ultrarich

The ultra-rich have turned it into their refuge

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The ultra-rich of the world they are choosing Spain like a paradise for your dream homes. High-income people are increasingly opting for properties with views of the Mediterranean Sea, away from the hustle and bustle, with a temperate climate and legal certainty for your investments. In recent years, ultra-high net worth individuals (so-called UHNWIs) Ultra High Net Worth Individuals) have put Spain in their sights, catapulting the country to fourth place globally in demand for luxury properties, as revealed the report Private Office Market Report 2026 by the real estate agency Engel & Völkers in collaboration with the consulting firm Henley & Partners. Spain: preferred destination for millionaires. Spain has slipped in in fourth place in the world in demand for luxury homes, only behind Italy, France and the United Arab Emirates. The analysis carried out by 160 international advisors reveals that prices in the premium real estate segment rose in Spain (as in Italy) driven by the mediterranean lifestyle. In contrast, destinations such as France and Canada registered moderate decreases. According to data from a study by the luxury real estate platform LuxuryEstate.com collected through the specialized portal Funds Societythe interest of millionaires from all over the world in Spain is solid. 77% of searches for luxury properties come from foreign buyers, with the ultra-rich Germans standing out with 27% of the total, above the French (17%) and Americans (5%). This translates into a record of almost 93,000 luxury homes acquired by non-residents in 2024, consolidating Spain as a safe destination for investors in luxury properties. Reasons that attract fortunes. It’s no longer just about saving money: the rich want to live (even) better. The Engel & Völkers report highlights that more than 50% of international advisors highlight an increase in preference for destinations that invite people to live. outdoor life (such as gardens or terraces accompanied by temperate climates) as the main feature for selecting luxury properties. This figure rises to 69.5% for requests in Europe and 54.8% worldwide. Jawed Barna, CEO of Engel & Völkers, sees it clearly: these properties act as “lifestyle assets.” Hans Lenz, an advisor in Mallorca, tells how “we have a growing group of clients moving here thanks to the incredible climate, security, connectivity and schools, with 19 international schools in Mallorca.” The exemption from wealth tax of up to three million euros and the absence of inheritance tax in the Balearic Islands accelerate the arrival of wealthy families to the Balearic Islands, combining remote work with the beach and golf. Classic destinations. According what was published by IdealisticMadrid, the Balearic Islands and Marbella are the most common destinations for these wealthy buyers. In Marbella, 8,708 luxury transactions were closed in 2024, an increase of 5.64% year-on-year, with 92% in foreign hands such as Mexicans and Russians. These operations seek absolute privacy, panoramic views and luxury equipment such as infinity pools. Millionaires, along with Latinos, choose a formula that mixes the business potential of the destination with relaxation. When you clear the Neighborhoods like Salamanca in Madrid or Pedralbes in Barcelona They see apartments exceeding one million euros they pass to American and Latin American millionaires. In 2026 it will go further. According to data from the Engel & Völkers study, the luxury market in Spain generated 20,550 million euros in 2025, which represents a growth of 6.2% compared to the previous year, with Chinese tourists responsible for 20% of total spending in this segment. Stuart Siegel, of Engel & Völkers Americas, predicts that the rich will continue to invest in homes designed for long-term enjoyment, prioritizing quality of life over quick profits. For his part, Daniel Hadi, CEO of the real estate agency for the Middle East, warns that the lack of exclusive villas and mansions will drive up current property prices even more. Given this luxury housing shortagebuyers will begin to look towards Branded Residences from prestigious brands such as Four Seasons or Dorchester, equipped with private spas and other luxury services managed by brands. In Xataka | The sale of a mansion for 22 million euros has revealed a new reality: Sotogrande is the new Marbella Image | Unsplash (Norbert Buduczki)

Ultra-rich tourism has found an oasis in Kenya. A Safari at $3,500 a night that blocks animal migration

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For some time now, conflicts between large tourism projects and fragile ecosystems have multiplied: from the megaresorts built next to mangroves in the Caribbean that destroy natural barriers, even the hotels built in areas turtle nesting or unregulated cabins that have degraded reserves in Nepal and Sri Lanka. Each case shows the same pattern: the promise of immediate economic development versus the risk of damaging landscapes that cannot be recovered. The last one: a safari that short the wings of many animals. A camp in the worst place. The story was told these days the new york times. The opening of Ritz-Carlton Masai Mara Safari Campwith its $3,500-a-night suites, private plunge pool and privileged views of the Sand River, has ignited a controversy that goes far beyond elite tourism: for Maasai leaders, local guides and ecologists, the resort has been built on one of the last areas free of construction and in the middle of the corridor through which millions of wildebeest, zebras and gazelles move every year between the Serengeti and the Mara. What Marriott presented as a “historic” raid in the high-end safari, many perceive it as the most serious threat to a natural corridor that supports one of the most important ecological spectacles on the planet. The complaint filed by the Maasai scholar Meitamei Olol Dapash It maintains precisely that: that it has been built in a critical space where decades of monitoring data confirm a continuous and irreplaceable migratory flow. Overwhelmed tourism. The Ritz-Carlton is not an isolated casebut the most recent symbol of a growth that has become explosive: from 95 camps in 2012 to 175 in 2024an increase that experts consider incompatible with the ecological capacity of the Mara. The rise of tourism has multiplied the number of vehicles that chase animals off-road, deteriorate vegetation and corner predators, as in the viral video of 2023 in which dozens of cars closed a circle around two cheetahs while they hunted. Added to this are the discharged wastewater to the rivers, the light pollution of the camps and the noise that alters the nocturnal routes of the fauna. Various species have already disappeared from the Mara (such as the african wild dog or the oryx) in a process that researchers describe as an inversely proportional relationship: when the tourism industry grows exponentially, fauna decreases in the same way. Ritz-Carlton An exceptional permit. Outrage grew when it was learned that the construction of the Ritz-Carlton was authorized despite the moratorium of 2023 that prohibited building new lodges within the reserve. The approval was based on a “one-time exemption” signed by President William Ruto’s leadership, a gesture that activists they interpret as the porch for an avalanche of uncontrolled luxury projects. Even more disconcerting, according to the Timesis the controversy over the supposed community consultation: signatures of Maasai who claim not to have participated in any meeting, questioned documents and a climate of vulnerability that makes many think that the most powerful took it for granted that no one would protest. For the inhabitants of the Mara, the feeling is that the process is deliberately jumped essential steps of environmental assessment and local participation. Ritz-Carlton A wall to block animals. The camp, it seems, is surrounded by an improvised wall of earth and grass that prevents seeing the interior and that, according to local guidesalready shows marks of animals trying to cross or climb it. It is, if you still stand still, an uncomfortable symbol: a luxurious refuge shielded from the rest of the environment and the communities that live a few meters away. For many Maasai guides, the barrier embodies a dangerous idea: that visitors can enjoy the ecosystem without having to face its real problems, isolated from the pressure that the camps exert on the territory. African conservationists have been calling for years for accommodation models with a minimal footprint (fewer rooms, removable structures, reversible impact) and a transition towards smaller, more sustainable conservancies, but the presence of large chains threatens to reverse that trend. The line that should not be crossed. The paradox is profound: the Maasai communities know that tourism is their main source of income and they don’t want to stop it. Hospitals, schools and scholarships exist thanks to visitors. What they demand is a model that does not destroy that which gives them life. For many, the problem is not Marriott itself, but its exact location: placing a permanent complex in a migration corridor sets a dangerous precedent that could open the door to future construction in equally sensitive areas. Young activists like Emmanuel Sananka they insist in which the fight is not against tourism, but against a model that ignores the local voice and prioritizes profitability over conservation. Faced with this, Marriott He defends that his camp generates employment (90% of the staff is Kenyan, and 40% local) and that it complies with environmental regulations, but mistrust persists. Ecosystem to the limit. In short, the conflict reveals a clash between two visions of the Mara: that of global luxury that sees it as an exclusive setting and that of the communities and scientists who consider it a living and fragile system where every square meter matters. The Ritz-Carlton embodies that stress point: a project that is too big, too fixed and located in the worst possible place. The court decision What is done will not only determine whether the camp remains or is removed, but also the direction of the entire Masai Mara tourism model in the next decade. It depends on what is decided the Great Migration It continues to flow as it has for millions of years… or it begins to fragment due to the same human pressure that claims to come to admire it. Image | Vencha, Ritzcarlton In Xataka | Someone wants to build a 144 meter high skyscraper in the middle of the port of Malaga. The reason: luxury tourism In Xataka | A robot called “Sardinator” circulated through the streets of Malaga promoting a … Read more

An atoll in the South Pacific is the best kept secret of the ultra-rich. If you want to hide your fortune, this is your island

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In the middle of the South Pacific, there is a little paradise which attracts both nature lovers and those looking to put their great fortunes safely away. The Cook Islands, with their turquoise beaches and dreamlike landscapes, have become the chosen refuge by many millionaires for keep your money safe and anonymous. Beyond being a privileged tourist destination, this archipelago adopts the second most used meaning of paradise: that of tax haven. Its special legal system protects the assets of those millionaires who decide to enjoy its dream beaches and its legal opacity with assets. They came for its beaches, they stayed for the trusts This natural oasis, located about 3,000 kilometers from New Zealand, is not only home to beauty and tranquility, but also a sophisticated asset protection mechanism that has gained global fame in recent years among millionaires around the world. Although many think of tax havens such as the Cayman Islands, the British Virgin Islands, the Cook Islands are distinguished by their ability to raise trust financial structures from which millionaires can manage assets of all kinds, from properties to cryptocurrencies, with a very lax taxation. Not in vain, the Cook Islands were a recurring reference in the great financial scandals that were revealed by the Panama Papers, Pandora or the Paradise Papers. As and how they counted in Fortunesince the 1980s, the Cook Islands established a single fiduciary system which offers a level of opacity and protection difficult to find in other enclaves considered tax havens. For example, the authority of foreign courts to intervene in these funds is not recognized and, furthermore, the identities of the owners are protected by law. This combination makes the country a bastion for those who want to keep their assets safe from external demands or embargoes. Cook Islands, a paradise for human and fiscal matters Here, millionaires transfer their assets to a trust managed by a local fiduciary (front man), while they can remain beneficiaries or dispose of the money and property freely. This separation between Ownership of the heritage and who enjoys it generates a legal barrier that makes it difficult for third parties to claim those assets. In this way, millionaire businessmen protect their fortunes in the event of bankruptcy of their companies because, legally, they are not owners of the assets that they do enjoy. Likewise, fortunes would not be so exposed to divorce cases. “If all your money is in your pocket and someone tries to take it from you, maybe they can. But if the money is in another country and not under your control, chances are they won’t be able to touch it,” he explained to Fortune Blake Harris, lawyer specializing in property protection in the Cook Islands. In addition, shell companies are used to manage certain assets in order to add another level of opacity to the ownership of trust assets. “We created a practically unbreakable structure. And it is a fundamental practice. It is necessary to protect yourself,” said Harris. Spanish millionaires also travel to paradise The Panama Papers and other tax scandals exposed the financial engineering that large fortunes were using to reduce their tax bill. Among the names that appeared in these investigations there were also some spanish names. It should be said that constituting a trust in the Cook Islands It is completely legal for a Spanish resident. The Polynesian atoll was excluded from the EU tax haven lists and from Spain. However, the Spanish legislation It focuses on who actually controls and benefits from the assets, not just who is listed as the formal owner. However, just because it is legal in Spain does not mean that it works the same as for an American millionaire. Spain does not include the figure of the trust in its legal framework, although it does takes it into account at the tax level. In practice, this means that even if the assets are transferred to a trustee in another country, The Tax Agency considers that the person residing in Spain retains some type of control or benefit over them. And if this control exists, the Treasury understands that this assets remain linked to the taxpayer and, therefore, must declare it as part of your heritage. Therefore, although the protection against international litigation offered by Cook Islands trusts is effective, in Spain they do not have the same effectiveness than in the US, so It is not such a popular instrument. between the great Spanish fortunes as among the millionaires of other countries. However, as how they point From the Gesta tax consultancy, trusts are recommended more as tools of succession planning or protection against civil risks, and both for evade taxes. In Xataka | They were promised a bitcoin paradise and zero taxes for 120,000 euros. Today there is only one desert island on the verge of disappearing Image | cook islandsUnsplash (Nathan Dumlao)

the household employees of the ultra-rich who earn more than Pedro Sánchez

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In the month of April we count a trend that was beginning to circulate among that sector of civilization that is capable of having eight or more figures in the bank account. The ultra-rich, after years spending fortunes on home automation of their mansions, had decided to return to analog times by eradicating any trace of technology in homes. But it’s one thing to throw LEDs, and quite another to throw a Picasso. Because they don’t ignore works of art and luxury furniture. In fact, they pay a premium for their care. Even more than a president of the government. The art of cleaning luxury. In the universe of the richest households on the planet, cleaning is no longer a household chore: it is a painstaking science, a highly specialized skill, and a six-figure job. He told it in a extensive Bloomberg report with cases like that of Gina, who with 26 years of experience in domestic service, is today a executive housekeeper in the San Francisco Bay that wins more than $100,000 a year for taking care of mansions where each piece of furniture is a work of art. Her rise from basic cleaning to managing multimillion-dollar residences reflects a global phenomenon: the transformation of luxury cleaning into a skilled profession driven by the sophistication of contemporary design and the shortage of trained staff. In these houseserror is not measured in stains but in thousands of dollars: a miscalculated rub can destroy the original finish of a knob or the shine of a collector’s piece. In this ecosystem, cleaning requires as much technical knowledge as a kind of restorer or even a museum curator. The new frontier of cleaning. All this is understood due to the rise of high-end design, which has raised standards of domestic work at unprecedented levels. In the houses where Gina works, the objects are no longer “furniture”, but investments and fragments of history: tables by Diego Giacometti more expensive than a Ferrarisofas by Jean Royère valued in millions or pieces by François-Xavier Lalanne that reach record numbers at auctions. Cleaning them requires knowing the materials, understanding their chemical reactions and applying precise protocols. Wood, metals, fabrics, glass or rattan become conservation challenges more than hygiene challenges. Common products and tools (such as popular Swiffer) are, according to expertsenemies of conservation: they alter surfaces, remove patinas or introduce chemical residues. The correct thing to do is almost artisanal: moisten your hands, use a cotton cloth and maintain just the right humidity to trap the dust without damaging the material. The border between cleaning and disinfecting, seemingly trivial, is essential: “You cannot disinfect without cleaning first,” repeat the trainers, aware that ignorance can cost more than an annual salary. Shortages and astronomical salaries. The value of these professionals has been triggered. Before the pandemic, a housekeeper with experience maintaining luxury homes earned a few $60,000 annually. Today, that figure easily exceeds the 100,000more benefits and bonuses. In fact, demand has grown at the same pace as extreme wealth and the proliferation of delicate objects. Training companies like that of Charles MacPherson in Toronto they offer five week programs that combine communication with the employer, home security and cleanliness with contemporary design. The lack of qualified personnel has made housekeepers executives in a good scarce and coveted. To give us an idea, they remembered in Bloomberg that some are the subject of “signing” attempts by other millionaires, aware that a good professional can be the difference between preserving or ruining a collection. The competition, Gina explained.is fierce: “There are very few truly professional people in this, and many see it as a minor job.” In reality, luxury has redefined cleaning as a technical discipline where knowledge outweighs strength, and confidence outweighs hierarchy. From home to museum. The cultural change surrounding this new elite of cleaners also reflects a mutation in the relationship of the upper classes with its spaces. Billionaires’ homes have become hybrids between home and gallerywhere maintenance is part of the value of the heritage. Owners not only buy beauty, they buy responsibility: each object requires a conservation regime, and cleaning becomes an extension of curation. Here a mistake can be catastrophic: the case of the housekeeper who, when trying to “reshine” the handles of a door, removed an intentional patina and caused $75,000 damageis already a classic of the sector. In these houses, the hands that clean are not invisible: they are part of the ecosystem that protects the investment and maintains the aesthetics. The paradox is that a historically undervalued profession has become, at the top of the social pyramid, a profession as delicate and exclusive as the objects it touches. Economy of precision. The rise of cleanliness luxury to professional category highlights the contemporary logic of the market: when wealth multiplies and objects become irreplaceable, the care becomes a luxury in itself. In this environment, the shortage of trained personnel raises salaries, but also redefines the prestige of the profession. The professionalization of high-end domestic service marks a new frontier in the care economy: that of maintenance as art. If you like, Gina and her colleagues are no longer cleaners, they are guardians of heritage material of an elite that prefers to pay more than risk a unique piece. Thus, in the meticulous silence of those mansions, where each surface is worth as much as a sports car, the cotton rag has become a symbol of status, precision and trust. Image | Pexels, Pexels In Xataka | Barcelona has surpassed Vienna and Geneva: the rich now prefer to live near the beach, have fiber optics and public healthcare In Xataka | If the question is which is the place in Spain where there are the most millionaires and why, the answer is obvious: in Madrid, of course.

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