Global Private Wealth Relocation Accelerates as Jurisdictional Risk Repriced

The cross-border movement of ultra-high-net-worth individuals is accelerating into what advisers describe as the largest private wealth migration on record, as affluent families increasingly treat jurisdictional exposure as a strategic risk variable.

Demand for residency planning, second citizenship and cross-border structuring services rose sharply in 2025, driven by geopolitical tensions and rapid policy shifts, according to advisers and migration consultancies cited by CNBC. UBS reported that 36% of the 87 billionaires it surveyed relocated at least once in 2025, with an additional 9% considering a move. Among billionaires aged 54 and younger, 44% changed residence last year.

Henley & Partners said it received enquiries from 218 nationalities in 2025, resulting in applications spanning 100 nationalities across 95 countries and more than 40 residency or citizenship programs. Application volumes increased 28% year on year.

Advisers say the shift reflects a change in posture. Historically, wealthy families relocated primarily in pursuit of growth, opportunity or tax efficiency. Increasingly, moves are described as defensive — focused on asset protection, generational continuity and operational flexibility.

Policy volatility has emerged as a key catalyst. In the United Kingdom, the abolition of the long-standing non-domicile tax regime in April 2025 prompted reassessment among affluent residents. Henley & Partners estimates the UK recorded a net loss of approximately 16,500 millionaires in 2025, representing roughly $92 billion in private wealth, compared with 9,500 in 2024.

Capital and talent are concentrating in a limited number of jurisdictions perceived to offer institutional stability, legal certainty and fiscal predictability.

The United Arab Emirates is widely cited by advisers as the leading beneficiary of the current cycle, supported by zero personal income tax, no wealth or capital gains taxes and a flexible Golden Visa framework. Henley & Partners estimates the UAE recorded a net inflow of 9,800 millionaires in 2025, the largest globally.

Singapore continues to attract families prioritizing regulatory stability and financial infrastructure, while European residency programs in Portugal and Greece remain active pathways. Italy, Monaco and Switzerland continue to draw long-term capital seeking tax clarity and political continuity. Saudi Arabia’s expanded Premium Residency Program and Caribbean citizenship-by-investment jurisdictions are also gaining traction as supplementary strategic options.

Advisers say the underlying shift reflects a broader reassessment of sovereignty exposure. Where domicile was once a background consideration, families are increasingly evaluating neutrality, rule-of-law strength and institutional durability alongside financial portfolio diversification.

The trend suggests that private wealth mobility is evolving from episodic relocation to structured jurisdictional diversification — positioning geography itself as a component of capital allocation strategy.