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.
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