The rich have better vacations—no big surprise there. But not all luxury vacation properties are created equal and not everybody who’s rich vacations the same way.
A billionaire’s wants can be markedly different from the choices available to a mere millionaire. The billionaire, for example, may prefer Cap Ferrat on France’s Côte d’Azur, where a modest-sized property can cost nearly $30 million. Meanwhile, a Swiss chalet—though situated in a prime location—can be had for a more modest $7 million.
In a recent report, British real estate firm Savills identified the world’s most exclusive holiday resorts—where, as it happens, prices are on the rise. That’s due to the increase in the number of individuals whose net worth exceeds $30 million (U.S.). Canadians and Americans are buying in North America and the Caribbean; Middle Eastern money is going to the Mediterranean. And the Russians? Well, they buy everywhere.
Barbados
Typical 5-bedroom property: $23 million
They’re coming from: Canada, U.S. and Britain
Famous residents: Biovail Corp. founder Eugene Melnyk and Topshop owner Sir Philip Green
Côte d’Azur (France)
Typical 5-bedroom property: $28.5 million
They’re coming from: Europe, North America, the Middle East and Russia
Famous residents: Microsoft co-founder Bill Gates and Bernard Arnault, founder and CEO of LVMH
St. Barts
Typical 5-bedroom property: $14 million (U.S.)
They’re coming from: U.S. and Russia
Famous residents: Russian oligarch Roman Abramovich and Microsoft co-founder Paul Allen
Palm Beach
Typical 5-bedroom property: $8 million (U.S.)
They’re coming from: U.S., Canada and Russia
Famous residents: CEO of Marvel Entertainment Isaac Perlmutter and, formerly, Conrad Black (he no longer owns property here)
Verbier (Switzerland)
Typical 5-bedroom property: $10 million
They’re coming from: Britain, Northern Europe and Asia
Famous residents: Virgin founder Richard Branson and former Royal Bank of Scotland CEO Stephen Hester
Whistler
Typical 5-bedroom property: $3 million
They’re coming from: Canada, U.S. and Europe
Famous residents: Canadian mining financier Frank Giustra and British tech billionaire John Caudwell
Source: The Globe and Mail