Europe Mon Amour

Security, privacy and cultural stimulation are the ingredients for choosing locations to settle in Europe. Choices made by High Net Worth Individuals, people with high net worth, according to the findings of the “European Lifestyle” Report by Knight Frank one of the leading independent real estate agencies with headquarters in London and a network of 487 offices in 53 countries where more than 20 thousand people work. Among those who want to move to one of Europe's locations, boomers (adults) focus more on tax advantages while millennials and Generation Z (young people) prioritize job and educational opportunities.
According to the European Lifestyle Monitor survey, which analyzes 20 European destinations across five key metrics: economy, human capital, quality of life, environment and mobility, London and Vienna excel as relocation cities, while Lake Geneva and Munich lead among European tourist destinations.
“The convergence of global elections, political shifts, geopolitical tensions and rising public deficits intensified by the pandemic is prompting wealthier people to reevaluate where they can achieve the ideal lifestyle and safeguard their wealth”, says Kate Everett-Allen head of Knight Frank's residential real estate research department. “Europe stands out in their evaluations, offering transparent housing markets, top-notch education, affordability, excellent health care and a high level of security and stability".
There is an increase in wealth and its mobility globally, and 19 percent of those with net worth over $30 million, UHNWIs (ultra high net worth individuals) plan to apply for a second passport or new citizenship by the end of 2024. Eighty-three percent of HNWIs prefer city life for economic and cultural opportunities but 17 percent continue to prefer rural or resort locations. Italy also appears in the survey with Milan in fourth place for its human capital.   With its 398 direct flights to Milan Malpensa, the capital of fashion and finance is more attractive than ever, as evidenced by the increase in prices of luxury real estate from 15,200 euros to 16,800 euros per square meter in one year through the third quarter of 2024, an increase of 2 percent. Ultra high net worth individuals in Italy are expected to increase by 18.7 percent in 2024. In 2023 alone, there were 15,952 of them in Italy.