Planning where you’re going to move when your business goes public, or just planning what to do when you win the lottery and have millions to spare? The globeandmail.com recently published an article about where the elite are buying homes. And you and I both know you’re going to be one of the elite, so let’s start planning.
You could have probably predicted this one: New York City. Winston Chesterfield, director of custom research at Wealth-X, says that NYC has the highest concentrations of billionaires in the world. While, New York has always been towards the top of this list, there are quite a few cities that are quickly climbing the ranks, and San Francisco is a notable one. Chesterfield says San Francisco is on the path to overtake London soon. This growth is largely credited to the tech industry.
Similar to San Francisco tech growth is having a positive impact on Dallas-Forth Worth. The area provides a high-end, unsaturated market for young professionals. But if the Caribbean is more your idea of a home away from home, we have something on our list for you as well.
Canadians, in particular, are heading to the Bahamas. The short flight and same time zone is making it an appealing location for Canada’s wealthy, says Jerry Hammond, president of Hammond International Properties.
If you’re hoping to get ahead of the game, Lisbon, Portugal is a good bet. It often goes unnoticed and offers inexpensive property. And don’t worry about the visa--foreign buyers can gain EU residency through the country’s Golden visa program. According to the Globe and mail “ Foreigners buying property worth at least 500,000 euros can live and work in the country and, perhaps more importantly, travel freely through the Schengen zone (26 European countries) without a visa.”
The worth of the people buying in these locations usually begins at about $5-million. So let’s hope that lottery win happens sooner rather than later.