In 2024, a record 128,000 millionaires are projected to relocate globally, marking a 6.6 percent increase from the previous year. This rise, highlighted in a Henley & Partners report, reflects shifts driven by tax policy changes, improved market conditions, and a quest for better living standards. This new record surpasses the 120,000 relocations noted in 2023.
Europe is emerging as a top destination for these relocations, according to Knight Frank’s European Lifestyle Report. The continent’s allure is attributed to its rich cultural heritage, high quality of life, strong healthcare systems, global connectivity, political stability, mature property markets, and excellent educational facilities. European cities such as London, Paris, and Berlin, alongside resort locales offering diverse experiences, are particularly attractive.
Monaco has become the second most sought-after relocation spot, following Verbier in Switzerland. The Principality’s popularity spans across generations, from GenX and Post-War millionaires to younger demographics like GenZ and Millennials. Monaco’s appeal lies in its luxurious lifestyle, favorable tax policies, and top-tier amenities.
Data from Oxford Economics and the European Commission underscore Monaco’s attractiveness. The Principality excels in quality of life, environmental quality, and human capital, ranking highest in these categories. It also performs well in infrastructure and economic strength. The nearby South of France complements Monaco’s appeal with its strong infrastructure and proximity, making it another favored destination for the wealthy.
