Cash talks — and strikes.
In 2025, 142,000 millionaires all over the world are anticipated to relocate — the biggest voluntary switch of personal capital in trendy historical past — per Henley & Companions, a London-based consultancy that tracks world tendencies 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 shedding People making over $200,000 on the highest charges of any US states — for buzzy locales similar to Miami, Monaco and Portugal.
However for the wealthy, plenty 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 informed NYNext. “They’re looking to live where they want to live.”
Right here, 5 places the place high-net price people are more and more flocking to.
Puerto Rico
The US territory is luring large cash with its Resident Tax Incentive Code, referred to as Act 60.
Signed into legislation in 2019 and not too long ago prolonged by 2055, Act 60 gives a 4% company tax price and 0% federal capital beneficial properties 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 informed NY Subsequent.
In accordance with Kleiner, greater than 3,500 individuals are at present making the most of 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 actual property market has surged accordingly.
Dwelling values in Puerto Rico rose 11.6% year-over-year in Q1 2025 — outpacing each US state in annual value development, in line with the Federal Housing Finance Company.
Considered one of 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 value 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 informed NY Subsequent.
Uruguay
Felipe Silva, a Punta del Este–based mostly advisor with Engel & Völkers informed NYNext that the South American nation is drawing rich people — notably 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 assets and per-hectare costs far beneath US and European norms make agricultural land a well-liked guess, too.
Uruguay gives a 10-year revenue tax vacation for overseas patrons who spend not less than 60 days per 12 months within the nation and make investments $500,000 or extra in actual property. Or, you possibly can make investments $2.3 million and no time within the nation is required.
Shopping for property, Silva famous, is comparatively frictionless — with transactions usually wrapping inside 30 to 60 days.
These numerous benefits have drawn quite a few folks in recent times, together with musicians Shakira and Ronnie Wooden, in addition to Cipriani CEO Giuseppe Cipriani.
Builders have been keen to satisfy 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 revenue tax, favorable climate and a business-friendly surroundings — however patrons are more and more wanting past the same old suspects like Miami and Palm Seaside.
“We’re seeing demand spread out a bit,” Jonathan Miller, CEO of actual property appraisal agency Miller Samuel, informed 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 patrons, 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 instantly adjoining to Ellison’s property. If bought at that value, it would change into the most costly dwelling 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 the 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 similar to Jessica Springsteen (daughter of Bruce) and Georgina Bloomberg (daughter of Michael).
Matt Johnson, a luxurious dealer with 26 years of expertise out there, mentioned lots of his patrons tour stables within the space earlier than homes. He famous that the world has had 23 gross sales over $5 million prior to now 18 months alone.
“The luxury market is the equestrian market,” Johnson informed NYNext.
Scottsdale, Arizona
In 2025, Scottsdale unseated Austin because the fastest-growing millionaire hub within the US, in line 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 tendencies, 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 rivals, Arizona has no earthquakes, no hurricanes, and — in comparison with Florida — extra forgiving winters. It additionally boasts one thing high-end patrons more and more crave: land.
“[They want] acreage, uninterrupted views, new builds, guest houses, pickleball courts, pools,” Scottsdale’s preeminent luxurious dealer, Kelly Jones, informed NYNext.
From a monetary and authorized perspective, Arizona’s enchantment begins with a flat 2.5% revenue 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 all the things 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 automobile 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 revenue.
Extra not too long ago, 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 associate on the London-based legislation agency Charles Russell Speechlys, which not too long ago opened an workplace in Milan — informed 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 larger 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 also have a identify for this migration: “svuota Londra” or “empty London.”
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