European Lifestyle Report

Key findings include in the report :

• Security and privacy are prioritised over tax benefits by high-net-worth individuals (HNWIs), driven by geopolitical concerns.
• Wealth is rising and increasingly globally mobile with 19% of ultra-high-net worth individuals (UHNWIs) planning to apply for a second passport or new citizenship in 2024
• Older HNWIs focus on tax benefits, while millennials and Gen Z prioritise employment and education opportunities
• 83% of HNWIs looking to relocate favour city living for economic and cultural opportunities, but 17% still prefer rural or resort locations
• London and Vienna excel as top relocation cities; Lake Geneva and Monaco lead among European resort destinations.

“The convergence of major global elections, policy shifts, geopolitical tensions and rising public deficits – intensified by the pandemic – is prompting high-net-worth individuals to reassess where they can best achieve an ideal lifestyle and safeguard their assets,” said Kate Everett-Allen, Head of European Residential Research at Knight Frank. “Europe stands out in their evaluations, offering transparent property markets, top-tier education, accessibility, excellent healthcare and a high level of security and stability.”