Where Global Wealth Is Moving
A few things I've been watching this week—each offering a window into how new wealth is forming and where it tends to flow.
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I spent some time in Provence this week, and one highlight was Château La Coste, a spectacular trail of art and architecture set within the rolling vineyards of Provence.
Above is “Boxes Full of Air” by Sean Scully, a monumental steel structure set into the landscape. I love how the beams frame the Provençal sky and vineyards.
A few things I’ve been watching this week—each offering a window into how new wealth is forming and where it tends to flow.
Of Note
A significant wave of new wealth is forming in the Bay Area. OpenAI recently allowed employees to sell up to $30 million in shares each through a secondary transaction. More than 600 current and former employees participated, with roughly $6.6 billion sold in a single event.
This is how new buyer pools are created: quickly, and often before the broader market fully registers it.
Wealth concentration in the U.S.: The 400 richest Americans now hold a combined $6.8 trillion or about 4% of total U.S. wealth.
Across all billionaires, that figure approaches $9 trillion, or just over 5%.
The top 1% controls roughly 29% of total wealth; the top 10% begins around a net worth of $1.6 million.
Capital is being created, and concentrated, faster than it appears on the surface.
A related point: the most productive economies globally—measured by GDP per hour worked—are led by Ireland, Norway, Luxembourg, Belgium, and Switzerland.
These are also the types of environments that tend to attract and retain globally mobile high-net-worth individuals, driven by a combination of tax structure, workforce quality, and political stability. Ireland, in particular, has become a hub for multinational corporations, reinforcing its position within that ecosystem.
Paris Continues to Attract Global Wealth
Europe’s luxury housing markets feel like they’re entering a new phase, with uncertainty acting more as a catalyst than a deterrent.
According to Knight Frank, global capital continues to flow into Europe’s prime and super-prime markets, supported by a softer euro, lower borrowing costs, and shifting tax policies across key jurisdictions. The European Central Bank’s four rate cuts in 2025 improved financing conditions, while the UK’s rollback of non-dom status accelerated wealth migration toward continental Europe.
Within that landscape, Paris remains one of the most consistent destinations.
Supply remains structurally constrained due to strict planning regulations, while demand continues to center on Haussmannian apartments and landmark views—particularly in the 7th and 16th arrondissements. At the same time, buyer interest is expanding into more central districts such as the 9th.
The picture across Europe isn’t uniform. Zurich and Frankfurt posted gains, while Paris and Milan saw more modest growth. London values softened amid broader structural and tax-related changes.
Elsewhere, capital continues to find its way into lifestyle-driven markets. Spain and Portugal recorded some of the strongest residential growth in 2025, supported by sustained demand from Northern Europe, the U.S., and Latin America.
In the Alps, markets such as Gstaad and Verbier remained active.
At the very top end, Monaco reached new pricing highs, pushing some buyers outward into the French Riviera and neighboring coastal markets.
But Paris sits in a slightly different position. For many buyers, it represents a long-term foothold: it combines cultural depth, global connectivity, and a level of stability that continues to draw capital.
New York This Week: TEFAF & Frieze
TEFAF at the Park Avenue Armory. May 15–19, 2026.
TEFAF is the most refined and connoisseur-driven fair in New York. Less frenetic than Frieze, it’s grounded in scholarship, design, craftsmanship, and provenance, with museum-quality material throughout. You’ll see everything from Jean Prouvé furniture and antiquities to modern masters and exceptional jewelry, all set within the extraordinary period rooms of the Armory.
This is where art, architecture, collectible design, and interiors intersect most clearly. This year, there’s also notable attention on modernist design and architecture, including rare Jean Prouvé works and architectural pieces.
Jean Prouvé’s the Maison des Jours Meilleurs
Frieze (at The Shed through today, May 17) operates on a very different energy. Much younger, faster, and more global-contemporary, it’s where you see what major galleries are pushing right now, and where the contemporary market conversation is moving.
Expect blue-chip contemporary galleries, emerging artists, and a strong cultural crossover between art, fashion, media, and design. This year’s edition includes a notable Latin American presence, alongside roughly 65–70 leading galleries.
If TEFAF feels like cultivated depth and timelessness, Frieze feels like velocity and cultural momentum.
Introducing Issue 12 of Curated Magazine
COMPASS just released the latest issue of Curated, which takes a broader look at luxury across markets in the U.S.
With each issue of Curated Magazine, we at COMPASS set out to capture where luxury is now and where it’s headed next. Today’s buyers are more discerning, more globally minded, and more design-conscious than ever before. In response, COMPASS agents continue to push boundaries, crafting narratives around properties, leveraging innovative marketing strategies, and connecting extraordinary homes with the right audience in meaningful ways.
Now on our 12th issue, this edition of Curated Magazine reflects that evolution. From architecturally significant estates to serene coastal escapes and contemporary residences at the forefront of design, each property represents a distinct vision of modern luxury living.
Featuring 21 states. 98 homes.
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