International property markets are experiencing significant changes. Many wealthy individuals are departing London due to new tax regulations imposed by the UK government. According to Henley and Partners’ latest private wealth migration report, the UK is witnessing its largest-ever millionaire exodus, with around 16,500 expected to leave. The changes have closed a loophole, requiring foreign nationals in the UK to pay taxes on their global income.
“The UAE is the leading destination for these individuals, projected to attract nearly 10,000 of them,” says Mario Volpi, senior vice-president investment advisor at Allegiance. There are talks of the UK government introducing a golden visa scheme to entice the wealthy back, but the exodus has already begun. With London traditionally being a hub for foreign millionaires and billionaires, where are the wealthy relocating?
Top Destinations
A new report by wealth intelligence firm Altrata ranks the top 20 cities where ultra-high-net-worth individuals (UHNWIs) — those with a net worth of at least $30 million (Dh110 million) — are purchasing second homes in 2025. It also finds that the affluent are considering third and fourth homes as secure value stores.
Switzerland remains a preferred destination for the wealthy, offering financial privacy, stability, and attractive tax conditions, with Geneva and Zurich popular among expats.
Portugal is seeing increased demand from affluent buyers, with Lisbon gaining popularity due to its appealing lifestyle and relative affordability.
Monaco, known for its lack of income tax, exclusivity, and prestige, is expected to welcome a significant number of wealthy residents in 2025.
Italy’s Lake Como is a favorite among UHNWIs, including celebrities like George Clooney, and families drawn by the region’s prestige, privacy, and proximity to Milan.
Aspen, Colorado, known for alpine exclusivity, has one ultrawealthy resident for every 77 people, one of the highest concentrations globally.
Singapore offers a robust legal infrastructure, world-class education, low crime, and favorable tax arrangements, with Hong Kong closely following.
In Naples, Florida, an astonishing 95% of luxury properties are owned as secondary residences by UHNWIs.
Dubai, with its tax-free status, ease of doing business, and high quality of life, continues to rank high on the list.
“I see a significant gap here. Dubai has enormous potential for horizontal growth. The demand for luxury villas is strong,” remarks Nataliya Khudykovska, a luxury real estate advisor and UHNWI investment consultant.
American Appeal
New York has long attracted the wealthy with Wall Street, hedge funds, and top law firms, maintaining its status as the world’s wealthiest city by millionaire count. “I recommend America to my clients. It’s entering a new recovery phase, with strong infrastructure and legal investment protection. Texas, with its tax reliefs and open approach, holds vast potential,” says Khudykovska.
Emerging Hotspots
A growing number of the world’s ultra-wealthy are exploring new locations outside traditional haunts like Monaco and St. Tropez. Where are they heading? “Italy, specifically Puglia, is up-and-coming, cheaper than Tuscany, and offers great renovation value and tax incentives,” notes Volpi. “Further afield, secondary U.S. cities like Indianapolis and Charlotte offer affordable growth potential and lifestyle appeal. Southward, Costa Rica is now on the radar for eco-living with strong expat demand, especially from retirees,” adds Volpi.
For UAE residents, where are they likely to own other homes? “Many clients own property in their home countries, which for Dubai-based buyers often means the UK and India,” says Alec James Smith, head of sales and leasing at Savills Middle East. “For lifestyle investments, Portugal and Spain remain popular, with continued interest in the South of France. In the US, New York and Miami are preferred, while Singapore and Istanbul are gaining traction for global connectivity,” he adds.
Montenegro’s Rise
An unexpected addition to the list is Montenegro, quietly becoming a magnet for wealthy expats. It offers natural beauty, tax advantages, investment opportunities, and a budding luxury lifestyle rivaling established Mediterranean hotspots like Monaco or the Côte d’Azur. “Montenegro is intriguing due to its proximity to Arab culture, friendly environment, and beautiful nature, making it a future gem on the investment map,” says Khudykovska.
Croatia is another popular Eastern European destination for wealthy expats, offering stunning seaside and emerging luxury. “I recommend collaborating with local developers for tailor-made projects,” she adds. In Europe, Norway and Denmark continue to attract ‘golden investors’ despite stricter conditions.
Golden Opportunities
UHNWIs typically maintain a global network of overseas homes, blending prestige, geo-security, and access, making places like New York, London, and Lisbon highly sought after. In Dubai, luxury assets such as a villa on Palm Jumeirah or Emirates Hills are essential for lifestyle and prestige.
While status matters, tax and residency are crucial considerations. “Many high-net-worth individuals keep their options open for international investing, and a property purchase with a golden visa or citizenship adds allure,” says Volpi. Locations like Portugal, Malta, and the UAE benefit from offering golden visas, boosting their real estate markets. “Tax initiates the conversation, but lifestyle usually decides it. We discuss education, healthcare, climate, and safety more than ever,” adds Smith. “While golden visas spark interest, clients now also focus on future flexibility, lifestyle, and real estate fundamentals.”
Growing Wealth
When building a property portfolio, there’s a trend toward income-generating assets. UHNWIs and family offices increasingly invest in hotels and hospitality assets for stable income and inflation protection, while investors acquire more buy-to-let properties. “While trophy assets still appeal to some, more clients prioritize long-term value and liquidity. Branded residences, short-term rental investments, and centrally located properties with consistent demand lead the way,” says Savills’ Smith.
A recent Knight Frank report highlighted a trend of serviced second residences — holiday homes within a community or resort offering housekeeping, 24-hour security, leisure facilities, and a concierge. Knight Frank notes this hybrid living style — part-independent home, part-hotel, part-members’ club — is a growing sector, with major development pipelines in the US, UAE, Mexico, UK, and Saudi Arabia.
