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61-594: The region is internationally known as a luxury destination for its history as a home of the wealthy , the famous, and European royalty . Cascais, Oeiras and Sintra municipalities consistently rank among the richest municipalities in Portugal. Cascais's history as a center originates in the 1870s, when King Luís I of Portugal and the Portuguese royal family made the seaside town his summer residence, thus attracting members of Portugal's aristocracy , who established

122-528: A Portuguese architectural movement originating in the Portuguese Riviera , in the late 19th and early 20th centuries, when the region became a popular resort destination for the Portuguese royal family and the Portuguese aristocracy . The movement is not characterized by any single architectural style or artistic school, but rather unified by common themes, including leisure , wellness , exoticism , and heterotopia . The Portuguese Riviera,

183-639: A very-high-net-worth individual ( VHNWI ), refers to someone with a net worth of at least US$ 5 million. The terminal level, an ultra-high-net-worth individual ( UHNWI ), holds US$ 30 million in investible assets ( adjusted for inflation ). Individuals with a net worth of over US$ 1 billion are considered to occupy a special bracket of the UHNWI. These thresholds are broadly used in studies of wealth inequality , government regulation, investment suitability requirements, marketing, financing standards, and general corporate strategy. As of December 2023 , it

244-755: A 1.5% increase of their total combined wealth to $ 27 trillion." The 2018 World Wealth Report was jointly produced by Capgemini and RBC Wealth Management and included, for the first time, the Global HNW Insights Survey produced in collaboration with Scorpio Partnership. The inaugural survey represented one of the largest and most in-depth surveys of HNWIs ever conducted, surveying more than 4,400 across 21 major wealth markets in North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa. The World Wealth Report has estimated

305-568: A Romanticist villa in Sintra , and Quinta da Regaleira , 19th-century Neo-Manueline palace, are all estates that are open to the public, serving to show the Portuguese nobility historically lived on the Riviera, with notable differences in the architecture and lifestyles between Cascais aristocrats and Sintra nobles. The NewsMuseum in Sintra is one of the first museums in Europe dedicated to

366-482: A culinary destination for Portuguese cuisine and international cuisine alike. Summer architecture , a Portuguese architectural movement of the 19th and early 20th century, originated in the Riviera, following the Portuguese Royal Family's arrival in the region in 1870. The Portuguese School of Equestrian Art , one of the "Big Four" most prestigious classical riding academies in the world,

427-549: A household definition of UHNW, which places only those with more than $ 100 million liquid financial wealth into the UHNW-category, more than the usual $ 30 million, with which the ultra-category had been created in 2007. They control 5.5% of global financial wealth. 5,000 of them live in the US, followed by China, Britain and Germany. BCG expects the trend toward more concentrated wealth to continue unabated. While financial wealth of

488-471: A rail link between Sintra and Lisbon. A decree signed on 26 June 1855 regulated the contract between the government and Count Claranges Lucotte but was later rescinded in 1861. The connection was finally inaugurated on 2 April 1887. The Portuguese Riviera originated when King Luís I of Portugal ordered a royal residence to be constructed in Cascais Citadel, starting the tradition of Cascais being

549-480: A report known as Form ADV. Form ADV requires each investment adviser to state how many of their clients are "high-net-worth individuals", among other details; its Glossary of Terms explains that a "high-net-worth individual" is a person who is either a "qualified client" under rule 205-3 of the Advisers Act (currently a person with at least $ 1,100,000 managed by the reporting investment adviser, or whose net worth

610-674: A summer community there. During World War II and the Post-War period , the area's royal affiliations intensified, as many heads of European royal houses and deposed monarchs, including King Edward VIII of the United Kingdom , King Juan Carlos I of Spain , and King Umberto II of Italy made their home in Cascais and Estoril, finding refuge in Portugal's neutrality in the war or from tense political situations in their own countries. Due to its concentration of high-profile personalities,

671-566: A vacation destination for international tourists. The Riviera plays an important part in tourism in Portugal . A large expatriate community continues to exist, primarily in Cascais and Sintra, leading to the majority of Lisbon's international schools being located within the area (with Carlucci American International School and TASIS Portugal in Sintra, St Julian's School and St Dominic's School in Cascais, and Oeiras International School ). Luxury gated communities have greatly developed in

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732-432: A very-high-net-worth individual (VHNWI), refers to someone with a net worth of at least US$ 5 million. An ultra-high-net-worth individual (UHNWI) holds at least US$ 30 million in investable assets ( adjusted for inflation ). In 2013, there were 211,275 UHNWIs in the world, with a total combined net worth of US$ 29.7 trillion. Billionaires are a special category of UHNWI, having net worth in excess of US$ 1 billion. According to

793-430: Is 62 years old, and 89% of the world's billionaires are male. Approximately 68% of them have a bachelor's degree or higher levels of education. UHNWIs are notable players in the field of philanthropy; many have their own private foundations and support a variety of causes, from education to poverty relief. Financial institutions are known for their targeting of UHNWIs, having specific parts of their bank designed to manage

854-401: Is a huge proportion considering this population is only 0.003% of the world's population. The following table shows the countries with the highest net inflows of HNWIs in 2024 according to the annual Henley & Partners Wealth Migration Report (figures have been rounded to the nearest 100): Summer architecture Summer architecture ( Portuguese : arquitetura de veraneio ) was

915-574: Is based at Queluz National Palace in Sintra . The Casa das Histórias Paula Rego , a museum and art gallery designed by Souto de Moura , houses the largest collection of works by famed artist Paula Rego . The Museum of Portuguese Music , in Estoril , is dedicated to the study and history of the music of Portugal . The Palace of the Counts of Castro Guimarães , in Cascais , Monserrate Palace ,

976-441: Is female, and of these, only 33% are self-made, as opposed to 70% of male UHNW. According to the same 2013 report, twenty-two percent of self-made UHNW individuals have derived their wealth from finance, banking and investment. Almost 15% of individuals with inherited wealth are engaged in non-profit and social organisations. As of 2014, Asia's growth was expected to continue, and this change in demographics has significant impact on

1037-555: The America's Cup World Series . The region has a Mediterranean climate , influenced by the Atlantic Ocean and characterized by moderate temperatures and wet winters. The climate in the area of Cabo da Roca , the westernmost point of Europe , is primarily semi-arid . The Sintra Mountains are considered moderately humid, but precipitation in the mountains is higher than in the surrounding areas. The position of Sintra in

1098-557: The Duke of Palmela and the Duke of Loulé . In time, rich businessmen also built summer houses, including Jorge O'Neil, a tobacco baron, and Henrique de Sommer , who became Portugal's leading cement producer. Estoril would later become a royal retreat for members of the Spanish royal family , Italian royal family , French royal family , Austrian imperial family , and numerous other royal and noble families from across Europe between

1159-662: The Infante Juan, Count of Barcelona (father of Juan Carlos I of Spain ) and the King resided in the territory, as did Umberto II of Italy and Carol II of Romania . It was also in this location that former Portuguese dictator António de Oliveira Salazar had a summer house. It was Salazar who ordered the construction of the E.N.6 motorway, more commonly referred to as the Avenida Marginal , in order for him to quickly travel by car between Cascais and Lisbon. Until then

1220-412: The Portuguese royal family 's Summer residence, which lasted from 1870 to 1908, transforming the seaside village into a cosmopolitan address. Thanks to King Luís I, the citadel was equipped with the country's first electric lights in 1878. Cascais also benefited from the construction of better roads to Lisbon and Sintra, a casino, a bullfight ring, a sports club, and improvements to basic infrastructure for

1281-562: The Second World War , the region was the centre of spies and diplomatic secrecy, situations that provided the region with a cosmopolitan atmosphere and sophistication. Owing to the vision of Fausto Cardoso de Figueiredo and his business partner Augusto Carreira de Sousa, it became an international tourist destination both during and after the Second World War. In July 1940, Edward, Duke of Windsor (former Edward VIII of

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1342-513: The World Wars . In design the new houses were rather different from the houses owned by the nobility in Lisbon, and came to be referred to as summer architecture. They were eclectic, both in their individual designs and in the wide range of architectural styles chosen by the owners, and aimed for a high level of external decoration. Architects used included Thomas Henry Wyatt from England and

1403-421: The 2019 World Ultra Wealth Report published by Wealth-X: There are three different sources compiling these statistics for cities: the most recent data is from Altrata, which found that the four cities with the highest number of ultra-high net worth individuals, as of 2023, were New York City (16,630), Hong Kong (12,546), Los Angeles (8,955), and Tokyo (6,445). Below are previous rankings from Wealth-X and

1464-473: The Billionaire Census 2014, there were 2,325 billionaires in the world, with a combined net worth of US$ 7.3 trillion. In 2014, they represented just over 1% of the world's UHNW population and 24% of the world's UHNW total wealth. The June 27, 2017 "World Ultra Wealth Report" analysed the state of the world's ultra-high-net-worth (UHNW) population, or those with $ 30m or more in net worth. In 2017,

1525-598: The Knight Frank Wealth Report: The World Ultra Wealth Report 2013 was co-published by Wealth-X and UBS . The fifth edition of the report was published on June 27, 2017. Previous World Ultra Wealth Reports were published independently by Wealth-X, in 2011 and 2012 respectively: The Boston Consulting Group (BCG) 2014 Global Wealth Report shows that liquid wealth of the super-rich, referenced as Ultra-High-Net-Worth households, had increased by 20% in 2013. BCG uses

1586-590: The Portuguese Raul Lino , who designed around 700 projects in his lifetime and developed the idealized concept of A Casa Portuguesa or the Portuguese House. Styles used included Italianate , Swiss chalet style , English Gothic , Louis XIII style , and neoclassical . The Palácio do Conde de Castro Guimarães used a Revivalist approach that included Neo-romanticism , Neo-Gothic, Neo-Manueline and Neo-Moorish styles. Following

1647-594: The United Kingdom) and his wife, Wallis Simpson , fled from Occupied France to Estoril , where they lived for a few weeks in the home of Ricardo de Espírito Santo , a Portuguese banker with both British and German contacts. During that time, several dignitaries and exiles came to Estoril: Miklós Horthy , the regent of the Kingdom of Hungary (lived and died in exile after the Second World War);

1708-545: The accessway was nothing more than a dirt road. The roadway permitted the dictator to travel rapidly, and with fewer stops, and it was not possible for him to be recognized easily in transit. Complementing the jet-set community that prospered in the region, Casino Estoril , Europe's largest casino , was founded in 1958. Today the towns of the Portuguese Riviera continue to host the Portuguese elite and be

1769-507: The beginning of the 20th century, Sintra was recognized as a summer resort visited by aristocrats and millionaires. Among these, Carvalho Monteiro, owner of a considerable fortune (known as "Monteiro dos Milhões" ) constructed near the main town on an estate he bought from the Baroness of Regaleira, the Quinta da Regaleira , regarded as a prime example of Neo-Manueline architecture. During

1830-608: The best places to live in Portugal. During the third quarter of the 18th century and practically all of the 19th century, foreign travellers and Portuguese aristocrats, inspired by the Romanticist movement, rediscovered Sintra , a royal retreat during the Portuguese Renaissance , prizing its exotic landscapes and climate. In the summer of 1787, William Beckford stayed with the Marquis of Marialva, master of

1891-543: The broadest definition of the Portuguese Riviera: The Portuguese Riviera is famed as a bastion of culture in Portugal, as the home to numerous prestigious institutions, art galleries, museums, and a cultural agenda including various international music festivals , film festivals , concerts, international summit meetings , and cultural festivals, among others. The riviera is home to numerous Michelin star restaurants and known as

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1952-488: The center of the Romanticist movement in Portugal and the summer residence of the Portuguese nobility . Famous for its grand estates and palaces, Sintra's belle epoch resulted in its numerous villas, gardens, estates, and palaces that characterize the area, which gained Sintra a UNESCO World Heritage designation. Today Sintra is one of Portugal's most expensive and exclusive real estate markets and similarly known for its high standards of living, consistently ranking as one of

2013-526: The coastal region west of the capital Lisbon centered on the cities of Cascais , Sintra , and Oeiras , became a resort destination in the 1870s when King Luís I of Portugal began spending his summers at the Palácio da Cidadela in Cascais. A development boom ensued along the coast, accompanied by the construction of the Cascais railway and the Sintra railway , resulting in the construction of palaces, estates, and chalets of Lisbon's aristocracy for use in

2074-550: The definitions used in the financial and banking trade, the SEC's definition of HNWI includes the value of a person's verifiable non-financial assets, such as a primary residence or art collection. The World Wealth Report was co-published by Merrill Lynch and Capgemini , previously known as Cap Gemini Ernst & Young who worked together since 1993, investigating the "needs of high-net-worth individuals" to "successfully serve this market segment". Their first annual World Wealth Report

2135-491: The greater loss, losing 24.6% in population and 23.9% in accumulated wealth. The report revised its 2007 projections that HNWI financial wealth would reach US$ 59.1 trillion by 2012 and revised this downward to a 2013 HNWI wealth valued at $ 48.5 trillion advancing at an annual rate of 8.1%. The "World Ultra Wealth Report", on UHNW populations—those with "$ 30m or more in net worth"—which was published on June 27, 2017, "this year revealed global growth of 3.5% to 226,450 individuals and

2196-583: The horse for the kingdom, at his residence of Seteais Palace . At the beginning of the 19th century Princess Carlota Joaquina, wife of the Regent John , bought the estate and Ramalhão Palace . Between 1791 and 1793, Gerard Devisme constructed a Neo-Gothic mansion on his extensive estate in the Quinta de Monserrate (later known as the Monserrate Palace ). Beckford, who remained in Sintra, rented

2257-531: The investment adviser reasonably believes exceeds $ 2,200,000 without counting their primary residence) or who is a "qualified purchaser" as defined in section 2(a)(51)(A) of the Investment Company Act of 1940 ). The Dodd-Frank Wall Street Reform Act mandates that the definition of a qualified client be reviewed every five years and adjusted for inflation. For SEC purposes, a person's net worth may include assets held jointly with their spouse. Unlike

2318-425: The luxury industry's troubled year with China's luxury spenders, luxury industry experts continued to be optimistic for their long-term performance, especially from UHNWIs. According to Savills and Wealth-X, in 2014, UHNWIs are particularly relevant to the real estate sector, with the total UHNW population's real estate holdings accounting for over US$ 5 trillion by 2014, or 3% of the world's real estate holdings. This

2379-613: The middle-class, purchases have trended towards intangible products such as education. In the United States, concierge medicine is an emerging trend as of 2017. Most global banks, such as Santander , Barclays , BNP Paribas , Citibank , Credit Suisse , Deutsche Bank , HSBC , JPMorgan Chase , and UBS , have a separate business unit with designated teams consisting of client advisors and product specialists exclusively for UHNWI. These clients are often considered to have characteristics similar to institutional investors because

2440-607: The natural landscape of the Sintra Mountains is influenced by the existence of a micro-climate . Due to its micro-climate, the area has developed a dense foliage with a rich botanical diversity. The coast along Praia do Guincho , located within the bounds of the Sintra-Cascais Natural Park , is known for its particularly strong winds and powerful waves, making it a popular destination for surfing , kitesurfing and windsurfing . Places following

2501-531: The nobility of Lisbon. Following renovation of the house of the governor of the Cascais Citadel , the royal family stayed there for several weeks in 1870 and did so in subsequent years. It rapidly became normal for the nobility to leave Sintra and transfer to Cascais in early to mid-September in order to be close to the king. However, the quality of hotels in the town was considered poor and noble families began to construct their own homes, beginning with

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2562-555: The number and combined investable wealth of high-net-worth individuals as follows (using the United States Consumer Price Index (CPI) Inflation Calculator): Certain products cater to the wealthy, whose conspicuous consumption of luxury goods and services includes, for example: mansions , yachts , first-class airline tickets and private jets , and personal umbrella insurance . As economic growth has made historically expensive items affordable for

2623-534: The number of UHNWIs globally grew 3.5% to 226,450. Their combined total wealth increased by 1.5% to $ 27 trillion. According to Credit Suisse, there were 264,200 UHNWIs with net worth above US$ 50 million at the end of 2021. According to The Knight Frank Wealth Report, HNWI can refer to someone with a net worth of at least US$ 1 million, while UHNWI can refer to someone with a net worth of at least US$ 30 million. The U.S. Securities and Exchange Commission requires all SEC-registered investment advisers to periodically file

2684-460: The opening of a road to the capital in 1863 and the commencement of a stagecoach service. Further stimulus for people to visit Cascais came as a result of the first visit to the town by Queen Maria Pia in September 1867 and the completion of a road from Sintra to Cascais in 1868. Sintra, situated in hills and therefore cooler in the summer, was a popular summer retreat for the royal family and

2745-434: The population. Many noble families built impressive mansions still to be seen in the town centre and environs. The first railway arrived in 1889. In 1896, King Carlos I of Portugal , a lover of all maritime activities, installed in Cascais Citadel the first oceanographic laboratory in Portugal. The King himself led a total of 12 scientific expeditions to the coast; these ended in 1908 with his assassination in Lisbon. From

2806-482: The property from Devisme in 1794. The landscape, covered in fog, also attracted another Englishman, Francis Cook , who occupied the estate, constructing an oriental pavilion. The Palace of Pena , Sintra's exemplary Portuguese Romantic symbol, was initiated by the King-Consort Ferdinand II of Portugal , husband of Queen Maria II of Portugal . In 1854, the first contract was signed to construct

2867-821: The region in the late 20th and early 21st century, including Quinta da Marinha (Cascais), Quinta Patino ( Estoril ), Quinta da Beloura and Quinta da Penha Longa (both in Linhó, Sintra ). Since the middle of the 20th century, the region has come to play host to numerous international sports and entertainment festivals, such as the Lisbon & Estoril Film Festival (in Estoril), the 4 Hours of Estoril endurance race (in Cascais), and NOS Alive music festival (in Algés ). The Cascais Marina has hosted many important events, including

2928-545: The riviera became a center of espionage during WWII, inspiring author Ian Fleming in his creation of the James Bond series. Sintra had been a royal retreat since the Portuguese Renaissance in the 15th century, but it was in the 19th century, when King Fernando II of Portugal decided to build his summer retreat, Pena Palace , in the Sintra Mountains overlooking the Atlantic Ocean , that it became both

2989-487: The second half of the 19th century into the first decades of the 20th century, Sintra also became a privileged place for artists: musicians such as José Vianna da Motta ; composers such as Alfredo Keil , painters like João Cristino da Silva (author of one of the most celebrated canvases of Portuguese Romantic art, "Cinco Artistas em Sintra" ), writers such as Eça de Queirós or Ramalho Ortigão , all these people lived, worked or got inspiration from Sintra's landscapes. By

3050-523: The study of the news and media. The Sintra Natural History Museum is an internationally recognized museum of natural history in the historic center of Sintra . High-net-worth individual High-net-worth individual ( HNWI ) is a technical term used in the financial services industry for people who maintain liquid assets at or above a certain threshold. Typically, they are defined as holding financial assets (excluding their primary residence ) valued over US$ 1 million . A secondary level,

3111-417: The sub-millionaires is expected to increase by 3.7% annually until 2019, the expected growth rate for the super-rich is 9.1%. By 2013, 65% of the world's UHNW population was self-made, as opposed to 19% who had inherited their fortune and 16% who had inherited and grown their wealth. These proportions change dramatically by gender. In the 2013 report, it was revealed that only 12% of the world's UHNW population

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3172-415: The summer. The movement's proliferation in the Portuguese Riviera influenced architectural and stylistic tastes across Portugal's other coastal regions, namely Figueira da Foz and Foz do Douro . Sea bathing was already becoming popular in Portugal in the mid-1850s. Cascais, with its protected beaches, was attracting tourists from the capital, Lisbon , and the numbers increased considerably following

3233-401: The various organizations that target UHNW individuals, such as luxury companies, financial institutions, charities and universities. The following is a list of the countries with the most Ultra high-net-worth individuals (UHNWI) as of 2023 as per the 2024 Knight Frank's Wealth Report: The Billionaire Census is a co-publication of Wealth-X and UBS. In 2013 for example, the average net worth of

3294-404: The vast majority of their net worth and current income is derived from passive sources rather than labor . By 2006, asset managers working for HNW individuals invested more than £300 billion on behalf of their clients. These wealth managers are bankers who in 2006, earned multimillion-pound salaries and owned their own companies and equity funds. In 2006, a list of the 50 top investment bankers

3355-564: The wealth of their UHNW clients. In addition, research on the UHNW is particularly important with upcoming intergenerational wealth transfers in the UHNW population. For example, as of 2014, luxury companies typically target UHNW as a separate segment of their clientele. Daily Finance in 2014, projected that growth in Asia's UHNW population looked promising for the future of the luxury industry. The India's Economic Times said in 2014 that, despite

3416-428: The world's billionaire is US$ 3 billion, with a liquidity on average of 18% of net worth. 60% of the world's billionaires are self-made, 20% have inherited their fortune and 20% have both inherited and grown their wealth. 18% of the world's billionaires have derived their wealth from finance, banking and investment; as opposed to 9% from industrial conglomerates and 7% from the real estate industry. The average billionaire

3477-429: The world's population and hold 13% of the world's total wealth. In 2017, 226,450 people were designated as UHNWI, with their combined total wealth increasing to $ 27 trillion. High-net-worth individual (HNWI) refers to people who maintain assets at or above a certain threshold. Typically, they are defined as holding financial assets (excluding their primary residence ) with a value over US$ 1 million . A secondary level,

3538-470: The world. UHNW individuals "have, on average, eight cars and three or four homes. Three-quarters own a jet aircraft and most have a yacht." As of December 2022 , New York is the wealthiest city in the world with 340,000 HNWIs according to the World's Wealthiest Cities Report 2023 by Henley & Partners : The following list is a list of the cities with the most $ US millionaires as of December 2018 per

3599-447: Was estimated that there are just over 16 million HNWIs in the world, according to the World's Wealthiest Cities Report 2024 by Henley & Partners . The United States had the highest number of HNWIs (5.5 million) of any country, with California , Texas , New York , Florida , and Illinois domiciling the majority stateside. New York City is the wealthiest and most populous city, with 349,500 HNWIs. UHNWIs constitute only 0.003% of

3660-617: Was published by the Spear's Wealth Management Survey . Certain magazines, such as Monocle , Robb Report , and Worth , are designed for a high net worth audience. By 2012, according to Reuters , the UHNW individuals held $ 32 trillion in offshore havens, representing $ 280 billion in lost income tax revenues. Brands in various sectors, such as Bentley , Maybach , and Rolls-Royce actively target UHNWI and HNWI to sell their products. In 2006, Rolls-Royce researchers suggested there were 80,000 people in ultra-high-net-worth category around

3721-446: Was published in 1996. The World Wealth Report defines HNWIs as those who hold at least US$ 1 million in assets excluding primary residence and UHNWIs as those who hold at least US$ 30 million in assets excluding primary residence. The report states that in 2008 there were 8.6 million HNWIs worldwide, a decline of 14.9% from 2007. The total HNWI wealth worldwide totaled US$ 32.8 trillion, a 19.5% decrease from 2007. The UHNWIs experienced

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