Here’s the Cost To Live in the 5 European Cities Where Millionaires Are Moving To
Written by
Chris Adam
Edited by
Molly Sullivan
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Millionaires are looking to Europe as they seek to relocate. According to Knight Frank’s European Lifestyle Report, there are a number of reasons why Europe is attracting high-net-worth individuals. Those reasons include cultural richness, high quality of life and diverse lifestyle options.
When you think of European cities that attract millionaires, London might be top of mind. But according to the report, London didn’t even make the top five. So which cities made the list? Here’s a look at the winners.
Paris
According to CNBC, “Paris topped the list and stood out in categories including economy and human capital, which includes factors like universities, corporate headquarters and cultural investment. However, London — often thought of as a hub for the super-rich — didn’t even make the top five, coming seventh.”
As for cost of living in Paris, it can be among the more expensive cities in France. According to Numbeo, a family of four would have estimated monthly costs of $4,319 without rent. For a single person, it would be $1,218.
However, you may be surprised by how much more affordable Paris is compared to New York City. In fact, the cost of living in New York is almost 30% higher than in Paris, without rent. When you include rent, it’s about 66% higher.
Berlin
Next on the list of European cities where millionaires are moving to is Berlin. Here, a family of four’s estimated monthly costs without rent are $3,754. For a single person, it would be $1,113 without rent.
Barcelona
One thing to keep in mind about Barcelona, which came in next on the list, is that it can be expensive when compared to other Spanish cities. A family of four in Barcelona would have estimated monthly costs (without rent) of $3,166. It would be $898 for a single person.
Barcelona may be far more affordable than New York City. Without rent, the cost of living in New York is 79% higher than in Barcelona, per Numbeo. The cost of living, including rent, in New York City is 127% higher than in Barcelona.
Vienna
According to the report, Vienna is another city where millionaires are considering relocating to. The estimated monthly costs for a family of four, not including rent, are $3,974. It’s $1,163 for a single person.
In the annual list of most liveable cities from the Economist Intelligence Unit, Vienna took the top spot again. According to CNN, “Vienna topped the list for the third consecutive year, receiving ‘perfect’ scores in four out of five of the categories — the city was marked lower for culture and environment due to an apparent lack of significant sporting events.”
Madrid
Rounding out the list of European cities for millionaires is Madrid. The estimated monthly costs for a family of four in Madrid, not including rent, are $3,974. For a single person, the estimated monthly costs without rent are $1,163. As for how it compares to New York City, the cost of living in New York with rent is 128% higher than in Madrid.
More From GOBankingRates
