Data intelligence firm Altrata is revealing the top real estate locales among affluent clientele. According to theResidential Real Estate 2025: Spotlight on the World’s Leading Markets for the Wealthyreport, New York City remains top dog in the luxury housing world, but other cities are quickly rising up the ranks, both foreign and domestic. Miami is among this surging group, as the beachside metropolis attracts second-home purchases en masse. “We live in a world where wealth no longer resides within borders,” said Julie Faupel, founder and CEO of global luxury real estate membership program Realm, in the report. “As this white paper reveals, today’s affluent are more mobile, more diversified, and more globally positioned than ever before,” Ms. Faupel said. “Real estate is no longer simply an asset class; it is an anchor point for lifestyle, legacy, and leverage.” The report, sponsored by Realm, features findings from Altrata-owned databases, including those from Wealth-X and RelSci. Ultra-high-net-worth individuals are defined as those sporting a net worth of $30 million or more, with very-high-net-worth individuals described as those holding between $5 million and $30 million in assets.Domestic presenceThe United States, which remains the global wealth leader (see story), dominates the top-ten entries on the list of UHNWI footprint by city. Of course, New York City resides in the number one slot, with Los Angeles coming in second. Miami placed fourth, while San Francisco and Chicago came in sixth and seventh, respectively; Washington, D.C., and Boston round out the shortlist.

Miami’s presence on the list has risen substantially since the pandemic, with more affluent individuals flocking to the Southeast Floridian coast for an escape from everyday life. The market leads global locations for UHNWI’s secondary homes, just edging out New York City with 13,211 people owning homes in the municipality, compared to the Big Apple’s 12,813. The report’s authors cite Florida’s favorable tax incentives, warm climate and beachside appeal for its increasing prevalence among top earners. Second homes make up the bulk of Miami’s UHNW footprint, with over three-quarters of its affluent homeowners’ secondary residences located within the city. “Real estate in a rare or beautiful place has the same attributes as gold,” said Jack Cotton, founding member of Realm, in the report. “Except you can use it, enjoy it, build memories with it and probably live longer because of it,” Mr. Cotton said. “As the political climate and global economy become more volatile, I believe that more and more HNW individuals will consider second, third and fourth homes as a safe store of value.”Global connectionsMeanwhile, Hong Kong remains the top UHNW hub abroad, ranking third overall. Despite this, London sits as the leading choice for second homes outside of the U.S., earning it a spot within the top five cities on Altrata’s latest list. Nearly 60 percent of the British capital’s luxury clientele are second-homers.

This high amount of secondary properties is likely a symptom of Britain’s overall malaise among HNWIs the world-over post-Brexit. According to recent findings from London-based investment migration consultancy Henley & Partners, the United Kingdom is poised to see the single-year largest migration of any country (see story). With the region’s decline among the ultra-wealthy, other markets are seizing on the growth opportunity. “London remains a natural first choice for those based in the U.S., because of its rule of law, cultural alignment and ease of language,” said John Eric, a founding member of Realm, in the report. “However, the wealthy are expanding their horizons and we’re seeing a notable uptick in interest in Spain, Portugal and Italy, where lifestyle meets favorable tax regimes and attractive residency programs.”

Cities such as Lisbon, Abu Dhabi, Aspen and Singapore (see story) are among the trending hotspots. Monaco remains the most in-demand second-home locale, as it also sports the highest density of UHNWIs in the world, with one in 22 residents being a part of the exclusive, globally influential group.This article originally appeared onLuxuryDaily.com. Luxury Portfolio is pleased to bring you the latest trends and insider takes through our exclusive partnership with the go-to destination for luxury news.Subscribetoday.