Luxury Real Estate Spotlight Series: Top 20 UHNW Cities By Secondary Homeowners

The wealthy’s primary residence is where they spend most of their time and it is usually close to their primary business. However, their second (and additional) homes are used for a multitude of (often overlapping) purposes, such as providing a working base close to an important secondary business or operation; leisure and recreation; a residence for children to use while in education; an investment; a road to citizenship as well as being a reflection of the owner’s personal interest in real estate. We find that:

Of the top global cities, London, in particular, stands out as a second-home destination. New York, London, Los Angeles and Hong Kong are far and away the most popular global cities for second-home ownership among the ultra-wealthy. While New York leads in absolute terms, London has a significantly higher ratio of UHNW secondary homeowners to UHNWs with their primary residence (at 2.2:1). The UK capital is a favored second-home base for the wealthy from all corners of the globe, whether for its commercial, financial, cultural or tax-planning credentials.