Forget Miami, these are the hot new destinations – Business News
Money talks — and strikes.
In 2025, 142,000 millionaires round the world are anticipated to relocate — the largest voluntary switch of non-public capital in trendy historical past — per Henley & Partners, a London-based consultancy that tracks world trends in high-net-worth relocation.
Scottsdale, AZ., unseated Austin, TX., as the fastest-growing millionaire hub in the US in 2025, in line with a Wealth Report carried out by Henley & Partners, a world chief in citizenship by investment. tim – stock.adobe.com
Traditional migration paths for the 1% have seen rich people fleeing high-tax areas like New York and California — which are shedding Americans making over $200,000 at the highest charges of any US states — for buzzy locales reminiscent of Miami, Monaco and Portugal.
But for the wealthy, a quantity of new destinations — each in the US and overseas — are gaining ground.
“[They’re] not just looking for safe bets in proven markets,” real estate appraiser Jonathan Miller advised NYNext. “They’re looking to live where they want to live.”
Here, 5 areas the place high-net value people are more and more flocking to.
Puerto Rico
Act 60, Puerto Rico’s marquee tax incentive program, presents important advantages to qualifying people and companies — together with a 4% company tax price and 0% federal capital positive factors — making it a main draw for high-net-worth relocators. othman – stock.adobe.com
The US territory is luring huge money with its Resident Tax Incentive Code, often known as Act 60.
Signed into law in 2019 and not too long ago prolonged via 2055, Act 60 presents a 4% company tax price 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 real estate specialist Christian Kleiner advised NY Next.
John Paulson, seen right here talking onstage during Angel Ball 2022, was one of the earliest island adopters. Getty Images for Gabrielle’s Angel Foundation
According to Kleiner, more than 3,500 members are at the moment taking benefit of Act 60.
Many are in 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 real estate market has surged accordingly.
Home values in Puerto Rico rose 11.6% year-over-year in Q1 2025 — outpacing each US state in annual price growth, in line with the Federal Housing Finance Agency.
One of Puerto Rico’s best-known transplants is Phil Shawe, co-CEO of TransPerfect, the world’s largest privately held language providers supplier.
Puerto Rico has confirmed extremely enticing to high internet value people, significantly from the East Coast. In addition to a plethora of tax incentives, sources advised NYNext that the favorable legal climate and the proven fact that they’ll stay beneath US federal law had been amongst the main causes they determined to maneuver. dbvirago – stock.adobe.com
Shawe relocated in 2018 after a bruising legal dispute in Delaware, which he says price a third of the company’s worth in legal charges.
Puerto Rico’s favorable legal climate — it’s nonetheless beneath US federal law — and a way of life shift prompted his transfer.
Shawe and far of his C-suite now dwell in Condado, simply quarter-hour from TransPerfect’s headquarters in Hato Rey, San Juan’s financial district.
“The infrastructure reminded me more of Florida than I expected,” Shawe advised NY Next.
Uruguay
Uruguay’s appeal lies in its uncommon mix of political stability, personal security and natural magnificence — with out the natural catastrophe dangers that plague different areas. ricardokuhl – stock.adobe.com
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 business 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 luxurious market is booming, with high-end developments in Punta del Este and Montevideo catering to worldwide patrons searching for beachfront dwelling, trendy facilities, and long-term worth. Courtesy of Engel & Volkers
Uruguay’s fertile soil, huge freshwater assets and per-hectare costs far under US and European norms make agricultural land a well-liked guess, too.
Uruguay presents a 10-year income tax vacation for overseas patrons who spend at the very least 60 days per 12 months in the nation and invest $500,000 or more in real estate. Or, you may invest $2.3 million and no time in the nation is required.
Uruguay’s fertile soil, considerable freshwater and comparatively low per-hectare costs have made farmland an more and more well-liked asset class for rich patrons seeking to diversify. Martin Germino/Wirestock – stock.adobe.com
Buying property, Silva famous, is comparatively frictionless — with transactions sometimes wrapping within 30 to 60 days.
These numerous benefits have drawn quite a few people in recent times, together with musicians Shakira and Ronnie Wood, in addition to Cipriani CEO Giuseppe Cipriani.
Oceanfront property in Uruguay stays remarkably undervalued in comparison with world luxurious markets — with prime beachfront properties usually promoting for a fraction of what comparable properties would command in Miami or Malibu. Michele – stock.adobe.com
Developers have been keen to fulfill demand.
Trump Tower Punta del Este, a 26-story luxurious tower that opened in 2024, has listed residences for upwards of $8 million.
Down the seaside, Cipriani Ocean Resort is advertising and marketing a penthouses for $17 million.
Luxury developments are booming in Uruguay, with high-end tasks like Trump Tower Punta del Este and Cipriani Ocean Resort (pictured above) drawing worldwide patrons with oceanfront penthouses priced up to $17 million. Cipriani Punta del Este/Facebook
Silva famous that the way of life is tough to beat.
“You have the city, the coast and the countryside all within 15 minutes,” he mentioned.
Florida — however not Miami
Wellington, recognized for its world-class equestrian scene, attracts ultra-wealthy patrons searching for privateness, land, and proximity to elite polo and using occasions. Robert Stevens, courtesy of Qasanova Luxury
The rationale for shifting to the Sunshine State hasn’t modified — zero state income tax, favorable climate and a business-friendly setting — however patrons are more and more trying past the normal suspects like Miami and Palm Beach.
“We’re seeing demand spread out a bit,” Jonathan Miller, CEO of real estate appraisal firm 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 Beach, made headlines in 2022 when Oracle co-founder Larry Ellison bought a $173 million property. The sale triggered a new wave of high-end patrons, together with hedge funders — Chris Rokos has a $150 million property — musicians and builders.
Larry Ellison, pictured right here at the Oracle Open World convention in San Francisco, owns a $173 million compound in Manalapan that set Florida’s real estate document in 2022. Getty Images
Neighboring Ellison’s compound, this $285 million mansion will span 54,570 sq. ft and embrace all the things from a car museum and capturing vary to a non-public bowling alley, golf simulator, and padel courtroom. Courtesy of Holland PR
In July 2025, developer Stewart Satter obtained approval to start construction on a $285 million spec mansion immediately adjoining to Ellison’s property. If offered at that price, it will develop into the most costly home in U.S. historical past.
Wellington, an equestrian group about 20 miles inland, doesn’t have ocean views, however the horsey set cares more about being close to the showgrounds.
Wellington’s 12-week winter show circuit, the longest-running in the world, has turned the city 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).
Georgina Bloomberg participates in the Suncast 1.50m Championship Jumper Classic at the Wellington Equestrian Center on February 23, 2013, in Wellington. Larry Marano
Matt Johnson, a luxurious broker with 26 years of expertise in the market, mentioned many of his patrons tour stables in the space earlier than taking a look at homes. He famous that the space has had 23 gross sales over $5 million in the previous 18 months alone.
“The luxury market is the equestrian market,” Johnson advised NYNext.
Scottsdale, Arizona
High-net-worth people, primarily these from California and Seattle, are flocking to Scottsdale for its land, way of life, low taxes and lack of natural disasters. Matt Gush – stock.adobe.com
In 2025, Scottsdale unseated Austin as the fastest-growing millionaire hub in 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 trends, a thriving tech sector and a flood of Californians — and a few Seattleites — in search of decrease taxes and peace of thoughts.
Unlike coastal opponents, Arizona has no earthquakes, no hurricanes, and — in comparison with Florida — more 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 broker, Kelly Jones, advised NYNext.
Arizona’s flat 2.5% income tax — one of the lowest in the nation — has develop into a main draw for rich people searching for financial effectivity and ease. BCFC – stock.adobe.com
From a financial and legal perspective, Arizona’s appeal begins with a flat 2.5% income tax — adopted in 2023, and nonetheless amongst the lowest in the nation — and ends with favorable estate-planning legal guidelines.
Moreover, pleasant business laws have streamlined all the things from company formation to trust structuring to legal investments.
High‑profile residents in Scottsdale and its surrounding suburbs reportedly embrace retired Phoenix Suns star Charles Barkley, retired race car driver Danica Patrick, actors Emma Stone and David Spade and GoDaddy founder Bob Parsons, who additionally owns the Scottsdale National Golf Club.
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 component of NYNext, an indispensable insider insight into the improvements, moonshots and political chess strikes that matter most to NYC’s energy gamers (and those that aspire to be).
Milan, Italy
Milan is Italy’s financial capital and one of the most cosmopolitan cities in Europe, offering worldwide colleges, luxurious buying and proximity to the Alps and lakes. Kavalenkava – stock.adobe.com
The metropolis is shortly remodeling from the wealthiest in Italy to at least one of the wealthiest in continental Europea, predominantly as a result of of Italy’s particular tax regime.
Introduced in 2017, it’s been dubbed the “CR7 rule” after footballer Cristiano Ronaldo. He was one of the first to take benefit of the coverage, which permits non-domiciled residents to pay a flat tax of no more than €200,000 (about $233,000) yearly on all foreign-generated income.
More not too long ago, the rule has attracted outstanding financiers like Elio Leoni-Sceti, founder of enterprise capital fund The Craftory; Bart Becht, former CEO of Reckitt Benckiser; Richard Gnodde, Goldman Sachs’ investment banking vice chair; and Nassef Sawiris, Egyptian investor scion and billionaire.
Milan has develop into Europe’s latest wealth magnet due to Italy’s “CR7 rule,” a 2017 tax coverage — named for footballer Cristiano Ronaldo — that lets non-domiciled residents pay a flat tax of no more than €200,000 yearly on all foreign-generated income. Getty Images
“Milan is a financial center with international schools and classy shopping precincts,” Dominic Lawrance — a accomplice at the London-based law firm Charles Russell Speechlys, which not too long ago 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 growth from 2014 to 2024 per Henley. Only 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 even have a title for this migration: “svuota Londra” or “empty London.”
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