Global wealth has recovered from its 2022 slump in growth, with wealth creation in Asia–Pacific growing the fastest of all regions. The world saw over 680,000 new US dollar millionaires in 2024, an increase of 1.2%, while over five million more are projected by 2029 – a rise of nearly 9% over 2024 levels, according to UBS. Collective billionaire wealth rose three times faster in 2024 than in 2023, according to the World Economic Forum. The rise in the wealth of billionaires has also outpaced equity markets over the last 10 years, with their global wealth increasing by 121%, compared to 73% growth in the MSCI World Index.

Property remains an integral part of wealth portfolios and a key area of evolving preferences. Tax is a central driver, but motivations vary widely depending on the buyer’s intent. In established global cities, for example, real estate purchases are often tied to education, capital preservation or the acquisition of a trophy asset. Meanwhile, hotspots such as Dubai and Miami are popular destinations due to favourable tax regimes, complemented by the lifestyle on offer.

American buyers are increasingly visible across Europe, embracing the lifestyle, history and culture. Portugal remains a key location, especially among Brazilians. Spain is experiencing a resurgence, particularly in Madrid, Barcelona and Marbella, while Italy’s tax incentives continue to attract interest.

Looking at long-established wealth destinations, Monaco remains a top choice for international buyers, many of whom are upgrading their existing holdings, while Switzerland and Singapore have seen increased activity. While global property holdings remain diversified, there is a noticeable trend towards simplification. Many HNWIs are consolidating their property portfolios, driven by rising holding costs and broader economic caution. For some older HNWIs, they’re looking to streamline their assets with age, while for others it’s a response to inflation, increased local property taxes and tightening regulations on second-home ownership.

Looking ahead, the concept of a second home is evolving into something more fluid to accommodate increasingly nomadic lifestyles. In addition to visiting for leisure, these individuals and their families are living, working and embedding themselves in multiple jurisdictions. It is a lifestyle shift comparable to the expansion of air travel in the 1960s and 1970s, but driven today by the digital world rather than affordability. Remote work has  unlocked new possibilities, allowing HNWIs to be truly global in their movements and choices.

The challenge now is to stay ahead of these shifts – understanding not just where the hotspots are, but why, and the business, lifestyle, family and security environments they offer.

The top destinations for the world’s wealthy can take many forms: cities, coastal resorts, ski slopes and country escapes. These varied locations mean that leisure and relaxation aren’t limited to peak times, but easily accessible all year.

Nearly 100 of the top global HNWI hotspots were analysed for this index, measured by their business environments, family environments and legacy potential. Each of these indicators was given an equal weighting throughout the analysis, which allowed us to determine specific effects of individual factors.

The top destinations are Dubai, New York City, Singapore, Hong Kong and Abu Dhabi. Each of these cities offers the full suite of strong business and family environments, legal structures that make redistributing straightforward, strong lifestyle provisions, and high levels of security and privacy.

It isn’t just global cities where HNWI hotspots can be found – coastal and ski locations punch above their weight in the index. Aspen, Monaco and Miami all feature in the top 10.

The top three European locations are Monaco, London and Geneva, with each market offering distinct appeal. Rising European hotspots Milan, Rome and Lisbon also break into the top 30. Italy has been a popular destination in recent years, with the introduction of a flat tax on global earnings attracting attention to both the city and countryside. Portugal remains front of mind for many, given its high quality of life and excellent connectivity. Swiss locations feature prominently, from Geneva to Zermatt, Gstaad, St Moritz and Verbier; these established hotspots thrive thanks to appealing tax regimes, lifestyle and family environments.

More than half of the North American locations analysed rank in the top 30 of the Hotspot Index. The United States is home to more than 38% of the world’s millionaires, making the destinations within the index high calibre. Both city and resort destinations feature here, with a clustering effect around New York City and the Hamptons, Los Angeles and Malibu, San Francisco and the Monterey Peninsula, and Miami and Palm Beach, demonstrating that even when ‘getting away from it all’ people still want to be close to urban centres.

Asia-Pacific cities Beijing, Shanghai, Bangkok, Shenzhen and Tokyo are also in the top 30. These have top-tier connectivity, offer significant economic clustering, investment value and potential, supported by luxurious lifestyle elements. Significant economic growth in the region has led to an increase in wealthy individuals, with Seoul, Kuala Lumpur and Sydney sitting just outside the top 30.

Top destinations can be found across the world, spanning every continent, with more likely to emerge over the coming years as global wealth expands and diversifies.