European Lifestyle Report: European relocation survey
Our survey encompasses the perspectives of over 700 high-net-worth individuals from across 11 different countries.
3 minutes to read
Representing 28 nationalities, the findings, where possible, are segmented by gender and generation, offering a unique glimpse into the motivations, preferences, and attitudes of the global wealthy towards Europe’s top cities and resort destinations.
A full description with a breakdown of the respondents including definitions of each generation can be found on page 7 of the report.
Motivations
Security and taxation are more critical for HNWIs than visa concerns when relocating. With rising geopolitical volatility and privacy challenges in the digital age, this focus is unsurprising. Security and privacy are the top priorities, followed by employment and tax benefits.
Gender differences were minimal, but generational variations were noted. Tax is particularly important for Generation X, Boomers II, and Post-War generations, especially those nearing retirement. Millennials and Gen Z prioritise employment and education more highly. Factors like climate, leisure, and visas rank lower overall.
Taxes
Despite the headlines, wealth taxes are less concerning for high-net-worth individuals (HNWIs) than portrayed, perhaps because only a few European countries impose them. Spain, Norway and Switzerland have a net wealth tax whilst France, Italy and Belgium have a wealth tax on selected assets only.
Property taxes are a bigger concern for HNWIs, though Europe’s costs for purchase, ownership, and sale are relatively favourable (see Databank on page 14). There are gender and generational differences in tax concerns: women prioritise inheritance tax, while men focus on income tax. Boomers are less worried about inheritance tax compared to Gen Z.
Passports & visas
According to Knight Frank’s Wealth Report 2024, 19% of ultra-high-net- worth individuals are planning to apply for a second passport or obtain new citizenship in 2024.
According to our European Relocation Survey, digital nomad Digital Nomad visas are the most popular route (36%) although usually temporary visas in countries like Portugal can be a route to residency.
Data from the UK Office of National Statistics underlines the surge in multiple passports. In 2021, a total of 1.26 million usual residents of England and Wales held multiple passports, up from 612,000 in 2011.
Location type
The chart reveals that 83% of HNWIs prefer a city location as their permanent base, highlighting the appeal of urban areas for their economic opportunities, cultural amenities, and infrastructure.
Meanwhile, 17% of respondents favour resorts or rural locations, indicating an ongoing interest in the peace, natural beauty, and slower pace of life that these environments offer, a trend we saw strengthen during the pandemic.
Target markets
The chart reveals the most desirable European cities and resorts for HNWIs considering relocation. Paris tops the list of cities, followed by Berlin, Barcelona, Vienna, and Madrid, each offering unique cultural, economic, and lifestyle benefits that appeal to affluent movers. Among resorts, Verbier in Switzerland is the leading choice, known for its luxury alpine living. Monaco, with its glamorous Mediterranean lifestyle, is also highly favoured, along with the picturesque South of France, the ski haven of Chamonix, and Marbella, renowned for its sunny climate and high-end amenities. Each location offers a distinctive appeal for potential residents.
About the survey
The Knight Frank European Relocation Survey was conducted between July 12 and 15, 2024. The survey gathered responses from 750 high-net-worth individuals across 11 countries and territories: the UK, US, Germany, France, Spain, Italy, Portugal, Switzerland, Sweden, China, and India. These individuals represent over 28 nationalities with residencies spanning 22 markets. Of the respondents, 56% were male, with millennials making up the largest generational group.
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