A record number of the world's ultra-wealthy are relocating, with over 142,000 High-Net-Worth Individuals (HNWIs) expected to have moved to a new country by the end of 2025. This marks a dramatic increase from 108,000 in 2018, according to data from the private wealth research firm Henley & Partners. The surge in migration is reshaping global wealth flows, with traditional hubs like the UK and China losing ground to emerging destinations.
"We're seeing a dramatic shift in global wealth flows," said Jeremy Savory, founder of the global consulting firm Millionaire Migrant. "More people are rethinking traditional wealth hubs while places like Portugal, the UAE, and Singapore are surging in popularity." The reasons behind the exodus are multifaceted, with key drivers including favourable tax regimes, political stability, and superior quality of life.
Tax Efficiency Tops the Agenda
For wealthy non-Americans, minimising tax burdens is a primary motivator. Countries offering advantageous policies on capital gains, income, and estate taxes are proving highly attractive. Switzerland employs a lump-sum tax scheme based on lifestyle expenses, while Panama only taxes income earned within its borders. The United Arab Emirates (UAE) levies no income tax, relying instead on a 5% value-added tax.
Basil Mohr Elzeki, Managing Partner at Henley & Partners, notes that for US citizens, who are taxed on worldwide income, the benefit is different. "Obtaining additional residencies and citizenships still remains a hedge for future potential tax reforms in the United States," he stated, highlighting a strategy to mitigate against domestic policy changes.
Seeking Safety and Stability
Geopolitical safety is another critical factor, with wealthy individuals increasingly leaving regions plagued by instability, civil unrest, or conflict, such as Venezuela, the Democratic Republic of Congo, and Sudan. Concurrently, quality of life considerations—access to healthcare, education, safety, and public amenities—are paramount in relocation decisions.
American entrepreneur Andrew Rosener, who relocated his family to Portugal in 2018, exemplifies this trend. "Portugal checked every box: safe, sunny, affordable, and steeped in a culture that feels both European and Latin American," he said. He reported the value of his property has increased by 250% since purchase.
The Premier Destinations for the Global Elite
The United Arab Emirates (UAE): Dubai has cemented itself as the top destination, expecting nearly 10,000 wealthy migrants this year alone. "Dubai's appeal is its pro-business environment, minimal red tape, and tax-free status," explained Elzeki. Jeremy Savory, who lives in Dubai, attributes the possibility of such migration to technology, stating, "Technology is enabling us to live anywhere."
Portugal: Despite the closure of its Golden Visa programme's most generous tax break in March 2025, Portugal remains a major draw, particularly for Americans. Its warm climate, laid-back lifestyle, and specific tax incentives for scientific research and innovation continue to attract wealthy migrants, though rising real estate prices have prompted policy adjustments.
Singapore: Asia's premier business hub attracts wealthy entrepreneurs from China, India, and the West with its strategic location, lack of capital gains tax, and pro-business environment. "It's a place that offers both lifestyle and business opportunities without the tax burden," said Andrew Amoils, head of research at New World Wealth.
Italy: An unexpected favourite, Italy appeals with a flat tax capped at €200,000 annually, rich culture, and scenic landscapes. "It's more affordable than places like Monaco or London, yet it offers that European charm with significant tax benefits," noted Elzeki.
Australia & New Zealand: Known for stable economies and high quality of life, both countries remain attractive, though Australia now prioritises younger skilled migrants. New Zealand offers a straightforward investment-based residency pathway for those seeking a peaceful retreat.
Passport Power and Future Planning
Beyond immediate benefits, acquiring a second residency or citizenship acts as a strategic "Plan B." This provides a safeguard against unforeseen political upheaval, greater travel freedom with fewer visa requirements, and enhanced personal and professional flexibility. This trend underscores a broader shift where nations are actively competing to attract the investments and talents of the global wealthy.