Cash talks — and strikes.
In 2025, 142,000 millionaires world wide are anticipated to relocate — the biggest voluntary switch of personal capital in trendy historical past — per Henley & Companions, a London-based consultancy that tracks international developments in high-net-worth relocation.
Conventional migration paths for the 1% have seen rich people fleeing high-tax areas like New York and California — that are dropping Individuals making over $200,000 on the highest charges of any US states — for buzzy locales reminiscent of Miami, Monaco and Portugal.
However for the wealthy, a lot of new locations — each within the US and overseas — are gaining floor.
“[They’re] not just looking for safe bets in proven markets,” actual property appraiser Jonathan Miller advised NYNext. “They’re looking to live where they want to live.”
Right here, 5 areas the place high-net value people are more and more flocking to.
Puerto Rico
The US territory is luring massive cash with its Resident Tax Incentive Code, often known as Act 60.
Signed into legislation in 2019 and lately prolonged by way of 2055, Act 60 provides a 4% company tax charge and 0% federal capital positive factors to those that spend 183 days per 12 months on the island.
“Ninety-nine percent of my clients are coming here for the tax advantages,” San Juan luxurious actual property specialist Christian Kleiner advised NY Subsequent.
In accordance with Kleiner, greater than 3,500 individuals are at present benefiting from Act 60.
Many are within the finance, crypto and tech worlds, together with early island adopters John Paulson, supervisor of the hedge fund Paulson & Co., and Michael Terpin, a digital asset investor.
The true property market has surged accordingly.
House values in Puerto Rico rose 11.6% year-over-year in Q1 2025 — outpacing each US state in annual worth development, in keeping with the Federal Housing Finance Company.
One among Puerto Rico’s best-known transplants is Phil Shawe, co-CEO of TransPerfect, the world’s largest privately held language providers supplier.
Shawe relocated in 2018 after a bruising authorized dispute in Delaware, which he says price a 3rd of the corporate’s worth in authorized charges.
Puerto Rico’s favorable authorized local weather — it’s nonetheless below US federal legislation — and a way of life shift prompted his transfer.
Shawe and far of his C-suite now reside in Condado, simply quarter-hour from TransPerfect’s headquarters in Hato Rey, San Juan’s monetary district.
“The infrastructure reminded me more of Florida than I expected,” Shawe advised NY Subsequent.
Uruguay
Felipe Silva, a Punta del Este–based mostly advisor with Engel & Völkers advised NYNext that the South American nation is drawing rich people — significantly these from California and New York — with its enterprise alternatives and security.
“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 mentioned. “They’re looking for a place to escape, but at the same time, to invest.”
Uruguay’s fertile soil, huge freshwater sources and per-hectare costs far beneath US and European norms make agricultural land a well-liked guess, too.
Uruguay provides a 10-year earnings tax vacation for overseas consumers who spend at the very least 60 days per 12 months within the nation and make investments $500,000 or extra in actual property. Or, you’ll be able to make investments $2.3 million and no time within the nation is required.
Shopping for property, Silva famous, is comparatively frictionless — with transactions sometimes wrapping inside 30 to 60 days.
These numerous benefits have drawn quite a few individuals in recent times, together with musicians Shakira and Ronnie Wooden, in addition to Cipriani CEO Giuseppe Cipriani.
Builders have been keen to fulfill demand.
Trump Tower Punta del Este, a 26-story luxurious tower that opened in 2024, has listed flats for upwards of $8 million.
Down the seashore, Cipriani Ocean Resort is advertising a penthouses for $17 million.
Silva famous that the life-style is difficult to beat.
“You have the city, the coast and the countryside all within 15 minutes,” he mentioned.
Florida — however not Miami
The rationale for shifting to the Sunshine State hasn’t modified — zero state earnings tax, favorable climate and a business-friendly atmosphere — however consumers are more and more trying past the standard suspects like Miami and Palm Seaside.
“We’re seeing demand spread out a bit,” Jonathan Miller, CEO of actual property appraisal agency Miller Samuel, advised NYNext. “We’re now seeing significant [multi-million dollar] transactions in Manalapan and Wellington.”
Manalapan, a city of fewer than 500 residents simply south of Palm Seaside, made headlines in 2022 when Oracle co-founder Larry Ellison bought a $173 million property. The sale triggered a brand new wave of high-end consumers, together with hedge funders — Chris Rokos has a $150 million property — musicians and builders.
In July 2025, developer Stewart Satter obtained approval to start development on a $285 million spec mansion immediately adjoining to Ellison’s property. If offered at that worth, it’ll grow to be the costliest house in U.S. historical past.
Wellington, an equestrian group about 20 miles inland, doesn’t have ocean views, however the horsey set cares extra about being close to the showgrounds.
Wellington’s 12-week winter present circuit, the longest-running on this planet, has turned the city right into a seasonal hub for the super-rich, drawing Olympic riders, star polo gamers like Nacho Figueras and horsewoman-heiress reminiscent of Jessica Springsteen (daughter of Bruce) and Georgina Bloomberg (daughter of Michael).
Matt Johnson, a luxurious dealer with 26 years of expertise available in the market, mentioned lots of his consumers tour stables within the space earlier than taking a look at homes. He famous that the realm has had 23 gross sales over $5 million up to now 18 months alone.
“The luxury market is the equestrian market,” Johnson advised NYNext.
Scottsdale, Arizona
In 2025, Scottsdale unseated Austin because the fastest-growing millionaire hub within the US, in keeping with a Wealth Report carried out by Henley.
The Phoenix suburb noticed a 125% surge in millionaire residents from 2014 to 2024, fueled by distant work developments, a thriving tech sector and a flood of Californians — and a few Seattleites — in the hunt for decrease taxes and peace of thoughts.
In contrast to coastal opponents, Arizona has no earthquakes, no hurricanes, and — in comparison with Florida — extra forgiving winters. It additionally boasts one thing high-end consumers more and more crave: land.
“[They want] acreage, uninterrupted views, new builds, guest houses, pickleball courts, pools,” Scottsdale’s preeminent luxurious dealer, Kelly Jones, advised NYNext.
From a monetary and authorized perspective, Arizona’s attraction begins with a flat 2.5% earnings tax — adopted in 2023, and nonetheless among the many lowest within the nation — and ends with favorable estate-planning legal guidelines.
Furthermore, pleasant enterprise rules have streamlined the whole lot from company formation to belief structuring to authorized investments.
Excessive‑profile residents in Scottsdale and its surrounding suburbs reportedly embody retired Phoenix Suns star Charles Barkley, retired race automotive driver Danica Patrick, actors Emma Stone and David Spade and GoDaddy founder Bob Parsons, who additionally owns the Scottsdale Nationwide Golf Membership.
All collectively, Scottsdale now hosts about 14,800 millionaires, 64 centi‑millionaires and 5 billionaires, per Henley.
“We continue to surprise ourselves,” Jones mentioned.
This story is a part of NYNext, an indispensable insider perception into the improvements, moonshots and political chess strikes that matter most to NYC’s energy gamers (and people who aspire to be).
Milan, Italy
Town is shortly reworking from the wealthiest in Italy to one of many wealthiest in continental Europea, predominantly due to Italy’s particular tax regime.
Launched in 2017, it’s been dubbed the “CR7 rule” after footballer Cristiano Ronaldo. He was one of many first to make the most of the coverage, which permits non-domiciled residents to pay a flat tax of not more than €200,000 (about $233,000) yearly on all foreign-generated earnings.
Extra lately, the rule has attracted distinguished financiers like Elio Leoni-Sceti, founding father of enterprise capital fund The Craftory; Bart Becht, former CEO of Reckitt Benckiser; Richard Gnodde, Goldman Sachs’ funding banking vice chair; and Nassef Sawiris, Egyptian investor scion and billionaire.
“Milan is a financial center with international schools and classy shopping precincts,” Dominic Lawrance — a accomplice on the London-based legislation agency Charles Russell Speechlys, which lately opened an workplace in Milan — advised NYNext. “The city is, by Italian standards, highly cosmopolitan.”
Many making the transfer hail from London — which skilled a 12% decline in millionaire development from 2014 to 2024 per Henley. Solely Moscow noticed a better 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 mentioned.
The Milanese actually have a identify for this migration: “svuota Londra” or “empty London.”
Ship NYNext a tip:[email protected]
