n Umar Shariff Photography\/Getty Images<\/p>\n Portugal has also seen rising demand from wealthy buyers, with cities like Lisbon becoming increasingly attractive due to lifestyle appeal and relative affordability<\/a>.<\/p>\n From Aspen to Abu Dhabi, a shift in strategy<\/p>\n Several cities stood out in the report for having a disproportionately high share of second-home ownership.<\/p>\n Naples, Florida, has an astonishing 95% second-home ratio among its UHNW population \u2014 nearly all luxury property there is owned as a secondary residence.<\/p>\n Aspen, Colorado, known for its alpine exclusivity, has one ultrawealthy resident for every 77 people \u2014 one of the highest concentrations globally.<\/p>\n Meanwhile, Lisbon \u2014 ranked 23rd globally for UHNW second-home ownership \u2014 is quickly gaining favor among American buyers for its cosmopolitan culture, relative affordability, and, until October 2023, its real estate-backed Golden Visa program<\/a>.<\/p>\n The Portuguese government officially shut down that route to residency to ease pressure on the local housing market.<\/p>\n The 25 de Abril Bridge and Lisbon in the background.<\/p>\n Jorge Castellanos\/SOPA Images\/LightRocket via Getty Images<\/p>\n Geneva and Zurich<\/a> \u2014 ranked fifth and ninth globally among non-U.S. cities \u2014 are also climbing the ranks. They offer wealthy buyers a combination of privacy, security, and political stability, along with proximity to outdoor recreation and world-class education.<\/p>\n London remains Europe’s top second-home magnet<\/p>\n Despite higher taxes<\/a> and regulatory tightening in the UK, London remains the top international city for second-home ownership among the ultrawealthy, and ranks third globally, behind only Miami and New York.<\/p>\n According to the report, 59% of London’s UHNW property owners are second-homers, a share rivaled only by Miami.<\/p>\n Despite the UK’s changing tax landscape<\/a>, London’s enduring appeal lies in its legal reliability, global connectivity, cultural prestige, and strong wealth infrastructure.<\/p>\n London continues to attract buyers from the US, the Middle East, Russia, and China, thanks to its strong legal protections, deep financial infrastructure, elite schools, and enduring cultural prestige.<\/p>\n City of London financial district: the Bank of England and Royal Exchange.<\/p>\n Jeff Overs \/ Contributor\/Getty Images<\/p>\n What luxury means in 2025<\/p>\n For today’s ultrawealthy, luxury isn’t defined by square footage or marble finishes \u2014 it’s about freedom of movement, intergenerational wealth planning<\/a>, and institutional-grade security.<\/p>\n![\"\"\/](\"https:\/\/www.newsbeep.com\/us\/wp-content\/uploads\/2025\/07\/placeholder.png\")
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