With Madrid, Dubai, Miami, Monaco and Milan, the 2025 BARNES City Index Top 5 brings together five destinations with vastly different profiles. This ranking marks a milestone for Monaco and Milan, making their debut in the Top 5. Madrid, which was in 4th position in 2024, takes the top spot in 2025.
1. Madrid
Cosmopolitan, festive and bustling, Madrid is becoming a popular place of residence for buyers from around the world. Quality of urban life is matched by a high level of security, a mild climate, free public services, leading healthcare services, quality teaching and an exemplary transport system. Madrid ranks fourth in Europe in terms of operational headquarters of multinational companies.
2. Dubai
The largest city in the UAE with 3.8 million inhabitants, Dubai was founded in the 18th century and remained a modest fishing port up until the late 19th century. It was the discovery of oil within its territory in 1966 that brought about the explosive development of the city. Today, Dubai attracts investors from over 60 nationalities and is a top UHNWI destination for its economy, lifestyle, security, services and education.
3. Miami
Miami has become the 3rd global metropolis for luxury residential real estate. The world's number one cruise port and a financial and tech hub for the US South-East, it has benefited from a massive influx of wealthy residents since the pandemic. Cosmopolitan and entrepreneurial, it attracts an active international population who choose the sun as a permanent lifestyle.
4. Monaco
Monaco is far and away the preferred destination of the world's wealthiest families, with prices reaching record heights as a consequence. The Principality combines advantageous taxation, impeccable security, exceptional quality of life and incomparable prestige. Monaco stands as the absolute symbol of residential luxury in Europe.
5. Milan
Milan perfectly embodies the renaissance of Italy alongside Spain in Europe. In less than 20 years, the Lombard capital has transformed its city centre, reaffirmed its role as the engine of Italian economic activity, and elevated its incomparable art de vivre. The flat tax of 200,000 EUR per year for new foreign residents and the preparations for the 2026 Winter Olympics are boosting the city's international attractiveness.