Zurich is seen as a very attractive destination for the wealthy.

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Ennio Leanza / AP / SIPA

The coronavirus epidemic sometimes has unexpected consequences.

For the more fortunate, it has resulted in a drastic change in preferences of place of residence around the world.

This is shown by the annual study * by Barnes, a global player in luxury real estate, published this Thursday.

Based on several indicators ** such as "cultural wealth", "personal security" or even taxation, it offers a ranking of the cities most requested by "HNWI" (

high-net worth individuals

), that is that is, people with a minimum wealth of more than 820,000 euros, which can amount to several billion.

Zurich in pole

"The crisis hit the big international cities hard, with some of them suddenly and brutally discounted," explains Thibault de Saint Vincent, president of Barnes, in the report.

For decades, New York, London, Hong Kong, Los Angeles and Paris have been fighting for the top steps of the podium ”.

However, “for the first time, none of these cities appears at the top of the Barnes City Index”.

Instead, we find Zurich (Switzerland), which has gained 29 places compared to last year, Copenhagen (Denmark, + 33 places) and Tokyo (Japan) “Cities recognized for their quality of life where great security reigns and often even a certain serenity ”.

Miami (United States, + 23 places) and Stockholm (Sweden, +17 places) complete this unique top 5.

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In addition to this appetite for new agglomerations, the wealthy patrimonies are attentive to the economic development of the country in which they invest and seek, as in the United States, to change air with the pandemic.

“People (and businesses) have moved to different places, from dense cities to suburbs, from apartment to house and, for some, via 'homecoming' to live safely with members. of their family ”notes the study. 

This strong interest of the better off for these cities is evidently reflected in the prices of “high-end” real estate.

According to Barnes, the price per square meter is thus up 5% to 8% in Zurich compared to the end of 2019. In the Enge district, the "cheapest", it amounts to 16,500 Swiss francs (15,300 euros).

Conversely, some cities in the top 5 appear to be more “affordable” (provided they have a large bank account).

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Beyond the attraction for new metropolises, the confinements linked to the coronavirus pandemic pushed the richest, like the others besides, to their second homes.

Except that in their case, we are not talking about a small house in the countryside.

The better-off have "confirmed their wish to invest as much in family properties located by the sea, in the countryside or in the mountains as in (…) hotels, hunting grounds, stud farms and vineyards", explains the study by Barnes.

In these “passionate properties”, France is doing well.

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* Barnes Global Property Handbook, Trends and Outlook 2021.

** Three categories of indicators are used to classify cities: “emotional aspects” (cultural wealth, luxury boutiques and restaurants), “practical aspects” (safety, access to the best universities, accessibility, environmental commitment), “financial aspects »(Quality / price ratio of goods, taxation, low-risk investments).

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  • Zurich

  • Tokyo

  • Luxury

  • Economy

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