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Ultrawealthy Seek Security, Mobility in Surprising Second Home Hubs
9 Aug
Summary
- Emerging cities like Naples, Dubai, and Lisbon gaining popularity for UHNW second homes
- Real estate used as a "leveraged asset" for legal footholds, tax diversification, and investment
- Aspen, Colorado has one ultrawealthy resident for every 77 people
As of August 2025, a new report by wealth intelligence firm Altrata reveals a shift in where the world's ultrawealthy are purchasing second homes. While traditional havens like London and New York remain popular, emerging destinations from Naples, Florida to Dubai and Lisbon are quickly gaining ground.
The report found that for many UHNW individuals, a second home is no longer just a luxury vacation property. These properties are now being used as part of a broader portfolio strategy, providing legal footholds in key jurisdictions, diversifying tax exposure, and serving as investment vehicles and potential escape plans.
Certain cities stand out for their disproportionately high share of UHNW second-home ownership. Naples, Florida, for example, has an astonishing 95% second-home ratio among its ultrawealthy population. Meanwhile, Aspen, Colorado, known for its alpine exclusivity, has one ultrawealthy resident for every 77 people - one of the highest concentrations globally.
Other rising hotspots include Lisbon, which has become increasingly attractive to American buyers for its cosmopolitan culture, relative affordability, and until recently, its real estate-backed Golden Visa program. Cities like Geneva and Zurich are also climbing the ranks, offering wealthy buyers a combination of privacy, security, and political stability.
Despite regulatory changes in the UK, London remains the top international city for second-home ownership among the ultrawealthy, rivaled only by Miami in the percentage of UHNW property owners who use the city as a secondary residence.
