Greece Overtakes Italy as the Premier Mediterranean Destination for Billionaires, Mykonos Loses Its Allure


In a remarkable shift, Greece has emerged as the top choice for billionaires seeking luxurious getaways in the Mediterranean, outshining Italy, which had long held the coveted position.

However, to the surprise of many, the once-favoured island of Mykonos seems to have fallen out of favour with the ultra-wealthy elite.

Jules Maury, director of Scott Dunn Private, a division of the renowned travel agency catering to clients who spend over $100,000 annually on vacations, observes that Mykonos is no longer as appealing to her affluent clientele. Instead, she recommends itineraries that include the picturesque islands of Paros and Milos for yacht vacations in Greece.

Edward Granville, director of Red Savannah, a prestigious London-based company specializing in catering to the travel needs of the world's wealthy, concurs that Greece has taken the lead among the top destinations, surpassing Italy, which had previously held the top spot. Many of his clients spend an average of £35,000 ($40,000) on their vacations, with some extravagantly splurging up to $1 million. Granville acknowledges the transformation in preferences, stating that the allure of Greece, particularly Paros, has surpassed the once-crowded and pricey Mykonos. Paros offers a return to the serene Greece of the past, free from the party frenzy and beach club atmosphere that dominated Mykonos.

The surge in Greece's popularity among the super-rich is attributed to the desire for serene experiences on uninhabited islands accessible only by boat. Business Insider identifies the trend of "surf-and-turf travel," where billionaires spend one week in opulent hotels or villas and another week on lavish yachts. Notably, yacht sales skyrocketed during the pandemic, and the interest in yacht rentals continues to be high.

Granville notes that yachts have become a preferred mode of travel for the affluent, but not necessarily extravagant, vessels owned by Russian oligarchs. Instead, they seek comfortable, well-appointed boats with spacious areas, sunbeds, and water toys. The super-rich also favours private islands and hotels that can be exclusively booked for their group, allowing them to escape the crowds and maintain privacy.

Aside from Greece, Botswana has become a favoured destination for billionaires seeking a closer connection to nature. Here, they can reserve entire hotels and immerse themselves in the stunning wildlife, observing leopards and elephants with only their companions.

In Greece, an undisclosed isolated gem, a property in Porto Heli, resembling a charming village with seven houses, a quaint square, and a taverna. The property, owned by a shipowner who built it for personal use, costs $185,000 weekly. The owner prefers to keep it discreet and has no intentions of advertising or promoting it, granting rental approval only to select clients.

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