Monaco falls 10 places in global ranking of favourite cities for the ultra-wealthy

Monaco ranked 4th in this ranking in 2025 © Lina Mahrouch - Unsplash

While Madrid retains its leading position, the Principality has fallen from 4th to 14th place in the global ranking of destinations favoured by the ultra-wealthy.

The Barnes City Index 2026, an annual reference for the cities most prized by UHNWIs (Ultra High-Net-Worth Individuals), reveals a significant decline for Monaco. The Principality, which ranked 4th in 2025, now finds itself in 14th position, overtaken by rapidly rising major cities.

Madrid retains first place for the second consecutive year, followed by Milan (which has moved up three places), Dubai, Miami and the big surprise of this edition: Marbella, which has jumped from 35th to 5th place.

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The new expectations of the super-rich

This reshuffling of the deck reflects a profound change in the selection criteria of wealthy investors. Formerly seasonal destinations are becoming permanent places of residence, offering international schools, first-rate healthcare facilities and global connectivity. “Wealth is no longer defined solely by location or taxation, but by the ability to combine life, culture, security and freedom in one place,” says Thibault de Saint Vincent, president of Barnes, in a press release.

Although the Principality has fallen in the rankings, it retains its historical assets: recognised security, favourable taxation and a prestigious living environment. However, competition is intensifying. Spain, now represented by two cities in the top five, has emerged as the big winner in the international luxury property market over the last five years.

City rankings according to the Barnes City Index 2026 (compared to 2025)