According to new surveys, London is the new primary destination for buying second homes among multi-millionaires.
Following a study of the world’s 495,000 strong population worth $10 million or more, 22,300 of them own second properties in London. The vast majority of that group are from the UK and Europe with substantial numbers also coming from China, India, Russia and the Middle East. The English capital also contains 9,700 multi-millionaire permanent residents. The report claimed that “during peak holiday months, London can be home to up to 32,000 multimillionaires in total”.
In a close second place is New York City, with 17,400 second-home multimillionaires who are mostly from the rest of the United States and who tend to flock towards Manhattan.
Hong Kong lies in third with 14,800 and Singapore is fourth, with 11,200.
Traditionally, multi-millionaires tend to look for second properties in luxury beach resorts such as The Hamptons which has dropped to a lowly sixth position, with 7,800 and Palm Beach a distant thirteenth, with 3,400.
Some other notable hot spots with at least 1,000 rich second-home owners include Las Vegas; Aspen, Colorado; Pebble Beach, California; San Diego; Lake Como, Italy; Cannes, France; and St. Tropez, France.
Here is the full list of those locations:
2. New York
3. Hong Kong
6. The Hamptons