When entrepreneurs sell their companies, the first big purchase they make is usually a second home. And now is the time of year when those who can migrate to their holiday retreat, be it in Cornwall, Saint-Tropez, Martha’s Vineyard or the Hamptons.
But do such vacation residences make any economic or emotional sense?
I estimate there are at least 15m second homes around the world: for starters, there are 3m in the US and another 3m in France. The latter has some of the highest concentration of holiday home ownership per capita in the world – estimated at more than one in 10 households.
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