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The latest edition of the Barnes City Index 2026 has brought a notable shift in the hierarchy of cities most favoured by ultra-high-net-worth individuals. Once firmly positioned among the global elite, Monaco has dropped ten places, moving from fourth position in 2025 to fourteenth this year — a change that reflects evolving priorities among the world’s wealthiest residents.
At the top of the ranking, Madrid continues to dominate for the second year in a row, confirming its growing appeal as a permanent base rather than a seasonal destination. Close behind, Milan has climbed steadily, while Dubai and Miamimaintain their strong momentum. The real surprise, however, comes from Marbella, which has surged dramatically into the top five after previously sitting far lower in the ranking.
According to Barnes, this reshuffling illustrates a deeper transformation in how wealth is lived today. Ultra-wealthy individuals are increasingly favouring cities that offer more than fiscal advantages — seeking instead a holistic lifestyle that blends culture, education, healthcare, safety, and international accessibility. As Barnes President Thibault de Saint Vincent explains, today’s definition of luxury is rooted in freedom of movement and quality of life rather than geography alone.
Despite its decline, Monaco continues to benefit from enduring strengths: exceptional security, a stable political environment, and an internationally recognised lifestyle. Yet competition is intensifying, particularly from Spain, which now places multiple cities among the global elite. As luxury real estate markets evolve, adaptability — not legacy alone — is proving decisive.