The movement of the world’s richest families across borders is accelerating into what experts are calling the most significant private wealth migration ever recorded. Demand for cross-border relocation, residency planning and citizenship consultancy services is being driven by geopolitical tensions and sudden policy shifts, advisers who work with ultra-high-net-worth clients told CNBC. According to a report by Swiss multinational investment bank UBS, 36% of its 87 billionaire clients surveyed had already relocated at least once in 2025, while another 9% were considering doing so. Among billionaires aged 54 and below, 44% moved last year. Families increasingly recognize that policy regimes can change rapidly. Farro & Co. Deepesh Agarwal “We are truly experiencing the largest private wealth migration in history,” UBS told CNBC. Investment migration consultancy Henley & Partners’ data points to the breadth of the shift. The firm received enquiries from 218 nationalities in 2025, translating into applications from 100 nationalities across 95 countries for more than 40 residency and citizenship programs. Application volumes also rose 28% year on year. Jurisdictional risks Affluent families have historically gravitated toward jurisdictions offering political stability, personal safety, low taxes and high quality of life. What has changed, advisers say, is that jurisdictional risk is now being treated like financial risk, something to be actively diversified. “Families increasingly recognize that policy regimes can change rapidly, regulatory frameworks can tighten, and geopolitical tensions can escalate with limited notice,” said Deepesh Agarwal, managing director and co-founder at Farro & Co., an international mobility solutions provider. Wealthy individuals are treating where they live and what citizenship options they have with the same considerations they would extend to diversifying investments across assets, so they’re not overly dependent on any single country if policies or politics shift, Agarwal said. There are two main factors defining today’s migration, with the top being geopolitics and the speed at which it is developing. Policy changes that once took decades to materialize can now be implemented within a single political cycle, experts said. Once a background consideration, geopolitics and policy changes has now moved decisively to the foreground. Residency decisions are increasingly informed by assessments of neutrality, institutional robustness and rule-of-law strength. A recent example is the United Kingdom, where the abolition of the non-domicile tax regime in April 2025, after more than two centuries, triggered a sharp reassessment of the country among its wealthy residents. Henley & Partners estimates that the UK saw a net loss of about 16,500 millionaires in 2025 — with their wealth estimated at about $92 billion — compared with 9,500 in 2024 . The second factor driving the migration of the wealthy is motivation. Earlier waves of relocation were often optimism-led, chasing growth, opportunity or tax advantages. Today’s moves are increasingly defensive. “Protection has joined growth as a primary driver,” Agarwal said. “There is a stronger safeguarding impulse, protecting assets, preserving generational continuity and maintaining operational flexibility.” The shift reflects a deeper erosion of confidence in political and financial systems, said Jeremy Savory, founder of Savory Partners that specializes in citizenship and residency-by-investment programs. “There has been a fundamental change in how people view freedom and personal sovereignty,” Savory said. “Rapid policy changes, political instability, civil unrest and increased surveillance are increasingly influencing relocation decisions.” He pointed to thousands of citizenship renunciations in countries such as the United States. The share of U.S. citizens living overseas who said they were considering renouncing their citizenship jumped to 49% in 2025 from 30% a year earlier, according to an annual survey by international tax consultancy Greenback. Among respondents, 51% cited dissatisfaction with the U.S. government or its political direction . Where are the wealthy going? Despite the global nature of the shift, capital and talent are clustering in a relatively small number of jurisdictions that offer policy predictability and strong legal frameworks. At the top of the list is the United Arab Emirates, which advisers consistently describe as the leading beneficiary of the current cycle. Its zero personal income tax, absence of wealth and capital gains taxes, and flexible Golden Visa framework have made it a primary relocation hub. Golden visa programs allow foreign nationals to obtain long-term residency, and in some cases a pathway to citizenship, in exchange for qualifying investments, typically in real estate, government bonds or local businesses. “It’s clear that the United Arab Emirates continues to stand out as the premier magnet for wealthy families,” said Dominic Volek, group head of private clients at Henley and Partners. Henley & Partners estimates that the UAE saw a net inflow of 9,800 millionaires last year, the largest of any country globally. Europe continues to attract interest through golden visa pathways in Portugal and Greece, while Italy, Monaco and Switzerland draw families seeking long-term stability and tax certainty. Singapore remains another attractive location, particularly for families prioritizing regulatory stability and sound financial infrastructure, even as higher entry thresholds limit access, experts said. Beyond traditional hubs, new entrants are gaining traction. Saudi Arabia’s Premium Residency Program has issued more than 8,000 permits since its 2024 expansion, while Caribbean citizenship programs in Antigua and Barbuda, Grenada, and St. Kitts and Nevis are increasingly used as strategic complements to European residence strategies. At the end of the day, what is clear is that private wealth migration is no longer a fringe phenomenon, wealth advisors said.
Wednesday, February 11
The world’s rich are relocating at a pace unseen in history — where are they going?
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