European Lifestyle Monitor; the wealthy are choosing Europe over London

The latest European Lifestyle Monitor revealed where the ultra-wealthy are choosing to move to, listing the top 10 cities favoured by millionaires.

The European Lifestyle Report by real estate consultants Knight Frank revealed that this year, 19 per cent of the ultra-high-net-worth individuals worth €27 million and more are planning to apply for a second passport or gain citizenship in another country. 83 per cent of high-net-worth individuals, earning €1 million and more are now also considering moving abroad.

700 wealthy individuals from 11 different countries, including the US and the UK, were surveyed about their favoured cities to move to, according to evaluations of the economy, quality of life, environment, infrastructure and mobility, and human capital.

European Lifestyle Monitor; the wealthy are choosing Europe

The French dream of millions, Paris topped the list of the favoured cities, standing out in the economy and human capital; chosen for superior cultural investment, high-quality universities, and corporate headquarters. Today, Paris remains the wealthiest city in mainland Europe, with 165,000 resident millionaires who have moved from across the world to live in the historic city.

Berlin was listed second and highlighted as the top city for infrastructure and mobility. Worldwide, Berlin´s public transit system is considered highly diverse and accessible, listed in the top 10 public transit and sustainable mobility sub-indices. Connected to economic centres such as Amsterdam, Prague, Warsaw and Vienna, Berlin´s Central Station is perfect for successful international business exchanges.

The third favoured choice was Barcelona, 25,4 per cent of which is the home of foreign nationals who fell in love with the Spanish lifestyle. Beyond its vibrant culture, Spain has been a magnet for wealthy foreigners who want to gain tax benefits and enjoy more than 300 days of sunshine each year.

Vienna came fourth, ranked number one in the quality of life aspect. Not only a visually mesmerising city, Vienna also has pleasing offers of accessible healthcare, high salaries, safety, internationality, high social security, and an extensive public transport system; ranked as the most liveable city in the world by the Economist Intelligence Unit.

Another Mediterranean centre, Madrid was ranked fifth; the Spanish capital rich in diverse and lively culture knows better than anyone how to balance work and play. Moreover, according to The Cost of Living Overseas 2024 report compiled by Property Guides, Spain is now the cheapest country to live in Europe, making it an even bigger appeal to those looking to conserve their finances.

European Lifestyle Monitor; London, no longer

Despite being the centre of global attraction in the past, London has ceased to be a dream for the wealthy, as it was listed 7th on Knight Frank´s report. Another study by Henley & Partners proved that London is no longer sought after, reporting that the UK expects to lose at least 9,500 high-net-worth-individuals, who will move abroad this year

While in the 1950s and early 2000s, most rich families from the EU, Asia, Africa, and the Middle East fleeted to the UK, post-Brexit, it lost 16,500 millionaires to migration between 2017 and 2023. The number of foreigners continued to drop after the UK scrapped the “non-dom” tax status, which was previously favoured by the wealthy residents, who could avoid being taxed on their international income.

London did, however, rank number 1 in economy and human capital worldwide, with a large number of excellent universities and work opportunities, and although not leading the list of cities favoured by wealthy foreigners, now has nearly 40 per cent of its population made up of foreign nationals.

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