Top cities for millionaire second homes

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When we think of second homes for the leisure class, we usually think Hamptons, Cannes or Palm Beach.

But today's globe-trotting, business-minded, city-seeking rich are more likely to want pied-à-terres than beach homes as their second homes. According to a new study from New World Wealth, a wealth research firm, London is the top second-home hot spot for the world's multimillionaires.

The study found that there are 22,300 multimillionairesor those worth $10 million or morewho own second homes in London. That's in addition to the 9,700 multimillionaires who have primary residences in London.

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"During peak holiday months, London can be home to up to 32,000 multimillionaires in total," the report said.

The study found that the bulk of second-home buyers in London come from the rest of the U.K., as well as Europe. "There are also substantial numbers from China, India, Russia and the Middle East."

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Ranking second is New York City, with 17,400 second-home multimillionaires. The study said New York's second-home owning rich are mainly from the rest of the U.S., despite all the media attention around foreign buyers in Manhattan.

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Hong Kong is third with 14,800 and Singapore is fourth, with 11,200.

The more traditional beach retreats ranked further down. The Hamptons ranked sixth, with 7,800. And Palm Beach, once a required destination for the American elite and European aristocrats, was a distant 13th, with 3,400.

Some other notable hot spots with at least 1,000 rich second-home owners include Las Vegas; Aspen, Colorado; Pebble Beach, California; San Diego; Lake Como, Italy; Cannes, France; and St. Tropez, France.

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Top 10 second-home destinations for the rich

Rank City Multimillionaires with
second homes
1 London 22,300
2 New York City 17,400
3 Hong Kong 14,800
4 Singapore 11,200
5 Dubai 8,200
6 The Hamptons 7,800
7 Paris 6,400
8 Zurich 6,200
9 Geneva 5,600
10 Rio 4,400
Source: New World Wealth

—By CNBC's Robert Frank.


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