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Ultra rich homebuyers are willingly shelling out greater than $1 million for a 1,000-square-foot condominium on Rome’s Via Veneto, spending greater than $2 million for two-bedroom village houses in Mallorca, Spain and persevering with to splurge on Upper East Side residences in New York City, in line with Knight Frank’s most up-to-date wealth report.
Key Facts
- The annual report highlights the ten hottest housing markets set to outperform within the coming yr, together with two within the United States: the Upper East Side of Manhattan and Hollywood’s Pacific Palisades neighborhood.
- Brokers on New York’s Upper East Side, the place new condos and pre-war residences can value upwards of $7,000 per sq. foot, reported their busiest months on document firstly of 2026 and Pacific Palisades, the place legendary movie director Steven Spielberg owns a $97 million property, is surging as the realm rebuilds following final yr’s devastating wildfires.
- Italy, with its flat revenue tax on international earnings meant to draw high-net-worth people, is shaping right into a sizzling European vacation spot for the rich with Rome‘s well-known Via Veneto and Lake Como, the place three-bedroom flats can value as much as $5 million, anticipated to surge, per Knight Frank.
- Interest in London’s prosperous Chelsea neighborhood is rising amongst home and worldwide consumers, significantly Americans, Knight Frank reviews, however at a excessive value—two-bedroom flats simply prime $2 million and bigger household houses checklist for between $7 million and $13 million.
- Second-home homeowners are reportedly eyeing Mallorca, a Spanish island within the Mediterranean the place two-bedroom houses value greater than $2 million, and St-Martin-de-Belleville within the French Alps, the place consumers can rating a four-bedroom ski chalet for $1.8 million.
- So-called “lifestyle-led” consumers and households are eyeing the celebrated suburb of Dalefield exterior of Queenstown, New Zealand, the place $3 million buys a contemporary house and Geelong, a port metropolis in Victoria, Australia, is attracting traders to its $2 million houses near the bay.
- The residential space of Silberküste alongside the western shore of Lake Zurich in Switzerland—the place two-bedroom flats run about $1.9 million and prime waterfront villas begin at $25 million—is sizzling with home executives and enterprise homeowners, in addition to U.S., U.Ok. and northern European consumers relocating as Swiss residents, per Knight Frank.
Where Else The Super Rich Are Moving
Other key markets are additionally experiencing unprecedented change of their luxurious attraction, in line with Knight Frank, like Miami, Abu Dhabi, Mumbai and Brisbane, Australia. In the United Arab Emirates, Dubai has seen a super-prime actual property increase for years however Abu Dhabi has not too long ago emerged as a sizzling various for these nonetheless desirous to make the most of UAE’s financial alternative, however at a slower tempo. In India, Mumbai has seen a 38% rise in GDP within the final 5 years and with it has come a surge in new-build gross sales price $5 million or extra.
Australia has seen a 30% surge in its variety of millionaire-or-richer residents within the final 10 years, and Brisbane noticed fast progress in 2025 spurred by the upcoming 2032 Olympic Games and important authorities infrastructure funding. In the final 12 months, top-end condominium costs in Brisbane soared from $7 million to $11 million, Knight Frank reported, and prime actual property is exceeding $3,000 per sq. foot.
Where The Super Rich Are Fleeing
Tax regulation modifications have pushed a migration of rich residents. In the United States, a proposed billionaires tax in California has led founders like Mark Zuckerberg, Larry Page, Peter Thiel, Ken Griffin and Sergey Brin to depart the state in favor of Miami, the place they’ve all purchased houses costing between $18 and $170 million. In the United Kingdom, the abolishment of non-domicile tax standing (which beforehand allowed non-citizen residents to solely pay British taxes on the cash they earned within the nation) has pushed out billionaires like transport magnate John Fredriksen, Christian Angermayer and Nassef Sawiris, who owns Aston Villa. According to residency agency Henley & Partners, the U.Ok., China, India, South Korea, Russia and Brazil are dropping rich residents quicker than some other international locations for quite a lot of causes together with tax regulation, political instability, warfare and the seek for the next high quality of life.
What Else Are Rich People Buying?
The extremely rich are placing their further spending cash towards luxurious watches and ultra-collectable artworks—largely from impressionist, fashionable and post-war painters—and spending much less on uncommon whiskey, advantageous wine and up to date artwork, in line with Knight Frank’s report. Knight Frank’s Luxury Investment Index confirmed the collectables market stabilized in 2025 after two years of losses, and a revival of luxurious artwork gross sales was pushed largely by the sale of Gustav Klimt’s “Portrait of Elisabeth Lederer,” which was expected to promote for $150 million in line with Sotheby’s estimates however as an alternative fetched a staggering $236.3 million. While traders splurged on work by Klimt, Vincent Van Gogh, Claude Monet and Edvard Munch, they stopped spending on costly whiskey, advantageous wine and vintage automobiles. The Historic Automobile Group International (HAGI) Top 50 Index recorded a 3.7% decline in 2025 as the worldwide basic automobile market sank and the London International Vintners Exchange declined 2.5% final yr, down greater than 24.7% since 2022.
This article was initially revealed on forbes.com and all figures are in USD.
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