For many of America’s most affluent people, having a second or third home is the norm. And according to a new report, they prefer properties in beachfront areas like Boca Raton or near the Rocky Mountains.
Henley and Partner’s 2023 wealth report ranked the top 10 U.S. towns where centi-millionaires — those with a wealth of $100 million or more — own second homes.
Data collected by New World Wealth, a global intelligence firm, showed the number of centi-millionaires living in these towns fluctuating depending on the time of year.
In December 2022, the peak holiday season, the number of centi-millionaires increased exponentially, which suggests more vacation homeowners in these areas.
Top 10 U.S. towns where millionaires are buying second homes
- Miami, Florida
- The Hamptons, New York
- West Palm Beach, Florida
- Napa, California
- Aspen, Colorado
- Santa Barbara and Montecito, California
- San Diego, California
- Jackson Hole, Wyoming
- Carmel-by-the-Sea, California
- Boca Raton, Florida
Miami, Florida, which includes the city and the island of Miami Beach came in the number one spot on the list. The Henley and Partner’s report stated that during December 2022, there were over 800 centi-millionaires with homes in the Florida city.
Miami has also seen a millionaire growth rate of 75% from 2012 to 2022. According to the report, in December 2022, the city was home to 38,000 millionaires, 160 centi-millionaires, and 12 billionaires.
The second town on the list is The Hamptons, New York. Henley and Partner’s report stated that the famous playground for the rich and famous had 700+ centi-millionaire residents during the peak holiday season versus 25 permanent residents.
The Hamptons ranked second as a hotspot for America’s most affluent to have a second home.
Source: Envato Elements