For many of America’s wealthiest people, owning a second or third home is the norm. And according to a new report, they prefer properties in beach areas like Boca Raton or near the Rockies.
Henley and Partner Wealth Report 2023 ranked it among the top 10 American cities where centenarians—those with $100 million or more in wealth—own second homes.
Data compiled by New World Wealth, a global intelligence firm, showed that the number of millionaires living in these cities fluctuates depending on the time of year.
In December 2022, the peak of the holiday season, the number of millionaires increased exponentially, indicating that vacation home owners are increasing in these areas.
Top 10 US Cities Where Millionaires Are Buying Second Homes
- Miami, Florida
- The Hamptons, New York
- West Palm Beach, Florida
- Napa, California
- Aspen, Colorado
- Santa Barbara and Montecito, California
- San Diego, California
- Jackson Hole, Wyoming
- Carmel-by-the-Sea, California
- Boca Raton, Florida
Miami, Florida, which includes the city and island of Miami Beach, topped the list. A report by The Henley and Partner stated that there were more than 800 millionaires with homes in the Florida city during December 2022.
Miami also saw millionaire growth of 75% between 2012 and 2022. According to the report, in December 2022, the city was home to 38,000 millionaires, 160 millionaires and 12 billionaires.
The second city on the list is The Hamptons, New York. A report by Henley and Partner said the famous playground for the rich and famous had more than 700 millionaire residents during the main holiday season, compared to 25 permanent residents.