Record-High 128,000 Millionaires Set to Relocate in 2024, Monaco a Preferred Destination

A record 128,000 millionaires are anticipated to relocate globally in 2024, reflecting a 6.6 percent increase from the previous year, with factors such as tax policy modifications, superior market conditions, and aspirations for higher living standards fueling this movement. According to a report by Henley & Partners, this marks a notable uptick from the 2023 record of 120,000 relocations, with Europe increasingly becoming the favored region. The continent's appeal is significantly enhanced by its cultural wealth, high-quality life, robust healthcare systems, global connectivity, political stability, mature property markets, and exemplary educational facilities.

Monaco, renowned for its luxurious lifestyle, favorable tax policies, and high-end amenities, has emerged as the second most desirable relocation destination for high-net-worth individuals (HNWIs), just behind Verbier, Switzerland, as per Knight Frank’s European Lifestyle Report. The report, which surveyed over 700 HNWIs, notes that Monaco is particularly popular among generations including GenX, Post-War millionaires, and younger demographics such as GenZ and Millennials. The principality's allure is augmented by its diverse lifestyle offerings ranging from upscale urban living to tranquil seaside retreats.

Supporting data from Oxford Economics and the European Commission highlight Monaco’s top-ranking attributes, which include exceptional quality of life, environmental standards, and human capital. Additionally, the Principality secures high scores in infrastructure and mobility, ranking second, and third in economic strength. This comprehensive suite of advantages not only cements Monaco’s position as a top-tier destination for affluent movers but also enhances its reputation as a global hub for luxury, stability, and rich cultural experiences.