About 83% of individuals with an income greater than $1 million who are considering moving to another country state that they prefer city life for the cultural and economic opportunities it provides, while around 13% prefer the tranquility and picturesque nature of the countryside.

This is according to the European Lifestyle Report by Knight Frank, recently published, which surveyed 700 high-net-worth individuals from 11 different countries, including the UK and the USA, asking for their opinions on the most attractive European cities and resorts. It ranked 10 cities and resorts based on the "European Lifestyle Monitor," which evaluates five ky parameters: economy, quality of life, environment, infrastructure and mobility, and human capital.

Paris topped the list, excelling in categories such as the economy and human capital, which includes factors like universities, corporate headquarters, and cultural investments.

However, London – often considered a hub for the ultra-wealthy – didn’t even make the top five, ranking 7th.

Henley & Partners, a consultancy that tracks relocation trends, finds that a record 128,000 millionaires are planning to relocate globally in 2024, compared to 120,000 in 2023.

Additionally, 19% of ultra-high-net-worth individuals – those with a net worth of $30 million or more – plan to apply for a second passport or obtain citizenship in another country, according to Knight Frank.

The main priorities for millionaires when relocating are security and privacy, followed by employment, taxation, and education, according to the report. Gen Z and millennials tend to prioritize employment, while older generations focus more on taxation.

"Security and taxation are more critical for the ultra-wealthy than other concerns when relocating. Given the growing geopolitical instability and privacy challenges in the digital age, this focus is not surprising," the report's authors note.

"The rapid withdrawal of 1.5 billion CHF [Swiss francs, or $1.8 billion] from Credit Suisse at the end of 2022 by wealthy account holders highlighted how quickly affluent individuals can respond to perceived economic risks," the report notes.

These are the five top European cities that high-net-worth individuals are considering moving to in 2024, according to the Knight Frank report:

• - Paris

• - Berlin

• - Barcelona

• - Vienna

• - Madrid

A prior survey by Henley & Partners showed that the UK is no longer a haven for millionaires, with Britain expected to lose at least 9,500 high-net-worth individuals in 2024, up from 4,200 the previous year.

It’s also noted that in the 1950s and early 2000s, a large number of wealthy families from Europe, Africa, Asia, and the Middle East flocked to the UK, but after Brexit, between 2017 and 2023, the UK lost 16,500 millionaires due to migration.

A significant reason behind the exodus is the recent abolition of the "non-dom" tax regime, which allowed foreign citizens to not be taxed on their international income, something particularly popular among the wealthy.

Other reasons include potential increases in private school fees and high property taxes. These changes could lead to a 17% reduction in the millionaire population in the UK, from 3,061,553 in 2023 to 2,542,464 in 2028, according to the UBS Global Wealth Report published in June.