Where the Ultrawealthy Are Buying Second Homes in 2025 — And Why Miami Tops the List

For ultra-high-net-worth (UHNW) individuals—those with $30 million or more in net worth—the traditional playgrounds of Monaco, St. Tropez, or London are no longer the only destinations for second homes. A growing number of wealthy buyers are turning to cities that offer a unique combination of lifestyle appeal, favorable tax policies, and investment potential. According to the businessinsider.com, Miami has emerged as the top U.S. city for second-home purchases in 2025.

Miami Leads U.S. Cities for Second Homes

Ultrawealthy buyers are increasingly choosing Miami for its tax benefits, vibrant lifestyle, and sunny climate. The city now ranks ahead of New York, Los Angeles, and San Francisco in terms of UHNW second-home ownership. Here’s a snapshot of the top 10 U.S. cities where the ultrawealthy are investing in additional residences:

• Miami: 13,211
  
• New York: 12,813
  
• Los Angeles: 8,640
  
• San Francisco: 6,477
  
• Naples, Florida: 4,213
  
• Boston: 3,167
  
• San Jose: 2,824
  
• Greenwich, Connecticut: 2,732
  
• Washington, D.C.: 2,699
  
• Chicago: 2,295
  

Cities like Naples, Florida, demonstrate how concentrated second-home ownership can be, with nearly all luxury properties held as secondary residences.

International Hot Spots for the Ultrawealthy

Globally, London still dominates as the premier city for second homes, closely followed by Beijing, Hong Kong, Singapore, and Dubai. Other emerging destinations, including Lisbon and Dubai, are attracting wealthy buyers with cosmopolitan culture, residency incentives, and relative affordability. Lisbon, for instance, drew interest from American buyers before its real estate-backed Golden Visa program ended in October 2023.

Other European cities, such as Geneva and Zurich, are climbing the ranks due to political stability, privacy, and access to world-class education and outdoor recreation. These locations are appealing not just for lifestyle, but also as safe, long-term investment assets.

The New Definition of Luxury Real Estate

For today’s UHNW buyers, luxury is no longer about square footage or extravagant finishes. Instead, it’s about freedom, flexibility, and strategic value. Second homes serve multiple purposes:

• Lifestyle enjoyment — a place for leisure and family time
  
• Wealth diversification — real estate as a secure asset
  
• Geopolitical mobility — legal footholds in multiple countries
  
• Long-term planning — intergenerational wealth and legacy
  

Cities that provide legal certainty, financial infrastructure, and global connectivity—such as Miami, London, Geneva, and Singapore—are increasingly preferred by buyers who live and operate across multiple continents.

Why This Matters for Real Estate Buyers and Sellers

Understanding where the ultrawealthy are investing helps local markets anticipate demand and price trends. Alex Algarin and the Algarin Group monitor these shifts to provide insights for buyers, sellers, and investors in both luxury and lifestyle-driven real estate markets. Whether you’re considering a primary residence, a vacation property, or a strategic investment, staying informed on global trends is key.

Curious about Miami’s luxury real estate market or planning your next high-value investment? Contact Alex Algarin today to explore curated opportunities tailored to your goals.

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source: businessinsider.com