A 2025 report highlights Miami as the top city for second homes among ultra-high-net-worth individuals, with emerging hotspots like Lisbon, Dubai, and Geneva gaining popularity. Many buyers view second homes as multi-purpose assets for lifestyle, wealth protection, and flexibility, not just vacation spots. Cities like Naples, Aspen, and Lisbon have high concentrations of second-home ownership, while London's enduring appeal persists despite increased taxes. Luxury in 2025 emphasizes freedom, intergenerational wealth planning, and seamless movement across borders, reflecting a shift from traditional notions of opulence to functional and strategic assets.

The top cities where the ultrawealthy are buying second homes in 2025

If you had $30 million or more, where would you buy a second — or third — home?

For a growing number of the world's ultrawealthy, the answer isn't necessarily in places that have long been the haunts of the , like Monaco and St. Tropez.

A new report by wealth intelligence firm Altrata ranked the top 20 cities where ultra-high-net-worth individuals — defined as those with a net worth of at least $30 million — are buying second homes in 2025.

While familiar names like London and New York remain dominant,

The report captured a snapshot of global UHNW property data as of July 2025, focusing specifically on privately held secondary residences — homes that are not primary dwellings and are not owned through corporate structures.

In total, Altrata estimates there are around 480,000 UHNW individuals globally.

Increasingly, they're using UHNW buyers, a second home is no longer just a vacation getaway. It's a multi-use asset that blends lifestyle, wealth protection, and geopolitical flexibility.

"Real estate in a rare or beautiful location has the same attributes as gold — except you can use it, enjoy it, build memories with it," said Jack Cotton, a founding member of REALM and veteran agent with Sotheby's International Realty.

Cotton added that in today's volatile world, additional homes are increasingly seen as part of a portfolio strategy. "More and more HNW individuals will consider second, third, and fourth homes as a

Portugal has also seen rising demand from wealthy buyers, with cities like Lisbon becoming increasingly attractive due to real estate-backed Golden Visa program.

The Portuguese government officially shut down that route to residency to ease pressure on the local housing market.

Despite

Despite the , London's enduring appeal lies in its legal reliability, global connectivity, cultural prestige, and strong wealth infrastructure.

London continues to attract buyers from the US, the Middle East, Russia, and China, thanks to its strong legal protections, deep financial infrastructure, elite schools, and enduring cultural prestige.

What luxury means in 2025

For today's ultrawealthy, luxury isn't defined by square footage or marble finishes — it's about freedom of movement, move seamlessly between continents," said Marco Tirelli, founder of Tirelli & Partners, a luxury real estate consultancy in Italy.

"The ability to operate across time zones, languages, and legal frameworks is no longer optional — it's the baseline," he added.

This mindset is fueling demand in cities like Geneva, Singapore, and London, where legal certainty, privacy, and financial infrastructure support more than lavish living — they support intergenerational wealth planning.

Or as Tirelli put it: "The real luxury today? Time — for oneself, for loved ones, for living well."