Day: August 9, 2025

• 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.”

• President Donald Trump has whittled down his list of potential replacements for Fed Chair Jerome Powell.
• Trump told reporters that “the Two Kevins” are among the leading names.
• Prediction markets have swung wildly on reports of potential developments.

President Donald Trump is ready to turn the page on Fed Chair Jerome Powell.

Trump’s endless stream of criticisms (and awkward face-to-face meeting) hasn’t convinced the central bank to cut rates or change Powell’s wait-and-see approach.

Amid the impasse, Trump is practically counting down the days until Powell’s term is up.

Earlier this week, Trump said he had a shortlist of names to replace Powell, which included “the two Kevins,” Kevin Hassett, director of the National Economic Council, and Kevin Warsh, a former member of the Federal Reserve Board of Governors.

By the end of the week, prediction markets swung wildly based on reports that other names might be rising.

Here are the leading contenders so far

Christopher Waller

Fed Gov. Christopher Waller’s chances appeared diminished when Trump praised “the Two Kevins” on August 5. But Waller’s name rose to the top of leading prediction markets after Bloomberg News reported days later that he was emerging as the president’s favorite.

Waller, a longtime regional Fed official, was seen as a convention pick when Trump nominated him to the central bank in 2019. Simultaneously, Trump also nominated Judy Shelton, a former campaign advisor and a Fed critic. The fight over Shelton’s nomination soon seeped over onto Waller’s.

In December 2020, the Senate confirmed Waller 48-47, the narrowest margin for any Fed governor since 1980, per The New York Times.

In July, Waller joined Gov. Michelle Bowman (another Trump first-term pick) in opposing the Fed’s decision not to cut interest rates, the first dual dissent in more than 30 years.

Kevin Hassett

Before joining Trump’s orbit, Hassett advised a succession of Republican presidential nominees on economic policy, including George W. Bush, John McCain, and Mitt Romney.

During Trump’s first term, Hassett served as director of the president’s Council of Economic Advisors. He returned to the White House during the COVID-19 pandemic and was severely criticized for publishing a model showing coronavirus deaths hitting zero by May 15, 2020.

In October 1999, Hassett cowrote with journalist Jason Glassman “Dow 36,000: The New Strategy for Profiting From the Coming Rise in the Stock Market.” Some economists have heavily criticized the book, largely because the index took more than 22 years to reach that threshold.

Kevin Warsh

Trump reportedly considered Warsh to lead the Fed before he chose to nominate Powell in 2017.

Warsh spent his early years at Morgan Stanley, working as a specialist in mergers and acquisitions. President George W. Bush nominated him to the Fed in 2006 after Warsh served as an economic advisor in the Bush White House.

Drawing on his Wall Street ties, Warsh played a pivotal role in the central bank’s response to the 2008 global financial crisis. When he left the Fed in 2011, the Times called him the Fed’s chief liaison to Wall Street.

From the sidelines, Warsh has echoed Trump’s criticism of Powell, calling for “regime change” at the Fed.

“The specter of the miss they made on inflation, it has stuck with them,” Warsh told CNBC in July. “So one of the reasons why the president, I think, is right to be pushing the Fed publicly is we need regime change in the conduct of policy.”

James Bullard

James “Jim” Bullard spent 15 years leading the Federal Reserve Bank of St. Louis and is now the dean of Purdue’s business school.

During his time on the Fed’s Open Markets Committee, Bullard was viewed as a key indicator of the central bank’s policy. He remains a frequent commentator on economic news.

On Friday, The Wall Street Journal reported that Bullard was one of the new contenders added to a list of roughly 10 people. According to the Journal, Bullard recommended Waller for his eventual Fed nomination in 2019.

Bullard has previously expressed interest in serving as Fed chairman if a vacancy occurred.

Marc Sumerlin

Like others on this list, Sumerlin worked as an economic policy advisor to President George W. Bush and rose to become deputy director of the National Economic Council.

Sumerlin founded a consulting firm in 2013. According to the Journal, his work with the firm has led to interactions with Treasury Secretary Scott Bessent.

Once a potential candidate himself, Bessent is conducting initial interviews with all of the candidates.

• I built a successful academic career while raising two kids and managing international moves.
• On the outside, it looked like I was thriving, but inside, I was unraveling under the pressure.
• Now, I know real strength doesn’t come from doing it all; it comes from learning what to lay down.

On paper, I had it all: a Ph.D., an MBA, and leadership roles at universities across Canada, the UK, Australia, and Hong Kong. I was the definition of a driven woman who made things happen.

But behind the accolades was a mother of two trying to keep it all together.

Over a period of five years, my family and I moved across four countries. I rebuilt my career in each one. I showed up as the strong leader, the present mom, the resilient partner.

But no one saw the toll it took behind closed doors — the anxiety, the restlessness, the quiet questioning of whether I could keep going at this pace.

I was silently drowning in expectations, most of them my own

There’s a unique pressure that comes with being a high-achieving woman, especially when you’re also a mother. It’s the invisible weight of always needing to prove your worth — to your workplace, your community, even your family.

I didn’t want to drop any balls. So I juggled faster.

When my husband took on more at work, I took on more at home, while juggling full-time work, two young kids, and postgraduate study. When my children struggled with new environments, I became their anchor. When leadership roles demanded more from me, I delivered, until I had nothing left for myself.

I didn’t realize I was burning out until I reached a breaking point. I was running on empty, and my patience wore thin. I was snapping at my kids, barely sleeping, and constantly overwhelmed.

But I kept performing. That’s what I thought strong women did.

Resilience is about knowing when to let go

We often celebrate women who “do it all,” but we rarely talk about the cost. I used to think resilience meant grinding through, no matter how drained I felt.

But here’s what I’ve learned: real resilience is about choosing — choosing what to carry and what to lay down, choosing rest, boundaries, and values before the world makes those choices for you.

When I finally gave myself permission to pause, I realized how much I’d been holding for everyone else and how little I was holding for myself.

So I let go of the title, the status, the story I’d told myself about what it meant to be “successful.”

I didn’t want to keep modeling a life of silent burnout for my daughters.

It took everything in me to step away from a career I had worked so hard to build. But I knew something had to change. I then chose to rebuild differently this time, from a place of purpose, not performance.

Now I teach what I wish I knew all along

Today, I help people who are in the same place I once was: successful on the outside, but secretly falling apart inside.

I work with professionals, especially women, who are tired of measuring their worth by how much they do. I share the lessons I have learned through coaching, keynotes, and neuroscience-based programs.

First, I teach that awareness is the first step to real change. You can’t shift what you don’t notice. Start by paying attention to how you feel, where you say yes when you mean no, and what patterns are quietly running your life.

I also tell women that they need to protect their energy like a budget. If it costs you peace, it’s too expensive.

Third, I tell women that resilience doesn’t mean doing more. It means knowing when to pause. Rest isn’t a reward. It’s a requirement.

Also, it’s important to set your boundaries before you reach your breaking point. If you wait for permission, you’ll never get it.

Lastly, women need to know that they can stop trying to prove their worth through productivity. Presence matters more than performance.

But most importantly, a successful woman is allowed to pause. We are allowed to protect our peace and redefine what success means to us.

Because success isn’t just about what you build. It’s about who you become along the way.

• I toured a Qatar Airways Boeing 777 at June’s Paris Air Show.
• That included a look inside the hidden crew rest area, where staff can sleep mid-flight.
• It felt a bit claustrophobic, but handy for breaks during long flights on the world’s best airline.

Like its Middle Eastern rivals, Qatar Airways offers one of the most attractive jobs for cabin crew.

A spokesperson previously told Business Insider that less than 8% of the tens of thousands of applicants are accepted.

At last month’s Paris Air Show, Qatar was named the world’s best airline for a record-breaking ninth time.

During the event, I also had the chance to tour one of Qatar Airways’ Boeing 777s.

While I loved checking out the QSuite business class and walking through the enormous plane, I also got to look at some areas usually hidden from the public.

By the rear galley, a camouflaged door opens to a narrow staircase that leads to the crew rest area.

It was pretty claustrophobic, but the eight beds are a necessity to give flight attendants time for a break on long-haul flights.

Here’s what it was like inside.

Qatar Airways displayed a unique Boeing 777-300ER at the Paris Air Show.

Just a few days earlier, this same plane had transported the Paris Saint-Germain soccer team to Los Angeles for the FIFA Club World Cup — an 11.5-hour flight. They ultimately lost in the final earlier this month.

While the interior is the same as Qatar Airways’ other Boeing 777-300ERs, I found it was a unique twist that made the tour a bit more special.

The 777 is an enormous jet that can fly for over 14 hours.

Qatar Airways’ longest route, operated by the 777-300ER, goes between Doha and Brisbane, Australia, which are approximately 7,700 miles apart.

The plane is over 240 feet long — the biggest twin-engine airliner on the market — and has room for 354 passengers.

I knew the crew rest area would be at the back of the plane, but it was still quite hidden.

I politely asked the airline staffer standing here if I could see inside, and he gave me a few minutes to look around.

The door opens to reveal a steep and narrow staircase.

There were plenty of handrails — a necessity for the slightly awkward staircase.

It was slightly eerie looking down the dim and lengthy corridor.

There are eight beds up here, allowing flight attendants to take breaks on long flights.

A small closet at the back of the room can be used for storing uniforms.

I’m 5’9″ but still had to hunch over to make my way down the corridor.

Qatar Airways flight attendants don’t have a minimum height requirement, but they do need to have an arm reach of nearly seven feet. Either way, I expect it would feel claustrophobic for anyone.

However, the beds themselves didn’t look too uncomfortable.

In some ways, it reminded me of the beds for yacht crews. I would definitely still rather sleep here than in an economy seat.

Each bed had pockets for storage, a coat hook, and a mirror.

There are also more storage areas at the front of the room near the staircase.

Plus, they had light and air flow controls, similar to a seat in the cabin.

The bed at the front, usually used by the purser or chief flight attendant, also has a telephone to communicate with the pilots and other cabin crew.

Working for Qatar Airways is still one of the most enviable jobs for cabin crew.

During the Paris Air Show, Skytrax named Qatar Airways the world’s best airline for the ninth time. It was also awarded the best business class for the fifth year in a row.

Similar to its rival, Dubai-based Emirates, Qatar Airways recruits cabin crew from across the world and gives them accommodation in Doha.

Serving more than 170 destinations across the world, it’s also ideal for making use of travel discounts.

• When my stepmom died, I received an inheritance I wasn’t expecting.
• I used nearly $30,000 to build the laundry room of my dreams for my family of seven.
• Now, I actually find doing laundry peaceful.

“I had enough money but not enough time.” That’s what my stepmom said, multiple times through her two-decade journey with metastatic breast cancer. At 68, she finally passed away, leaving me, her two other young adult kids, four sisters, and friends.

My mind was on how much she’d never get to see, and how to live differently myself, when I got the call that she’d left me money — and quite a bit of it. I hadn’t expected a single thing, aside from a few mementos from her home to remember her by, and a boatload of childhood memories.

I realized converting our small laundry room and garage into my dream laundry room was the answer.

For a few months, I debated what to do with this money. I have five young children, and it would put a good dent in one of their college savings accounts. I could pay off a car or part of my house. I could go on an extravagant trip. But her common refrain about not having enough time to use the money she had saved rang in my head. Putting it into a savings account for decades down the road didn’t quite feel right, but neither did blowing it on a single experience.

I started letting myself dream about ways the money could be used for good, to make life easier, better, or more functional for my family. A pool came to mind, to make memories and enjoy every sunny day. I sat folding another mountain of clean laundry and thinking about it on what had been dubbed the “laundry couch” when it came to me. I’d build my dream laundry room to make my house more functional, liveable, and organized, where the garage then stood. We got to work.

We budgeted around $20,000 for the project and got to work.

Anyone who has added on to their house or converted an entire room knows it’s no small deal. After paying down a few debts and putting some money in savings, my husband and I budgeted around $20,000 for this project.

We worked with a longtime contractor friend’s family business, and learned we would need to break down the wall that currently separated our tiny laundry room, where you couldn’t even stand comfortably with a laundry basket, to open it up to the garage space behind it.

I can now sort laundry while I watch my kids play.

The garage door became a solid wall with insulation, and I invested in a big, beautiful window with a view of my backyard. After my stepmom’s death, I paid more attention to small pleasures, like watching my kids climb the swingset while I sorted laundry.

A lot of thought went into the design, and in the end, we spent close to $30,000.

I picked wild, beautiful tiles to go above and below the cabinetry that housed clear pullout bins, where my family could sort their laundry into their own labeled bins. I purchased a second washer and dryer, and all four appliances are running every day, for much of the day, as my kids explore the forest and get muddy, come back from sports practices covered in sweat, and live their busy lives. Nearby, the “drop zone” holds their backpacks, shoes, school papers, socks, and things to keep safe, with an open locker-style cubby for each kid.

In the end, we dipped into savings because cabinetry is much more expensive than you’d think, especially a room full of it. With appliances and extras, the project pushed closer to $30,000.

Now, I actually enjoy doing laundry, and I have my stepmom to thank.

Laundry used to be the bane of my existence. Now, I stand at a large folding table my contractor friend built by hand, in a peaceful room designed for my large family. I chat with my kids as we sort piles into the designated bins. I watch them race through the room after school, chucking their bags into their cubbies and barely murmuring “hi mom” before racing off again.

Sometimes, I just hide from the chaos, fold my clothes, and remember. I can sense her spirit in the room, and a small heart pillow she had on her bed that I keep in there is a nod to her presence and part in building this space for our family. At those times, I know she’d be proud of how I used the money and of the life I’m building.