NYNext Guide to: Where the wealthy are moving now
In 2025, 142,000 millionaires around the world are expected to relocate — the largest voluntary transfer of private capital in modern history — per Henley & Partners, a London-based consultancy that tracks global trends in high-net-worth relocation.
17 Scottsdale, AZ., unseated Austin, TX., as the fastest-growing millionaire hub in the US in 2025, according to a Wealth Report conducted by Henley & Partners, a global leader in citizenship by investment.
tim – stock.adobe.com
Advertisement
Traditional migration paths for the 1% have seen wealthy individuals fleeing high-tax areas like New York and California — which are losing Americans making over $200,000 at the highest rates of any US states — for buzzy locales such as Miami, Monaco and Portugal.
But for the rich, a number of new destinations — both in the US and abroad — are gaining ground.
'[They're] not just looking for safe bets in proven markets,' real estate appraiser Jonathan Miller told NYNext. 'They're looking to live where they want to live.'
Advertisement
Here, five locations where high-net worth individuals are increasingly flocking to.
Puerto Rico
17 Act 60, Puerto Rico's marquee tax incentive program, offers significant benefits to qualifying individuals and businesses — including a 4% corporate tax rate and 0% federal capital gains — making it a major draw for high-net-worth relocators.
othman – stock.adobe.com
The US territory is luring big money with its Resident Tax Incentive Code, known as Act 60.
Signed into law in 2019 and recently extended through 2055, Act 60 offers a 4% corporate tax rate and 0% federal capital gains to those who spend 183 days per year on the island.
Advertisement
'Ninety-nine percent of my clients are coming here for the tax advantages,' San Juan luxury real estate specialist Christian Kleiner told NY Next.
17 John Paulson, seen here speaking onstage during Angel Ball 2022, was one of the earliest island adopters.
Getty Images for Gabrielle's Angel Foundation
According to Kleiner, more than 3,500 participants are currently taking advantage of Act 60.
Many are in the finance, crypto and tech worlds, including early island adopters John Paulson, manager of the hedge fund Paulson & Co., and Michael Terpin, a digital asset investor.
Advertisement
The real estate market has surged accordingly.
Home values in Puerto Rico rose 11.6% year-over-year in Q1 2025 — outpacing every US state in annual price growth, according to the Federal Housing Finance Agency.
One of Puerto Rico's best-known transplants is Phil Shawe, co-CEO of TransPerfect, the world's largest privately held language services provider.
17 Puerto Rico has proven highly attractive to high net worth individuals, particularly from the East Coast. In addition to a plethora of tax incentives, sources told NYNext that the favorable legal climate and the fact that they can remain under US federal law were among the primary reasons they decided to move.
dbvirago – stock.adobe.com
Shawe relocated in 2018 after a bruising legal dispute in Delaware, which he says cost a third of the company's value in legal fees.
Puerto Rico's favorable legal climate — it's still under US federal law — and a lifestyle shift prompted his move.
Shawe and much of his C-suite now live in Condado, just 15 minutes from TransPerfect's headquarters in Hato Rey, San Juan's financial district.
'The infrastructure reminded me more of Florida than I expected,' Shawe told NY Next.
Uruguay
Advertisement
17 Uruguay's appeal lies in its rare blend of political stability, personal safety and natural beauty — without the natural disaster risks that plague other regions.
ricardokuhl – stock.adobe.com
Felipe Silva, a Punta del Este–based advisor with Engel & Völkers told NYNext that the South American country is drawing wealthy folk — particularly those from California and New York — with its business opportunities and safety.
'They want a place with no war risk, no earthquakes, no tsunamis … there aren't many of those left, especially in the Southern Hemisphere,' Silva said. 'They're looking for a place to escape, but at the same time, to invest.'
17 Uruguay's luxury market is booming, with high-end developments in Punta del Este and Montevideo catering to international buyers seeking beachfront living, modern amenities, and long-term value.
Courtesy of Engel & Volkers
Advertisement
Uruguay's fertile soil, vast freshwater resources and per-hectare prices far below US and European norms make agricultural land a popular bet, too.
Uruguay offers a 10-year income tax holiday for foreign buyers who spend at least 60 days per year in the country and invest $500,000 or more in real estate. Or, you can invest $2.3 million and no time in the country is required.
17 Uruguay's fertile soil, abundant freshwater and relatively low per-hectare prices have made farmland an increasingly popular asset class for wealthy buyers looking to diversify.
Martin Germino/Wirestock – stock.adobe.com
Buying property, Silva noted, is relatively frictionless — with transactions typically wrapping within 30 to 60 days.
Advertisement
These various advantages have drawn numerous people in recent years, including musicians Shakira and Ronnie Wood, as well as Cipriani CEO Giuseppe Cipriani.
17 Oceanfront property in Uruguay remains remarkably undervalued compared to global luxury markets — with prime beachfront homes often selling for a fraction of what similar properties would command in Miami or Malibu.
Michele – stock.adobe.com
Developers have been eager to meet demand.
Trump Tower Punta del Este, a 26-story luxury tower that opened in 2024, has listed apartments for upwards of $8 million.
Advertisement
Down the beach, Cipriani Ocean Resort is marketing a penthouses for $17 million.
17 Luxury developments are booming in Uruguay, with high-end projects like Trump Tower Punta del Este and Cipriani Ocean Resort (pictured above) drawing international buyers with oceanfront penthouses priced up to $17 million.
Cipriani Punta del Este/Facebook
Silva noted that the lifestyle is hard to beat.
'You have the city, the coast and the countryside all within 15 minutes,' he said.
Florida — but not Miami
17 Wellington, known for its world-class equestrian scene, draws ultra-wealthy buyers seeking privacy, land, and proximity to elite polo and riding events.
Robert Stevens, courtesy of Qasanova Luxury
The rationale for moving to the Sunshine State hasn't changed — zero state income tax, favorable weather and a business-friendly environment — but buyers are increasingly looking beyond the usual suspects like Miami and Palm Beach.
'We're seeing demand spread out a bit,' Jonathan Miller, CEO of real estate appraisal firm Miller Samuel, told NYNext. 'We're now seeing significant [multi-million dollar] transactions in Manalapan and Wellington.'
Manalapan, a town of fewer than 500 residents just south of Palm Beach, made headlines in 2022 when Oracle co-founder Larry Ellison purchased a $173 million estate. The sale triggered a new wave of high-end buyers, including hedge funders — Chris Rokos has a $150 million property — musicians and developers.
17 Larry Ellison, pictured here at the Oracle Open World conference in San Francisco, owns a $173 million compound in Manalapan that set Florida's real estate record in 2022.
Getty Images
17 Neighboring Ellison's compound, this $285 million mansion will span 54,570 square feet and include everything from a car museum and shooting range to a private bowling alley, golf simulator, and padel court.
Courtesy of Holland PR
In July 2025, developer Stewart Satter obtained approval to begin construction on a $285 million spec mansion directly adjacent to Ellison's property. If sold at that price, it will become the most expensive home in U.S. history.
Wellington, an equestrian community about 20 miles inland, doesn't have ocean views, but the horsey set cares more about being near the showgrounds.
Wellington's 12-week winter show circuit, the longest-running in the world, has turned the town into a seasonal hub for the super-rich, drawing Olympic riders, star polo players like Nacho Figueras and horsewoman-heiress such as Jessica Springsteen (daughter of Bruce) and Georgina Bloomberg (daughter of Michael).
17 Georgina Bloomberg participates in the Suncast 1.50m Championship Jumper Classic at the Wellington Equestrian Center on February 23, 2013, in Wellington.
Larry Marano
Matt Johnson, a luxury broker with 26 years of experience in the market, said many of his buyers tour stables in the area before looking at houses. He noted that the area has had 23 sales over $5 million in the past 18 months alone.
'The luxury market is the equestrian market,' Johnson told NYNext.
Scottsdale, Arizona
17 High-net-worth individuals, primarily those from California and Seattle, are flocking to Scottsdale for its land, lifestyle, low taxes and lack of natural disasters.
Matt Gush – stock.adobe.com
In 2025, Scottsdale unseated Austin as the fastest-growing millionaire hub in the US, according to a Wealth Report conducted by Henley.
The Phoenix suburb saw a 125% surge in millionaire residents from 2014 to 2024, fueled by remote work trends, a thriving tech sector and a flood of Californians — and some Seattleites — in search of lower taxes and peace of mind.
Unlike coastal competitors, Arizona has no earthquakes, no hurricanes, and — compared to Florida — more forgiving winters. It also boasts something high-end buyers increasingly crave: land.
'[They want] acreage, uninterrupted views, new builds, guest houses, pickleball courts, pools,' Scottsdale's preeminent luxury broker, Kelly Jones, told NYNext.
17 Arizona's flat 2.5% income tax — one of the lowest in the country — has become a major draw for wealthy individuals seeking financial efficiency and simplicity.
BCFC – stock.adobe.com
From a financial and legal perspective, Arizona's appeal begins with a flat 2.5% income tax — adopted in 2023, and still among the lowest in the country — and ends with favorable estate-planning laws.
Moreover, friendly business regulations have streamlined everything from corporate formation to trust structuring to legal investments.
High‑profile residents in Scottsdale and its surrounding suburbs reportedly include retired Phoenix Suns star Charles Barkley, retired race car driver Danica Patrick, actors Emma Stone and David Spade and GoDaddy founder Bob Parsons, who also owns the Scottsdale National Golf Club.
All together, Scottsdale now hosts about 14,800 millionaires, 64 centi‑millionaires and five billionaires, per Henley.
'We continue to surprise ourselves,' Jones said.
This story is part of NYNext, an indispensable insider insight into the innovations, moonshots and political chess moves that matter most to NYC's power players (and those who aspire to be).
Milan, Italy
17 Milan is Italy's financial capital and one of the most cosmopolitan cities in Europe, offering international schools, luxury shopping and proximity to the Alps and lakes.
Kavalenkava – stock.adobe.com
The city is quickly transforming from the wealthiest in Italy to one of the wealthiest in continental Europea, predominantly because of Italy's special tax regime.
Introduced in 2017, it's been dubbed the 'CR7 rule' after footballer Cristiano Ronaldo. He was one of the first to take advantage of the policy, which allows non-domiciled residents to pay a flat tax of no more than €200,000 (about $233,000) annually on all foreign-generated income.
More recently, the rule has attracted prominent financiers like Elio Leoni-Sceti, founder of venture capital fund The Craftory; Bart Becht, former CEO of Reckitt Benckiser; Richard Gnodde, Goldman Sachs' investment banking vice chair; and Nassef Sawiris, Egyptian investor scion and billionaire.
17 Milan has become Europe's newest wealth magnet thanks to Italy's 'CR7 rule,' a 2017 tax policy — named for footballer Cristiano Ronaldo — that lets non-domiciled residents pay a flat tax of no more than €200,000 annually on all foreign-generated income.
Getty Images
'Milan is a financial center with international schools and classy shopping precincts,' Dominic Lawrance — a partner at the London-based law firm Charles Russell Speechlys, which recently opened an office in Milan — told NYNext. 'The city is, by Italian standards, highly cosmopolitan.'
Many making the move hail from London — which experienced a 12% decline in millionaire growth from 2014 to 2024 per Henley. Only Moscow saw a greater decline.
'Italy has benefited greatly from ill-judged tax reforms in the UK, which have had the unintended effect of driving away wealthy, mobile individuals,' Lawrance said.
The Milanese even have a name for this migration: 'svuota Londra' or 'empty London.'
Send NYNext a tip:nynextlydia@nypost.com
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hill
11 minutes ago
- The Hill
Democrats blast Bessent over Trump baby accounts ‘backdoor for privatizing Social Security' remarks
Treasury Secretary Scott Bessent is facing heavy backlash from Democrats over a Wednesday remark in which he talked about 'a backdoor for privatizing Social Security.' 'In a way, it is a backdoor for privatizing Social Security,' Bessent said Wednesday during an event with Breitbart News, discussing 'Trump accounts.' These are savings accounts the Trump administration has proposed for kids born between 2024 and 2028 in which the government will put $1,000. It was a part of President Trump's 'big, beautiful bill' that he signed into law earlier this year. Social Security has long been a third rail in politics, and Democrats were quick to accuse Bessent of suggesting he and the administration saw the accounts as a future replacement for Social Security. Sen. Ben Ray Luján (D-N.M.) said in a post on the social platform X Wednesday that Bessent was 'saying the quiet part out loud.' ''In a way, it is a backdoor for privatizing Social Security.' – Scott Bessent,' Luján said in his post, which featured a clip of Bessent's comments. 'That means gutting the promise our seniors earned and dismantling Social Security as we know it.' In his own post on X Wednesday, Sen. Jack Reed (D-R.I.) offered an opinion similar to Luján's. 'Trump Treasury Sec. Scott Bessent said the quiet part out loud: Trump-Republicans want to privatize Social Security, turning it from a dependable safety net to a risky profit center for moneyed special interests at the expense of everyday Americans,' Reed said in his post. Rep. Richard Neal (D-Mass.) said on X that 'Republicans' ultimate goal is to privatize Social Security.' 'And we know that there isn't a backdoor they won't try to make Wall Street's dream a reality,' he added. Later on Wednesday, Bessent sought to clean up his remarks by arguing the new accounts would bolster Social Security. He said in a post on X that 'Trump Baby Accounts are an additive benefit for future generations, which will supplement the sanctity of Social Security's guaranteed payments.' 'This is not an either-or question: our Administration is committed to protecting Social Security and to making sure seniors have more money,' he added. In an appearance on CNBC's 'Squawk Box' Thursday, Bessent said he was 'I was giving an interview, and I was talking about the $1,000 baby bonds that every American citizen, every newborn, is going to get.' 'The Democrats hate this program because the — it brings capitalism and markets to every American, not just their constituents at the upper end, and over time, the compounding is going to be an incredible supplement to Social Security, not a replacement. It is a compliment,' he added.
Business Insider
12 minutes ago
- Business Insider
There are 4 signs the economy may be on a weaker footing than the latest data suggests
It seems like all is well for the US economy — until you take a look under the hood. Neil Dutta, the head of economic research at Renaissance Macro, pointed to a handful of signs in a note this week that suggest the US economy may not be as strong as it seems on paper. The headline figures suggest otherwise. Real GDP was estimated to grow at an annualized rate of 3% in the second quarter, beating estimates and showing a sharp rebound from the prior three-month period. But Dutta suggested that things could be weaker at second glance, showcasing various signs of weakness across the housing market, job market, and consumer and corporate finances. Here are some signs that the economy isn't as strong as it seems. 1. Housing is cooling off The housing market isn't nearly as hot as it used to be. Home prices declined 0.34% in the 20 largest US cities in May, according to the Case-Shiller 20 City Home Price Index. That marks the index's third-straight month of declines, Dutta said, one such sign that housing demand remains weak. Other signs have emerged in the past year to suggest that the US housing market is frozen over. Pending sales dropped 2.8% year-over-year in June, according to data from the National Association of Realtors. Meanwhile, active home listings in the US climbed 28% year-over-year in June, according to data from with total active listings now hovering at their highest level since the pandemic. "The US housing market is in recession with weakening construction and declines in prices across major markets," Dutta wrote in a separate client note in July. "The truth is many recent buyers assumed they'd be refinancing into lower rates by now. That has not happened and as a result, we're seeing more homeowners put their homes up for sale." 2. Job market flashing signs of weakness The US added more jobs than expected last month, while the unemployment rate remained near a historic low, according to the Bureau of Labor Statistics. But some Americans are feeling differently about their prospects of finding a new job. The Conference Board's Labor Market Differential — which measures the difference between the percentage of consumers who think that jobs are plentiful and percentage who think jobs are hard to get, declined to 11.3, marking a "fresh cycle low," Dutta said. "The deterioration in the Labor Differential is a sign that labor market conditions are somewhat weaker than one would expect given the low unemployment rate," he wrote. The job market generally appears to be stuck in a " slow hire, slow fire" phase, Dutta added, pointing to payrolls and layoffs in the private sector holding steady in recent months. 3. A weaker US consumer More Americans — even in high-income households — are falling behind on debt payments. Delinquencies among households that earn $150,000 or more have more than doubled since 2023, according to data from the credit-scoring firm VantageScore. That reflects a steeper rise in late payments than lower-earning Americans, with delinquencies rising 60% among households earning between $45,000 and $150,000, and delinquencies rising 22% for households earning less than $45,000. Dutta says the trend can largely be explained by a weaker job market for white-collar workers. Job-finding prospects for those earning six figures or more have fallen to their worst levels since before the pandemic, Dutta said, citing survey data from the New York Fed. Consumer spending also appears to be slowing overall. Personal consumption expenditures, one measure of how much Americans are spending on goods and services, slowed its pace of growth to 4.7% year-over-year in June, down from a peak of 5.7% in late 2024. 4. Corporate delinquencies on the rise Corporate borrowers are also running into trouble. The dollar amount of defaulted corporate debt surged to $27 billion in the second quarter, up from $15 billion in the prior three-month period, data from Moody's shows. 694 companies filed for bankruptcy in 2024, according to a separate analysis from S&P Global. That was the highest amount of global bankruptcies reported for the year since 2010, the firm said. The average default risk for public US firms also rose to 9.2% at the end of 2024, the highest level since the Great Financial Crisis, Moody's asset management research team wrote in a note in March. "US credit markets have experienced significant deterioration following recent tariff announcements, with corporate distress accelerating across multiple sectors," Dutta wrote. Private equity-backed firms are also starting to buckle. PE-backed companies made up around 60% of bankruptcy filings last quarter, Dutta said. "These firms, many acquired during the low-rate environment of 2022, now face acute liquidity challenges as market conditions tighten," he added.
Yahoo
31 minutes ago
- Yahoo
Will wine and spirits be hit by US tariffs tomorrow? Even the EU doesn't know
The EU executive has touted the new asymmetric tariff agreement with the Donald Trump administration, announced on Sunday, as a step toward predictability. Yet, less than a day before the US is expected to implement a new tariff ceiling of 15% on EU industrial goods, crucial details for several sectors, including wine and spirits, remain unresolved. Industry stakeholders are still holding out hope for exemptions, but no official list has been released. A Commission spokesperson admitted on Thursday that wine and spirits are likely to be subject to the tariffs. 'It is not our expectation that wine and spirits will be included in the first group of exemptions announced by the US tomorrow,' the spokesperson said. 'We're still negotiating,' they added, noting that both sides are working to finalise a joint statement based on the agreement reached between Commission President Ursula von der Leyen and US President Donald Trump. Securing an exemption for the wine and spirits industry remains a top priority for the EU negotiating team in Brussels. This industry is seen as strategic—especially for France, which, along with Italy, Spain, and Ireland, is actively lobbying for these products to be spared. 'We are continuing to negotiate with the Americans so that, if possible, spirits, perhaps wine, and other sectors can be exempted. It's a work in progress,' said French Economy Minister Éric Lombard in a radio interview on Wednesday. The US and China are the top export markets for European wine and spirits. In France alone, the industry supports nearly 550,000 jobs across its value chain. Chinese tariffs are already impacting the sector, and new US duties would be a further blow. Related Five things we don't know yet about the EU-US trade deal Both EU and US trade officials, along with major industry associations such as the Distilled Spirits Council and the Comité Européen des Entreprises Vins, have advocated for a 'zero-for-zero' tariff arrangement on wine and spirits. However, the EU's negotiating position has weakened, and Brussels no longer has effective leverage over these products. The past ability to threaten retaliatory tariffs on iconic American exports like bourbon or Californian wine often kept EU wine and spirits off the US target list. That option disappeared with the latest agreement reached in Scotland, leaving the EU less inclined to jeopardise the broader deal over a single sector. Adding to the uncertainty, the Commission spokesperson declined to confirm whether tariffs would be imposed as early as Friday, saying only that they had a 'clear understanding' the US intends to proceed via executive order, possibly overnight.
