Changes in the tax regime, increased geopolitical tension, and changes in the visa landscape have accelerated wealth migration, with Europe emerging as the preferred destination due to its political stability, lifestyle, and good governance, and Lisbon leading the way among preferred cities.

These findings are from the European Lifestyle Report, by Quintela + Penalva | Knight Frank, through its partner Knight Frank in London. The study shows how high-net-worth individuals consider moving to or within Europe, demonstrating a preference for cities over coastal areas.

Lisbon is the most popular city, followed by London, Madrid, Dublin, and Barcelona. Outside of major cities, Chamonix leads the rankings, with the Algarve ranking 4th.

Regarding generations, the report reveals that Generation Z/boomers are most attracted to Lisbon, while younger generations prefer London. In terms of nationalities, the Portuguese capital particularly attracts citizens of Brazil, the United Kingdom, and the United States. Brazilian, French, and American citizens lead the way in actual purchases.

The top priorities for those looking to relocate or already in the process of relocating are healthcare, international schools, and transportation, according to the European Lifestyle Report. The report also highlights business opportunities, financial stability, and tax incentives as the main motivations, followed by political, social, and personal stability, retirement lifestyle, and the quality of healthcare services.

In 2024, taxes were not as decisive a factor, ranking only third, behind security/privacy and employability.

Move towards urban areas

In contrast to during the Covid-19 pandemic, when resorts and alpine retreats led the way, there is currently a renewed trend toward urban living. The report also states that nearly half of respondents would most likely buy a house or townhouse, with this type of property being the preferred choice, followed by apartments and penthouses, and then rural properties.

"The wealthy have always had options, but they have never exercised them with such urgency and volume. We know that the global total of high-net-worth individuals relocating will exceed six figures this year. What we are witnessing is more than just a demographic shift. It reflects a fundamental reshaping of the global wealth landscape—driven by geopolitical frictions, a recalibration of tax regimes, and a new era of greater mobility," said Kate Everett-Allen, Knight Frank's European resident head of research, in a statement.

The findings of the European Lifestyle Report are the result of a survey conducted by the Knight Frank team of more than 700 High Net Worth Individuals (HNWI), meaning individuals with a net worth of more than one million dollars. The countries covered in this study were Portugal, the United Kingdom, the United States, Belgium, France, Germany, Italy, Ireland, the Netherlands, Spain, and Switzerland.

In total, more than 30 nationalities were surveyed, 56% were men, while millennials stood out as the largest generational group (45%), followed by Gen X (29%).