Barbara Queiróz Updated: November 27, 2025
Portugal’s capital, Lisbon, is the most popular city in the latest European Lifestyle Report, with the Algarve ranking as the 4th most popular market outside major metropolises. Healthcare, international schools, and transportation were pinpointed as key factors in attracting millionaires.
Wealth Migration on the Rise
Increased geopolitical tensions, tax regime changes, and alterations in visa landscapes have accelerated wealth migration in recent years, with Europe merging as the preferred destination. This is due to its political stability, lifestyle, and quality of life.
To back this up, in the 2025 Global Passport Index by Global Citizen Solutions, nine of the top ten countries ranked in the top ten were European nations, with Singapore the only exception. If you take a look specifically at their Quality of Life Index, all ten countries were European countries
Lisbon Leads the Way as Preferred Cities
With more millionaires seeking top locations that value stability, safety, and better lifestyle quality, Lisbon is leading the way as the preferred city.
According to the European Lifestyle Report by Quintelo + Penalva | Knight Frank, the study demonstrates that high-net-worth individuals consider choosing to move to or within Europe, with a preference for cities over coastal areas.
Lisbon came out as the most popular city, followed by London, Madrid, Dublin, and Barcelona. Lisbon luxury real estate has been evolving rapidly over recent years, with a range of prime property types on the market.
Outside city metropolises, Chamonix in Eastern France ranked first, with the Algarve ranking in fourth position. The Algarve is considered one of the most affordable property markets for millionaires, with luxury properties reasonably priced compared with other coastal regions in Western Europe.
Which millionaire profiles are moving to Lisbon?
According to the report, there were interesting differences between the generations moving to certain cities. Generation Z and boomers were mostly attracted to Lisbon, while younger generations preferred London.
In terms of nationalities, Brazilians were particularly attracted to Lisbon, perhaps unsurprisingly due to language and cultural similarities, and there was already a large number of Brazilians in Portugal. Alongside Brazilians, UK and US nationals are also attracted to the city, with Brazilian, French, and American citizens leading the way in actual property purchases.
Portugal in general has become a hotspot for UK millionaires seeking a better life quality and a warmer climate, with tax incentives and investment opportunities as pull factors for the move.
What are the main priorities for millionaires seeking to relocate?
The main priorities for high-networth-individuals seeking to relocate are healthcare, international schools, and good transportation, according to the European Lifestyle Report, with business opportunities, tax incentives, and financial stability also key motivations.
Political, social, and personal stability, retirement lifestyle, and quality of healthcare were also mentioned as important factors in their decision making.
It is perhaps unsurprising why Lisbon and the Algarve both featured highly, given Portugal’s appeal to families and retirees. The country has 51 high quality international schools and was recently ranked top in Global Citizen Solutions 2025 Global Retirement Index by the Global Intelligence Unit.
Interested to know where else millionaires are buying in Portugal?
