Wealthy Covid-19 Refugees

Posted in: Migration patterns

WHAT: In the spring of 2020, many of New York’s millionaires and billionaires moved out of the cities to places like Long Island or Palm Beach in Florida to await the end of the pandemic. Some bought homes there just to escape the city and lockdowns – a trading platform has even been opened in the Palm Beach Four Seasons Resort, by a hedge fund manager who moved dozens of employees and their families to Florida. Sotheby’s, Pace and Acquavella have all opened temporary galleries and auction houses in Palm Beach to cater to their newly moved clients.


SO WHAT: There have been similar trends on a more moderate scale, where residents of countries with stricter restrictions have temporarily moved to work in countries with lighter restrictions or in cities with more green areas and proximity to nature. The fact that companies and services are already establishing themselves in smaller cities, following their target markets, indicates that this is a phenomenon which opens up for new thinking, new markets but also for potentially creating a more permanent move for these businesses. There is a great interest in living further away from big cities, and companies with a flexible business strategy can find new ways to generate income by reflecting the behaviours of their target markets.