Lisbon named the most popular city in Europe among high-net-worth individuals

Changes to tax regimes, growing geopolitical tensions and evolving visa landscapes have accelerated the migration of wealth, with Europe emerging as the preferred destination thanks to its political stability, lifestyle and good governance — with Lisbon leading the list of most sought-after cities.

These findings come from the European Lifestyle Report by Quintela + Penalva | Knight Frank, in partnership with Knight Frank London. The study highlights how high-net-worth individuals are considering relocating to Europe or within Europe, showing a clear preference for cities over coastal areas.

Lisbon is the most popular city, followed by London, Madrid, Dublin and Barcelona. Outside major cities, Chamonix tops the ranking, with the Algarve in fourth place.

When it comes to generations, the report reveals that Gen Z/Boomers are the most drawn to Lisbon, while younger generations favour London. In terms of nationalities, the Portuguese capital is particularly attractive to citizens from Brazil, the United Kingdom and the United States. Brazilians, French and Americans currently lead actual property purchases.

The main priorities for those planning to relocate or already in the process are healthcare, international schools and transport networks, according to the European Lifestyle Report. The key motivations cited include business opportunities, financial stability and tax incentives, followed by political, social and personal stability, quality of healthcare and lifestyle in retirement.

In 2024, taxation was not as decisive a factor, ranking only third behind security/privacy and employment opportunities.

Houses gaining ground over apartments

In contrast to the Covid-19 pandemic period, when resorts and Alpine retreats were most in demand, there is now a clear shift back towards urban living. The report also notes that nearly half of respondents would be more likely to purchase a house, making it the preferred property type, followed by apartments, penthouses and, lastly, rural properties.

“The wealthy have always had options, but they’ve never exercised them with such urgency and at such scale. We know the global number of high-net-worth individuals relocating to other countries will exceed six figures this year. What we are witnessing is more than just a demographic shift — it reflects a fundamental reshaping of the global wealth landscape, driven by geopolitical tensions, recalibrated tax regimes and a new era of enhanced mobility,” said Kate Everett-Allen, Head of Europe Residential Research at Knight Frank.

The findings of the European Lifestyle Report are based on a survey conducted by Knight Frank with over 700 high-net-worth individuals (HNWIs), each with a net worth exceeding one million US dollars. The study focused on Portugal, the United Kingdom, the United States, Belgium, France, Germany, Italy, Ireland, the Netherlands, Spain and Switzerland.

In total, the survey covered more than 30 nationalities. Men represented 56% of respondents, with millennials forming the largest generational group (45%), followed by Gen X (29%).