Not surprisingly, it has been recently noted in a new report by the human data agency Altrata that more ultra-high-net-worth individuals have chosen to make Monaco their home, by population density, than anywhere else, with one in every 39 homeowners being classed as a UHNWI.
UHNWI is an acronym used quite frequently in the region due in part to the lifestyle.
UHNWI is the term ultra-high-net-worth individual. It describes people with investible liquid assets of at least US$30 million (around €28.5 million), excluding personal assets, property, collectibles, and consumer durables.
Although used often to describe and promote a luxurious way of life, it is actually a strict definition that excludes most of the world, but there are a few enclaves where people in this category are highly prevalent and the Principality of Monaco is undoubtedly one of them.
The study, entitled ‘Residential Real Estate 2023: Spotlight on the World’s Leading Markets for the Wealthy’, took a “holistic view” of properties owned by these individuals, noting that many in this category own multiple homes and that the report is not focused solely on primary residences.
This study also showed that the top three main residence cities for this group are Hong Kong, New York, and London. With New York, London, and Miami being the top choices for UHNWIs to buy second homes.
“As we emerge from years riddled with uncertainty around a historic pandemic, social unrest, political discourse, and natural disasters, regardless of your age or demographic, luxury has made a monumental shift in the minds of the global population,” said Julie Faupel, Founder and CEO of REALM, which sponsored the report. “We are excited to partner with Altrata for a second time to examine how this shift is influencing how and where the world’s wealthiest individuals choose to reside.”
Analysis used in creating this report was done with Altrata’s Wealth-X Database, the biggest collection of focused research and intelligence on the world’s wealthy, as well as with their recently updated Wealth and Investible Assets Model, which launched this past December.
One thing you notice as a local in Monaco is there tend to be three primary camps. Those who flaunt their wealth, those who don’t, and those that are trying to achieve it.