New York's multimillionaire second home buyers are primarily from the rest of the United States, but a large number, too, hail from the UK, Europe as well as the BRIC countries (Brazil, Russia, India, China).
Seven-in-ten of ultra high net worth households own second, or vacation, homes, according to Spectrem’s Millionaire Corner research. Nearly four-in-ten (37 percent) own a third. Where do the world’s wealthy like to set up their getaways?
A new report released by New World Wealth, a global wealth consultancy firm, maps out the world’s “second home hotspots” for households with net assets of at least $10 million. London tops the list with 22,300 multi-millionaires with second homes. This is in addition to the 9,700 resident multi-millionaires already living there.
New York City is second on the list with 17,400 multi-millionaire second home owners. Rounding out the top five of the world’s second home hotspots are Hong Kong (14,800), Singapore (11,200) and Dubai (8,200).
The bulk of London’s multi-millionaire second home buyers come from the rest of the UK and Europe, but there are also a substantial number of buyers from China, India, Russia and the Middle East. Middle East mult-millionaires comprise the majority of second home buyers in Dubai, the report states.
New York's multimillionaire second home buyers are primarily from the rest of the United States, but a large number, too, hail from the UK, Europe as well as the BRIC countries (Brazil, Russia, India, China). The majority of Hong King’s multi-millionaire second home buyers come from mainland China.
Rounding out the New World Wealth list of the world’s second home hotspots for multimillionaires are:
- 6. The Hamptons (7,800 multimillionaires)
- 7. Paris (6,400)
- 8. Zurich (6,200)
- 9. Geneva (5,600)
- 10. Rio (4,400)
- 11. Miami (4,000)
- 12. Los Angeles (3,700)
- 13. Palm Beach (3,400)
- 14. Monaco (3,000)
- 15. Rome (2,800)
- 16. Sydney (2,500)
- 17. Cape Town (2,100)
At $50,400 per square metre, Monaco can take bragging rights for the most expensive of the second home hotspots, followed by London ($42,000) and Hong Kong ($36,000).
The New World Wealth study is based on a sample of 4,500 global multi-millionaires with second homes.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.