{"id":400,"date":"2025-01-27T14:00:51","date_gmt":"2025-01-27T19:00:51","guid":{"rendered":"https:\/\/blog.sothebysrealty.com\/2025\/01\/27\/where-the-worlds-wealthiest-want-to-live-in-2025\/"},"modified":"2025-01-27T14:00:51","modified_gmt":"2025-01-27T19:00:51","slug":"where-the-worlds-wealthiest-want-to-live-in-2025","status":"publish","type":"post","link":"https:\/\/www.sothebysrealty.com\/extraordinary-living-blog\/where-the-worlds-wealthiest-want-to-live-in-2025\/","title":{"rendered":"Where the World\u2019s Wealthiest Want to Live in 2025"},"content":{"rendered":"

These countries are seeing major shifts in luxury property as millionaires and billionaires choose to relocate<\/span><\/h2>\n

\"\"<\/a>The Armani Beach Residences<\/a> at the Palm Jumeirah, Dubai<\/a>. Credit: Dubai Sotheby\u2019s International Realty<\/span><\/em><\/p>\n

Millionaires are on the move. The great wealth migration, which paused briefly during the pandemic, hit record levels in 2024 as an estimated 128,000 high-net-worth individuals (HNWIs) migrated to new countries, according to the 2024 Henley Private Wealth Migration Report.\u00a0<\/span><\/p>\n

This trend was further backed up by banking giant UBS, which found in its December 2024 Billionaire Ambitions Report that the world\u2019s ultra-wealthy have relocated more frequently since 2020. Political climate was found to be the primary concern of buyers and sellers when choosing housing, a 2025 survey of Sotheby\u2019s International Realty agents revealed, followed by interest rates, inflation and tax reform.\u00a0<\/span><\/p>\n

The following countries are experiencing major shifts due to HNWI migration:<\/span><\/p>\n

Australia<\/h2>\n

The luxury property market in Australia has \u201cskyrocketed\u201d over the past five years, according to Westpac Private Bank\u2019s inaugural Prestige Property Report. This growth has largely been seen in Sydney, which accounted for nearly two-thirds of luxury sales according to Westpac, followed by Melbourne, Brisbane, Perth and Adelaide.\u00a0<\/span><\/p>\n

\"\"<\/a>Luxury properties in Australia such as Las Palmas in Byron Bay<\/a> are highly sought after by migrating HNWIs. Credit: Byron Bay Sotheby\u2019s International Realty<\/a><\/span><\/em><\/p>\n

\u201cHNWIs are increasingly drawn to these areas,\u201d says Lana Faulkner, head of growth and performance, Queensland Sotheby\u2019s International Realty. \u201cOver the past year, we\u2019ve seen a significant influx of buyers seeking beachfront homes, rural estates and properties that offer proximity to these tropical destinations.\u201d<\/span><\/p>\n

United Arab Emirates<\/h2>\n

Dubai\u2019s luxury real estate market continues to experience an unprecedented surge, with a record-setting influx of HNWIs driving US$4.4 billion in investments and a notable rise in the sale of ultra-high-end properties. Arabian Business reported in July 2024 that more than 100 homes priced at US$10 million and up sold during the first quarter of 2024, marking a 19% increase on the same period the previous year.<\/span><\/p>\n

Living in the UAE offers many perks to HNWIs, including golden visas, which grant residence or citizenship in return for investment, zero income tax and a lifestyle that caters to the wealthy. Providing a legal framework that preserves and enhances wealth, the UAE has attracted HNWIs from India, other parts of the Middle East, Russia and Africa, according to the Henley Private Wealth Migration Report 2024.<\/span><\/p>\n

United Kingdom<\/h2>\n

Despite a net outflow of 9,500 HNWIs, the U.K. remains a magnet for wealthy individuals immigrating from the U.S., China, India and the Middle East, according to Henley & Partners, though recent political and fiscal changes\u2014including a new government, strict tax rulings and budget decisions\u2014could impact this trend.<\/span><\/p>\n

\"\"<\/a>This five-bedroom penthouse<\/a> in One Hyde Park offers uninterrupted views of London<\/a>. Credit: United Kingdom Sotheby\u2019s International Realty<\/span><\/em><\/p>\n

Luckily, American buyers are stepping in. As Bloomberg reported in August 2024, in response to U.S. domestic politics and social challenges and encouraged by a strong dollar, a growing number of HNWIs are investing in British properties.\u00a0<\/span><\/p>\n

\u201cAmericans\u2019 love of London has never been stronger and I\u2019ve never seen so many buying in London as there are now,\u201d says Claire Reynolds, managing partner, United Kingdom Sotheby\u2019s International Realty. \u201cIt\u2019s a very resilient market because of the London lifestyle, the stability, education system and language.\u201d\u00a0<\/span><\/p>\n

United States<\/b><\/p>\n

The U.S. is experiencing the lowest level of foreign-buyer purchases since 2009, driven partly by higher interest rates and a strong dollar. But according to John Young, global real estate advisor, Golden Gate Sotheby\u2019s International Realty, Silicon Valley in California continues to draw in HNWIs.<\/span><\/p>\n

\"\"<\/a>Inspired by classical Italian villas, this home<\/a> in Portola Valley, California<\/a>, evokes the Tuscan countryside. Credit: Golden Gate Sotheby\u2019s International Realty<\/span><\/em><\/p>\n

\u201cWe have seen a decrease in Chinese buyers looking for properties in the US$2 million to US$5 million range, as it\u2019s become harder for them to move money to the U.S.,\u201d says Young. \u201cBut in the US$10 million-plus range, many ultra-high-net-worth buyers have money outside China already, so are not as impacted.\u201d<\/span><\/p>\n

According to Henley & Partners 2024 USA Wealth Report, Florida and Texas are also exceptions, steadily accumulating more HNWIs while strengthening their luxury property markets along the way.\u00a0<\/span><\/p>\n

Singapore<\/b><\/p>\n

Singapore is a renewed hotspot for inbound wealth, according to Henley & Partners, based on its reputation as the most business-friendly city on Earth.\u00a0<\/span><\/p>\n

\u201cSingapore is able to attract wealthy foreigners due to its strong rule of law, robust and predictable regulatory regime, safe and family-friendly environment, as well as its world-class education and healthcare systems,\u201d says Veniz Kwong, head of sales, List Sotheby\u2019s International Realty, Singapore.\u00a0<\/span><\/p>\n

\u201cThe luxury market has slowed down in the past year, in line with the wider market. Yet, prices have been holding up, mainly due to a scarcity of luxury property for sale, as well as the ability of sellers to stay put if offers do not meet their expectations.\u201d\u00a0<\/span><\/p>\n

Read the <\/span><\/i>full version of this story<\/span><\/i><\/a> in the 2025 Luxury Outlook Report<\/span><\/i><\/p>\n

\"\"<\/a><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

These countries are seeing major shifts in luxury property as millionaires and billionaires choose to relocate The Armani Beach Residences at the Palm Jumeirah, Dubai. Credit: Dubai Sotheby\u2019s International Realty Millionaires are on the move. The great wealth migration, which paused briefly during the pandemic, hit record levels in 2024 as an estimated 128,000 high-net-worth […]<\/p>\n","protected":false},"author":232770368,"featured_media":343387,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1393,1403],"tags":[1415,1423,1435,1505],"class_list":["post-400","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-art-and-culture","category-market-insights","tag-australia","tag-california","tag-dubai","tag-united-kingdom"],"jetpack_featured_media_url":"https:\/\/www.sothebysrealty.com\/extraordinary-living-blog\/wp-content\/uploads\/2025\/01\/Header-1.jpg","jetpack_likes_enabled":false,"jetpack_shortlink":"https:\/\/wp.me\/pf4gbL-6s","jetpack-related-posts":[{"id":437,"url":"https:\/\/www.sothebysrealty.com\/extraordinary-living-blog\/significant-sales-february-2025-highlights\/","url_meta":{"origin":400,"position":0},"title":"Significant Sales: February 2025 Highlights","author":"Procurement Admin","date":"March 29, 2025","format":false,"excerpt":"From an\u00a0AED 330M sale in Dubai, United Arab Emirates, to a US$39.995M sale in Newport Beach, California, here are five sales represented by the Sotheby\u2019s International Realty global network in February. 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