The famous Spanish city loved by British tourists that's become millionaires' favourite

A famous Spanish city loved by British tourists is now becoming a top choice for millionaires, as wealthy individuals look for the perfect place to relocate.

Barcelona has always been a popular holiday destination, attracting visitors with its stunning architecture, sandy beaches, and world-class football team.

But now, according to Knight Frank’s European Lifestyle Report, the city is seeing a surge in high-net-worth individuals moving in.

The report, which surveyed 700 millionaires across 11 countries, found that 83% preferred city living over rural or resort locations, with Barcelona ranking among the top choices.

The biggest draws for wealthy buyers were security, privacy, economic opportunities, and tax benefits.

Barcelona’s booming economy and growing tech industry are key factors behind the trend.

The city has recovered strongly since the 2020 pandemic, with GDP growth outpacing the Spanish national average.

Barcelona has also become a hub for big international companies, with Apple, Microsoft, Sony, and LG all opening digital centres there.

The 22@ district, an urban regeneration project that has transformed old industrial land into a hub for tech startups, research centres, and major businesses, has been a big part of the city's transformation.

Amazon and Facebook have set up offices there, creating thousands of jobs and attracting skilled professionals and entrepreneurs from around the world.

Barcelona’s quality of life is another major reason millionaires are moving in. The city enjoys mild winters and warm summers, ranging from 7C in winter to 27C in summer.

Its beaches, mountain views, and green spaces make it ideal for outdoor activities like hiking, cycling, and water sports.

The Mediterranean lifestyle is also a big attraction. The city is known for its food, wine, and cafe culture, and both locals and expats enjoy a very relaxed way of life.

There’s plenty to do, from exploring Gaudi’s famous La Sagrada Familia to visiting art galleries, theatres, and historic sites.

Barcelona’s nightlife is also famous and has everything from cosy bars to beachfront clubs.

What’s more, for families, Barcelona’s healthcare and education systems make it a strong choice.

Spain’s public healthcare is highly rated, and the city has top private hospitals and clinics.

There are also many international schools, making it a good option for expats with children.

And despite its rising popularity, Barcelona remains more affordable than other big European cities.

In 2024, the cost of living was around 33% lower than in London, and rent was 57% cheaper on average.

The city also has an efficient public transport system that makes it easy to get around, with a well-connected metro, bus, and tram network, as well as bike-friendly streets.

Many residents find they don’t need a car, making life easier and more affordable.