The ultra-wealthy are on the move, with an unprecedented 128,000
millionaires expected to relocate to new cities, countries, or even
continents this year. But what drives this trend, and why is Monaco
becoming a favored destination?
According to Henley &
Partners, around 128,000 millionaires are projected to relocate in 2024,
a 6.6% increase from the previous record of 120,000 set in 2023. The
motivations behind their moves are diverse, ranging from changes in tax
and visa policies to more favorable market conditions and the pursuit of
a better quality of life for themselves and their families.
Knight Frank's latest European Lifestyle Report
paints a similar picture, highlighting Europe as one of the most
attractive regions for high-net-worth individuals (HNWIs) seeking to
establish new lives.
Kate Everett-Allen, Head of European Residential Research at Knight
Frank, notes Europe's many advantages: cultural richness, a high quality
of life, excellent healthcare, global connectivity, political
stability, economic security, education opportunities, and “transparent
and mature property markets.”
Another significant draw is the wide
range of lifestyle options Europe offers. Potential new residents can
choose from dynamic, cosmopolitan cities like London, Paris, Berlin,
Stockholm, or Barcelona, or opt for the more relaxed pace of resort
destinations—categorized by Knight Frank as sun, ski, or rural
locations. While the majority of HNWIs prefer cities, there is still
substantial interest in resort locations.
When asked to rank their favorite resort destinations, more than 700
HNWIs surveyed by Knight Frank ranked Monaco as the second most
desirable location, after the Swiss ski resort Verbier and followed by
the South of France. Monaco proved especially popular among GenX and
Post-War HNWIs, as well as younger GenZ and Millennial groups.
Knight
Frank also utilized data from Oxford Economics and the European
Commission to analyze why some destinations appeal more to HNWIs than
others. Out of 20 “premier destinations” evaluated—10 cities and 10
resorts—Monaco achieved the highest average ranking, securing top
positions in three out of five categories: quality of life, environment,
and human capital. The Principality also ranked second for
infrastructure and mobility and third for economy.
The South of
France, benefiting from its proximity to Monaco, also performed well in
the rankings, taking the top spot for infrastructure and mobility, third
for environment, and fourth for economy.
