A record 128,000 millionaires are expected to relocate globally in 2024, up 6.6 percent from the previous year, driven by factors like tax policy changes, better market conditions, and a desire for improved living standards. According to a report by Henley & Partners, this surge in high-net-worth individuals (HNWIs) seeking new homes marks a significant increase from 2023’s record of 120,000 relocations.
Europe is emerging as a prime destination for these relocations, as highlighted in Knight Frank’s European Lifestyle Report. The report underscores Europe’s appeal due to its cultural richness, quality of life, robust healthcare systems, global connectivity, political stability, mature property markets, and excellent educational facilities. It also emphasises the diversity of lifestyle options, from vibrant cities like London, Paris, and Berlin to resort destinations offering sun, ski, or rural experiences.
Monaco ranks as the second most desirable relocation spot after Verbier in Switzerland, according to Knight Frank’s survey of more than 700 HNWIs. The Principality is particularly popular among GenX, Post-War millionaires, and even younger groups like GenZ and Millennials, who are attracted to its luxurious lifestyle, favourable tax policies, and world-class amenities.
Data from Oxford Economics and the European Commission reveal why Monaco is so appealing to wealthy individuals. The Principality scored highest in three out of five categories, including quality of life, environmental quality, and human capital. It also ranked second in infrastructure and mobility and third in economic strength. The nearby South of France also performed well, particularly for its infrastructure and proximity to Monaco, making it another favoured destination.
