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Society

Athens Rises as a Global Hub for Millionaires Despite Economic Challenges

While Athens may not sparkle like some Middle Eastern cities fueled by oil wealth, it’s emerging as a contender for the well-heeled and millionaires, challenging global financial hubs.

According to the 2024 World’s Wealthiest Cities index by Henley & Partners, Athens ranks second among rising centers of affluence, boasting 22,600 millionaires, marking a 15% increase over the past decade. This resurgence follows a tumultuous period from 2010 to 2018, during which Greece’s GDP plummeted by 25% due to economic crises and austerity measures.

Moreover, Athens is home to 42 individuals with fortunes exceeding $100 million, along with three unnamed billionaires. The city’s resurgence is attributed in part to its Golden Visa program, which offers residency permits to wealthy foreigners and their families in exchange for property investments, bolstering property prices and attracting high-income earners.

Despite its economic strides, Greece lags in Henley & Partners’ opportunity index, signaling room for improvement in creating opportunities for career advancement and legacy-building. Nonetheless, Athens’s ascent underscores its growing prominence as a global destination for the affluent elite.

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