Europe Emerges as Top Destination in Global Wealth Migration
Europe is cementing its status as the preferred destination for global high-net-worth individuals as shifting tax regimes, geopolitical tensions and changing visa programs accelerate wealth migration, according to Knight Frank's latest European Lifestyle Report.
The survey of wealthy households across multiple regions shows that political stability, quality of life and good governance are driving more investors, entrepreneurs and families toward European cities, with Spain, Portugal, Ireland and Greece standing out as the continent's strongest growth markets.
Urban Revival
After years of pandemic-fueled demand for resorts and alpine retreats, major cities are back in vogue. Nearly half of relocators now favor urban living, with Madrid, Lisbon and Milan benefiting from rising demand. Privacy, cultural vibrancy and convenience were cited as leading draws. Coastal areas ranked second.
"Buyers aren't just chasing a postcard view or a famous postcode - they're weighing climate realities, new regulations, lifestyle priorities and global mobility," said Mark Harvey, Head of International Residential at Knight Frank. "Prestige still matters, but it's no longer the only currency."
Taxes, Visas and Mobility
Tax rules are increasingly central to relocation decisions, with 59% of respondents citing them as decisive factors--up from third place last year. Income and property taxes topped the list, followed by capital gains and wealth levies. The appeal is especially strong among UK residents and millennials.
Visa programs are also reshaping mobility: half of respondents said they plan to apply for a European visa within five years, with the "Golden Visa" proving most attractive. Millennials expressed the strongest appetite for these schemes.
Lifestyle patterns are shifting as well. More wealthy households are renting before buying, making mid-life relocations tied to education or lifestyle, and leaning into remote work. Sixty-three percent of HNWIs said they work remotely, with US, UK and Belgian respondents reporting the highest levels. Digital infrastructure is now a deal-breaker: 71% said access to superfast broadband would influence location choice.
Macro Tailwinds
Europe's macroeconomic backdrop has bolstered its allure. Inflation has cooled sharply, supporting household incomes, while the European Central Bank has implemented eight interest rate cuts, reducing debt costs relative to the US and UK. Spain, Portugal, Ireland and Greece lead the continent in GDP growth forecasts, while Iberia also outpaces in property price gains and transaction volumes.
"The wealthy always had options - but never have they exercised them with such urgency and volume," said Kate Everett-Allen, Knight Frank's Head of European Residential Research. "What we're seeing is not just a demographic shift but a fundamental reshaping of the global wealth landscape."
