Lifestyle is becoming a defining factor in where (U)HNW individuals choose to live, with London ranking as the world’s top city for retail, dining, hospitality and cultural experiences, according to a new report from Savills.
The Spotlight on Wealth Trends study, released today, found that quality of life increasingly shapes global wealth migration, and that London remains a draw for the wealthy despite recent concerns over tax reforms in the Autumn Budget.
Findings place a clear emphasis ‘on lifestyle rather than quick returns,’ said Savills World Research associate director, Kelcie Sellers. ‘Location remains critical. It is a lifestyle shift comparable to the expansion of air travel in the 1960s and 1970s, but driven today by the digital world rather than affordability,’ she added.
The report includes the Savills HNW Individuals Hotspot Index, which analyses the top destinations for the world’s wealthy based on five key pillars: business environment, family environment, legacy, lifestyle, and privacy and security.
Related
Across the 100 destinations included in the ranking, London obtained the highest ‘index score’ for lifestyle at 7.02 (compared to 6.26 for Tokyo, 6.10 for New York and 4.72 for Dubai), ‘for its depth of offering across shopping, dining, hospitality, members’ clubs and quality of life,’ the report says – which ranks it tenth across all categories in the list.
[See also: How Budget 2025 could affect your wealth: what the UK’s top advisers are saying]
The focus on London as the top destination for HNW lifestyle comes as the UK prepares for tax reforms expected to be announced in the 26 November Budget, with experts warning that changes to LLPs, inheritance tax, income tax and capital gains tax could have significant financial and personal consequences for HNW Britons.
The rise of lifestyle-driven destinations
This shift towards lifestyle as a priority is also driving a broader reordering of wealth hotspots. According to the report, coastal and ski destinations are evolving from seasonal retreats into permanent residences, thanks to a strong quality of life, family-friendly amenities, improved connectivity and attractive residency schemes.
Content from our partners
Aspen, Monaco, and Miami, for example, all rank among the top ten hotspots for HNWs globally, competing with major cities and established wealth hubs.
[See also: Miami is here to stay, says Douglas Elliman boss]
The report also shows that wealth is increasingly spreading beyond the city, as countryside and ski destinations such as Tuscany (ranked 22nd), Zermatt (15th) and Jackson (28th) are being embraced as permanent homes, reflecting ‘a growing preference for year-round leisure, wellness and connectivity,’ the report says.
When taking all the factors into account, Dubai, New York City, Singapore, Hong Kong and Abu Dhabi remain the top destinations for HNW individuals, the Savills report found.
Still, even within these established hubs, lifestyle factors remain important. Dubai, for example, leads in international school provision, with 168 listed in the Savills report, followed by Madrid, Hong Kong, Mumbai, and Abu Dhabi, each with more than 70 schools.
‘The new map of wealth is more fluid, decentralised and globally distributed than ever before,’ Sellers said.
‘In this new era, the next hotspot may be less about legacy and more about agility, vision and the ability to attract the globally mobile.’
