The European Lifestyle Report 2024, conducted by Knight Frank, provides a deep analysis of what’s currently shaping the prime housing market for high-net-worth individuals (HNWIs) in Europe. From shifts in taxation and policy to lifestyle preferences, this comprehensive study sheds light on where the world’s wealthy are choosing to relocate and why.
A Growing Trend: Wealth on the Move
In 2024, global mobility among the ultra-wealthy is at an all-time high. Henley & Partners predict a record-breaking 128,000 millionaires will relocate this year, surpassing previous figures. This surge is being driven by geopolitical instability, tax incentives, and lifestyle improvements. As a result, European cities and resorts are attracting significant attention, with London and Vienna topping the list for urban relocations, and Lake Geneva and Monaco leading among resort destinations.
Key Drivers for Relocation
Knight Frank’s research highlights several core reasons behind the movement of wealth into Europe:
- Security and Privacy: Given the geopolitical volatility, security remains the top priority for HNWIs.
- Rising Wealth Mobility: 19% of ultra-high-net-worth individuals plan to apply for a second passport in 2024.
- Tax Benefits and Lifestyle: While older HNWIs prioritize tax advantages, younger generations (millennials and Gen Z) are more focused on employment and education opportunities.
European Cities and Resorts: Prime Destinations
The report breaks down top European locations into two categories—cities and resorts. London excels in economy and human capital, while Vienna ranks highly for quality of life. Among resorts, Lake Geneva and Monaco stand out for their economic strength and lifestyle offerings.
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