10 favorite places to buy a second home for America’s richest

[February 26, 2023](Comprehensive report by Epoch Times reporter Li Yan) For many wealthy Americans, owning a second or even a third home is the norm. According to a new report, they prefer to buy more than the basics in beachside areas like Boca Raton or near the Rocky Mountains, where they can live for a few days during the holidays.

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Henley & Partners, the world’s leading investment residence and citizenship organization, and New World Wealth, a wealth intelligence company, jointly released the 2023 “USA Wealth Report”, which provides a comprehensive overview of the private wealth sector in the United States, including Findings on issues such as trends in high-net-worth individuals, urban wealth trends, private wealth migration, and investment migration.

The report also looked at second home hotspots for America’s wealthiest people and identified the ten U.S. towns most popular with billionaires (those with wealth of $100 million or more) buying second homes.

Data collected by global intelligence firm New World Wealth shows that the number of billionaires living in these towns is not constant throughout the year, but fluctuates regularly with the seasons.

By December 2022, the cutoff time for the report, the peak holiday season, the number of billionaires living in towns and cities on the list has doubled, suggesting that wealthy people are more willing to buy vacation homes in these areas.

According to the latest rankings, the top ten hottest second homes for the wealthiest people in the United States are as follows:

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Florida: Miami

New York: Hamptons

Florida: West Palm Beach

California: Napa

Colorado: Aspen

California: Santa Barbara and Montecito

California: San Diego

Wyoming: Jackson Hole

California: Carmel-by-the-Sea

Florida: Boca Raton

Miami, Florida, which includes the city of Miami and Miami Beach Island, tops the list. The Henley & Partner report states that during December 2022, the city has more than 800 billionaires who own homes in the city.

From 2012 to 2022, Miami’s millionaires will also grow by 75%, making it one of the fastest-growing cities in the United States. According to the report, in December 2022, the city had 38,000 millionaires, 160 billionaires, and 12 billionaires with assets of $1 billion or more.

The second town on the list is Hampton, New York. The famous playground for the rich and famous had more than 700 billionaire residents during the peak holiday season, compared with just 25 permanent residents, according to the Henley & Partner report.

Another Florida city, West Palm Beach, made the top three. The city includes the island of Palm Beach and the town of West Palm Beach. In December 2022, the city had more than 400 billionaires, compared to just 64 such residents for the rest of the year, the report noted.

West Palm Beach is home to many famous people, including Tommy Hilfiger and Sylvester Stallone, CNBC reported.

Homes currently for sale in the area range from $1.9 million to $89 million, according to Sotheby’s listings.

Responsible editor: Lin Yan#