Millionaires are moving to these 5 European cities — and London doesn't make the list

Millionaires are eyeing up European cities as they look to relocate — but London doesn't make the top five, according to a new report.

Some 83% of high-net-worth individuals — defined as those earning $1 million or more — who are considering moving countries favor city living for the cultural and economic opportunities it provides, Knight Frank's European Lifestyle Report, published on Wednesday, revealed. Meanwhile, 17% cited a preference for rural and resort locations for the natural scenery and slower lifestyle.

Real estate consultants Knight Frank surveyed 700 high-net-worth individuals from 11 different countries including the U.K. and U.S. about their view of the most attractive European cities and resorts. It ranked 10 cities and resorts based on the "European Lifestyle Monitor" which evaluated them on five key metrics: the economy, quality of life, environment, infrastructure and mobility, and human capital.

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.

Henley & Partners, a consultancy that tracks migration trends, says a record 128,000 millionaires are planning on relocating globally in 2024, compared with 120,000 in 2023, according to the Knight Frank report.

Additionally, 19% of ultra-high-net-worth individuals — those worth $30 million or more — are planning to apply for a second passport or gain citizenship in another country, Knight Frank found.

The main priorities for millionaires when relocating are security and privacy, followed by employment, tax, and education,