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| Ultra-high-net-worth buyers are flocking to Miami for second homes, drawn by its tax perks, lifestyle, and climate. Jeff Greenberg/Jeffrey Greenberg/Universal Images Group via Getty Images |
Miami has claimed the number-one spot for second-home purchases among the ultrawealthy in 2025, while cities like Lisbon, Dubai, and Naples have emerged as unexpected favorites for multimillionaire buyers. A recent report by wealth intelligence firm Altrata reveals that the rich are increasingly using second homes for more than leisure they are strategic assets for security, wealth management, and global mobility.
If you had a personal fortune of $30 million or more, where would you purchase your next or even third home?
For a growing segment of the world’s ultrawealthy, the answer is shifting away from the traditional playgrounds of the elite, like Monaco and St. Tropez, and toward destinations that offer a mix of lifestyle perks, financial advantages, and geopolitical security.
According to Altrata’s newly released analysis, ultra-high-net-worth individuals (UHNWIs) defined as having a net worth of at least $30 million are expanding their property portfolios into both established hubs and rising markets. While London and New York remain prominent, destinations like Naples, Florida, Dubai, and Lisbon are climbing the ranks.
The rankings draw from Altrata’s Wealth-X and RelSci databases, which combine verified personal profiles, real estate ownership records, and relationship mapping of the world’s richest individuals. The July 2025 data focuses on privately owned secondary residences properties that are not primary homes and are not owned through corporate structures.
Globally, Altrata estimates there are about 480,000 UHNWIs. Increasingly, these individuals view luxury real estate as a versatile financial instrument offering legal residency advantages, diversified tax exposure, and a safe, tangible asset that can double as both an investment and a secure retreat.
1. The Top 20 Cities for Second Homes in 2025
The study ranked destinations based on the number of UHNW individuals who own a second home there, with separate lists for the US and international markets.
Top 10 US cities:
| Rank | City | Count |
|---|---|---|
| 1 | Miami | 13,211 |
| 2 | New York | 12,813 |
| 3 | Los Angeles | 8,640 |
| 4 | San Francisco | 6,477 |
| 5 | Naples, Florida | 4,213 |
| 6 | Boston | 3,167 |
| 7 | San Jose | 2,824 |
| 8 | Greenwich, Connecticut | 2,732 |
| 9 | Washington, DC | 2,699 |
| 10 | Chicago | 2,295 |
| Rank | City | Count |
|---|---|---|
| 1 | London | 9,221 |
| 2 | Beijing | 5,648 |
| 3 | Hong Kong | 4,939 |
| 4 | Singapore | 4,256 |
| 5 | Geneva | 1,745 |
| 6 | Munich | 1,686 |
| 7 | Milan | 1,650 |
| 8 | Paris | 1,643 |
| 9 | Zurich | 1,354 |
| 10 | Dubai | 1,288 |
2. More Than Just a Vacation Retreat
For today’s UHNW buyers, a second home is increasingly a multi-purpose investment combining lifestyle benefits with asset protection and geopolitical flexibility.
“Real estate in a rare or beautiful location has the same attributes as gold except you can live in it, enjoy it, and create memories with it,” explained Jack Cotton, founding member of REALM and veteran agent with Sotheby’s International Realty.
In an unpredictable world, secondary residences are becoming core components of wealth strategies. “More and more high-net-worth individuals will see second, third, and fourth homes as a secure store of value,” Cotton said.
Tax-friendly regions like Florida and Switzerland, along with investment-based residency programs such as Dubai’s Golden Visa, have boosted demand. Portugal, too, continues to attract wealthy buyers especially Lisbon, which offers a combination of lifestyle appeal, cultural richness, and relative affordability.
3. From Aspen to Abu Dhabi Shifting Buyer Strategies
Several markets stand out for their unusually high ratio of second-home ownership among the ultrawealthy.
In Naples, Florida, an extraordinary 95% of UHNW-owned luxury properties are second homes, reflecting the city’s reputation as a seasonal retreat.
Aspen, Colorado, famous for its exclusivity, boasts one ultrawealthy resident for every 77 people among the world’s highest concentrations.
Lisbon, ranked 23rd globally, is becoming a favorite for American buyers seeking a vibrant, cosmopolitan lifestyle. Although Portugal’s real estate-backed Golden Visa ended in October 2023 to ease housing market pressures, interest remains strong.
In Switzerland, Geneva and Zurich ranked fifth and ninth internationally are rising in prominence, offering political stability, privacy, elite education, and quick access to the Alps.
4. London Holds Its Crown in Europe
Despite increased taxes and tighter regulations, London remains Europe’s leading second-home destination for the ultrawealthy, ranking third globally behind Miami and New York.
According to Altrata’s data, 59% of London’s UHNW property owners maintain their residences as secondary homes a percentage second only to Miami.
London’s resilience comes from its legal stability, global connectivity, cultural prestige, and sophisticated financial ecosystem. Buyers from the US, Middle East, Russia, and China continue to see the city as a safe and prestigious investment.
5. Redefining Luxury in 2025
For modern UHNW buyers, luxury is no longer defined by opulence alone. The emphasis has shifted toward freedom of movement, intergenerational wealth preservation, and high-level security.
“Our clientele reflects a globally connected elite people who live across multiple countries, manage assets worldwide, and move effortlessly between continents,” said Marco Tirelli, founder of Tirelli & Partners, an Italian luxury real estate consultancy.
“The ability to operate seamlessly across time zones, languages, and legal systems is now the standard,” Tirelli noted.
This mindset is fueling demand for real estate in cities like Geneva, Singapore, and London, where infrastructure supports both lavish living and strategic wealth planning.
Or as Tirelli summed it up: “The true luxury today is time time for oneself, for loved ones, and for living well.”
