In this article, Robert Frank looks at the migratory patterns of today’s ultrawealthy. According to the Knight Frank Wealth Report, the population of multimillionaries in major cities around the world now changes radically from month to month.
The article begins as follows:
Oren Alexander, the Miami-based real estate agent to the rich, no longer thinks of his clients as second-home buyers. Today’s ultrawealthy, he says, are often looking for “the four-pack” — a pied-à-terre in New York, a beach house in the Hamptons, a ski villa in Aspen and a winter condo in Miami.
“They’re not really looking for full-time residences anymore,” said Mr. Alexander, a broker with Douglas Elliman. “They want stops on the big circuit.”
While the rich have always been migratory creatures, drifting in what F. Scott Fitzgerald described as an “unrestful” tour of “wherever people played polo and were rich together,” today’s wealthy have turned the traditional grand tour into more of a racing circuit. They have property everywhere but live nowhere, moving with the sun, seasons and an increasingly crowded calendar of V.I.P. events.
Read the full article here: If It’s March, It must be Miami: When Home Changes with the Season – NYTimes
Posted by Pooja Shivaprasad, Associate Editor, Wealth Strategies Journal