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 multimillionaires—or those worth $10 million or more—who 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."