The top cities where the ultrawealthy are buying second homes in 2025 — and it's not just London or New York

• Miami topped the list of cities where the ultrawealthy are buying second homes in 2025.
• Lisbon, Dubai, and Naples emerged as new hot spots for multimillionaire property buyers.
• The Altrata report revealed how the rich use second homes for security, strategy, and mobility.

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 world's richest people, 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, emerging destinations from Naples, Florida, to Dubai and Lisbon are quickly gaining ground.

The findings are based on Altrata's proprietary Wealth-X and RelSci databases, which combine verified profiles, residential ownership records, and relationship mapping of the global wealthy.

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 real estate as a leveraged asset — a way to gain legal footholds in key jurisdictions, diversify tax exposure, and secure homes that double as investment vehicles and escape plans.

The top 20 cities for second homes in 2025

The report ranked cities by the number of UHNW individuals who own a second residence in each location, looking at both US cities and cities in the rest of the world.

Top 10 US cities:

1. Miami — 13,211
2. New York — 12,813
3. Los Angeles — 8,640
4. San Francisco — 6,477
5. Naples, Florida — 4,213
6. Boston — 3,167
7. San Jose — 2,824
8. Greenwich, Connecticut — 2,732
9. Washington, DC — 2,699
10. Chicago — 2,295

Top 10 cities outside the US:

1. London — 9,221
2. Beijing — 5,648
3. Hong Kong — 4,939
4. Singapore — 4,256
5. Geneva — 1,745
6. Munich — 1,686
7. Milan — 1,650
8. Paris — 1,643
9. Zurich — 1,354
10. Dubai — 1,288

A second home is more than a vacation pad

For many 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 safe store of value," he said.

That's especially true in regions that offer favorable tax environments — such as Florida and Switzerland — or residency-by-investment incentives, like Dubai's Golden Visa.

Portugal has also seen rising demand from wealthy buyers, with cities like Lisbon becoming increasingly attractive due to lifestyle appeal and relative affordability.

From Aspen to Abu Dhabi, a shift in strategy

Several cities stood out in the report for having a disproportionately high share of second-home ownership.

Naples, Florida, has an astonishing 95% second-home ratio among its UHNW population — nearly all luxury property there is owned as a secondary residence.

Aspen, Colorado, known for its alpine exclusivity, has one ultrawealthy resident for every 77 people — one of the highest concentrations globally.

Meanwhile, Lisbon — ranked 23rd globally for UHNW second-home ownership — is quickly gaining favor among American buyers for its cosmopolitan culture, relative affordability, and, until October 2023, its real estate-backed Golden Visa program.

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

Geneva and Zurich — ranked fifth and ninth globally among non-U.S. cities — are also climbing the ranks. They offer wealthy buyers a combination of privacy, security, and political stability, along with proximity to outdoor recreation and world-class education.

London remains Europe's top second-home magnet

Despite higher taxes and regulatory tightening in the UK, London remains the top international city for second-home ownership among the ultrawealthy, and ranks third globally, behind only Miami and New York.

According to the report, 59% of London's UHNW property owners are second-homers, a share rivaled only by Miami.

Despite the UK's changing tax landscape, 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, intergenerational wealth planning, and institutional-grade security.

"Our clientele increasingly reflects a globally connected elite — individuals and families who live across multiple countries, manage assets internationally, and 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."