The Mega-Rich Are Moving: Here's Where They're Going and Why

Q: Why the Ultra-Wealthy Are Leaving

Three factors dominate the decision: 1. Tax Efficiency — For non-Americans, reducing exposure to capital gains, income, and estate taxes is the #1 driver. Switzerland: Lump-sum tax based on lifestyle expenses, not global income Panama: Only taxes income earned within the country — true territorial taxation UAE: Zero income tax, just a 5% VAT For US citizens, moving from high-tax states like California or New York still delivers meaningful savings. As Basil Mohr Elzeki, Managing Partner at Henley & Partners, notes: "Obtaining additional residencies and citizenships still remains a hedge for future potential tax reforms in the United States." 2. Political Instability — 2024 saw more than 70 countries go to the polls, sending wealthy families searching for stability and predictability. 3. Quality of Life — Safety, climate, culture, and infrastructure. Not every millionaire is chasing a tax break — some are chasing a better life.

By SaveDelete February 24, 2026 Updated: February 24, 2026

The world's wealthiest are voting with their feet — and the numbers are staggering.

According to private wealth research firm Henley & Partners, 142,000+ high-net-worth individuals (HNWIs) were expected to have relocated to new countries by the end of 2025 — up from just 108,000 in 2018. That's a 31% surge in just seven years.

So where are they going, and why?

Why the Ultra-Wealthy Are Leaving

Three factors dominate the decision:

1. Tax Efficiency — For non-Americans, reducing exposure to capital gains, income, and estate taxes is the #1 driver.

Switzerland: Lump-sum tax based on lifestyle expenses, not global income
Panama: Only taxes income earned within the country — true territorial taxation
UAE: Zero income tax, just a 5% VAT

For US citizens, moving from high-tax states like California or New York still delivers meaningful savings. As Basil Mohr Elzeki, Managing Partner at Henley & Partners, notes: "Obtaining additional residencies and citizenships still remains a hedge for future potential tax reforms in the United States."

2. Political Instability — 2024 saw more than 70 countries go to the polls, sending wealthy families searching for stability and predictability.

3. Quality of Life — Safety, climate, culture, and infrastructure. Not every millionaire is chasing a tax break — some are chasing a better life.

The New Hotspots for Wealthy Migrants

"We're seeing a dramatic shift in global wealth flows," said Jeremy Savory, founder of Millionaire Migrant. "More people are rethinking traditional wealth hubs like the UK and China, while places like Portugal, the UAE, and Singapore are surging in popularity."

Portugal

Andrew Rosener, founder of domain brokerage MediaOptions, moved to Portugal in May 2018, citing the Golden Visa, Startup Visa, Digital Nomad Visa, and Tech Visa as key draws. "Portugal created the single greatest immigration culture on Earth," he says. His home has since risen 250% in value.

UAE (Dubai & Abu Dhabi)

No income tax, world-class infrastructure, and a booming tech scene make the UAE a powerhouse for relocating wealth. It has become the go-to hub for entrepreneurs and investors from Europe, Asia, and increasingly the US.

Singapore

Southeast Asia's financial capital remains a magnet. Strong rule of law, a stable government, and favorable business conditions keep Singapore near the top of every HNWI relocation list.

The Numbers Tell the Story

Year	HNWIs Relocated
2018	108,000
2024	134,000
2025 (est.)	142,000+

What This Means

For countries welcoming wealthy migrants, this represents a massive economic opportunity — skilled entrepreneurs, capital investment, job creation, and tax revenue. For countries losing them, it's a warning signal about political and fiscal competitiveness.

The ultra-rich have always had options. Now, more than ever, they're using them.

Source: Henley & Partners / Yahoo Finance