More Dubai millionaires with 2nd homes than Paris

Dubai ranks among the Top 5 cities in the world in terms of hotspots that can boast of the maximum number of ultra-rich with second homes or holiday homes.

With 8,200 such multi-millionaires, Dubai is ranked at No 5 in the world, ahead of much more established markets like Paris, Zurich, Geneva and Los Angeles. This has been revealed in a New World Wealth report titled 'The Multi-Millionaire Phenomenon: Second Home Hotspots'.

London tops the list with 22,300 multi-millionaires with second homes in the city. This is in addition to the 9,700 resident multi-millionaires living there.

“This means that during peak holiday months, London can be home to up to 32,000 multi-millionaires in total,” says the study.

Second on the list is New York City with 17,400 multi-millionaires with second homes, followed by Asian cities of Hong Kong (14,800 well-heeled ones at number 3) and Singapore (with 11,200 rich at number 4 spot).

Dubai is followed by The Hamptons, Paris, Zurich, Geneva and Rio, rounding up the Top 10.

On the real estate front, the most expensive city for prime properties is Monaco ($50,400 per square metre), London ($42,000) and Hong Kong ($36,000).

Interestingly, most of London’s second home numbers come from nationals of China, India, Russia and the Middle East. New York buyers are mainly from the rest of the US and a large number of buyers also come from the UK, Europe, China, Russia, Brazil and India.

But this diversity of buyers cannot be seen in Hong Kong as they mainly come from mainland China. Singapore buyers too come from countries that are close by, like China and Indonesia as well as India, Malaysia, the Philippines and Vietnam.

Dubai buyers mainly come from the Middle East region as well as the Indian subcontinent as it’s considered a safe haven of investment.

The study treats an individual as a millionaire with net assets of $1 million (Dh3.67 million) or more, whilst a multi-millionaire is a person with net assets of at least $10 million (Dh36.7 million).

There are currently just over 13 million US dollar millionaires in the world (as of June 2014) and approximately 495,000 of these individuals can be classified as multi-millionaires.
 

Second home hotspots for multi-millionaires, 2014

Rank City

No. of multi-millionaires with

second homes

1 London 22,300
2 New York City 17,400
3 Hong Kong 14,800
4 Singapore 11,200
5 Dubai 8,200
6 The Hamptons 7,800
7 Paris 6,400
8 Zurich 6,200
9 Geneva 5,600
10 Rio 4,400
11 Miami 4,000
12 Los Angeles* 3,700
13 Palm Beach 3,400
14 Monaco 3,000
15 Rome 2,800
16 Sydney 2,500
17 Cape Town 2,100

 

 

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