Sun-seeking multimillionaires are snapping up second homes in Tel Aviv, according to a new report from market research group New World Wealth.
The beachside city in Israel isn’t the only hotspot attracting more wealthy sun worshippers. Miami; Palm Beach, Florida; Dubai and Sydney also saw a significant jump in their cohort of second-home owners worth upward of US$10 million, according to the report published last week.
Both Tel Aviv and Sydney saw a 30% increase between 2015 and 2016, according to New World Wealth, which is based in Johannesburg, South Africa. The Mediterranean metropolis gained 600 more multimillionaires in 2016, up from only 2,000 the year prior. Meanwhile, there were 3,500 multimillionaire second-home owners in Sydney last year, compared to 2,700 in 2015.
In total, New World Wealth, which rounds figures to the nearest hundred, estimates that there are 522,000 people worth US$10 million or more spread across the globe. The vast majority of those individuals, some 87%, own more than just a primary residence, the group said in its news release.
The common denominator among growing second-home destinations appears to be their coastal, beachside lifestyle. Miami saw a 22% increase in multimillionaire second-home owners, while Palm Beach and Nice, France, both saw a 6% bump.
In Dubai, meanwhile, 200 more multi-millionaires bought second homes last year.
The rise of beach cities might sound like a no-brainer, but it’s coming at the expense of some classic second-home destinations that are seeing a decline in their pied-a-tierre population.
— Mansion Global (@MansionGlobal) June 12, 2017
For instance, London, awash in political, currency and tax changes over the past year, saw a 9% decrease in its second-home owners worth US$10 million-plus. Yet the British capital still has the greatest number of wealthy homeowners in the world, with a rounded total of 19,500—beating out New York City, which has 18,400.
And in contrast to Nice, Paris had the worst drop-off of any city in the world, with a 24% decline from 6,300 individuals in 2015 to just 4,800 last year.
Other cities that said au revoir to their monied part-time residents included Rio de Janeiro, which saw a 16% decline, and Rome, which dropped 8%.
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