Wealthy ‘great relocation’ surges as UAE gains, UK loses

A record-breaking surge in wealthy people “relocating abroad” is reshaping the global balance of power. Countries are increasingly being treated like assets, while citizenship is becoming a tool for diversifying risk. In an era where state policy can change faster than economic fundamentals, capital moves first—and moves more aggressively than ever before.

The migration of “ultra-wealthy families” is no longer just high-end gossip. It is fast becoming a major wave of capital movement that is shaking global geopolitics. Experts estimate this could be the largest private-wealth migration ever recorded.

The push is not driven only by new opportunities, but also by rapidly rising uncertainty, abrupt policy shifts, and growing international tensions.

An adviser who serves ultra-high-net-worth (UHNW) clients—those with wealth of at least US$30 million (around 900 million baht) or more—told CNBC that demand for cross-border relocation services, residency planning and new citizenship applications has surged due to geopolitical tensions and sudden changes in government policy.

A report by UBS, the Swiss multinational investment bank, said that among 87 ultra-wealthy clients surveyed, 36% relocated at least once in 2025, while another 9% were considering relocating. Among billionaires aged 54 and under, as many as 44% relocated over the past year.

“We are now facing the largest private-wealth migration in history in a very real sense,” UBS told CNBC.

Data from Henley & Partners, an investment-migration advisory firm, highlights the scale of the shift. In 2025, the firm received enquiries from people of 218 nationalities, with applications from 100 nationalities across 95 countries to participate in more than 40 residency and citizenship programmes. The number of applications rose by 28% compared with the previous year.

When “citizenship” is an asset, the world’s wealthy diversify risk

In the past, wealthy families typically chose to move to countries with political stability, safety, low taxes and a high quality of life.

What has changed is that they no longer view a country simply through the lens of “liveability”.

They increasingly assess “country risk” the same way they assess financial risk—like investing in equities or bonds, where diversification is essential.

Dipesh Agarwal, managing director and co-founder of Farro & Co., a provider of international relocation solutions, said: “Families are increasingly aware that government policy can change quickly, regulations can tighten, and geopolitical tensions can flare up with little warning.”

He added that the wealthy are now approaching residency and citizenship options with the same logic as diversifying across asset classes—so they are not overly dependent on any single country if policy or political conditions shift.

Experts say two main factors are now shaping migration decisions. The first is geopolitics and the speed of change. Policies that once took decades to unfold can now be pushed through within a single political term.

What used to be “background factors”—geopolitics and policy shifts—have become the primary drivers in deciding where to live. These families are placing greater emphasis than before on a country’s neutrality, the strength of its institutions, and the stability of the rule of law.

A recent example is the United Kingdom, which abolished its long-standing tax regime for “non-domiciled” residents—known as the Non-Domicile Tax Regime—in April 2025, after it had been in place for more than 200 years.

The change means residents’ income may be taxed in full, prompting many ultra-wealthy individuals to reassess whether they should remain in the country.

Henley & Partners estimates that in 2025 the UK will see a net outflow of around 16,500 millionaires—representing about US$92 billion in wealth leaving the country—compared with 9,500 in 2024.

Freedom by choice: the new rich refuse to tie life to one state

Another major driver of wealthy migration is “incentives”.

In the past, relocation was often powered by hope and opportunity—business expansion, new prospects, or tax advantages.

Today, migration has become more “defensive”.

Agarwal said: “Protecting assets has become a core driver alongside the pursuit of growth. Families want to protect assets, preserve wealth across generations, and maintain flexibility in how they operate businesses.”

Jeremy Savory, founder of Savory Partners, which specialises in citizenship- and residency-by-investment programmes, said the world is entering an era where citizenship is no longer a fixed given.

“People’s views of freedom and personal sovereignty are changing,” he said—especially among those with high assets. For them, freedom increasingly means the ability to choose where to live, and personal sovereignty means not having to tie one’s life to the rules of a single state.

“Rapid policy changes, political instability, unrest, and tighter state surveillance—these are having a direct impact on decisions to move,” Savory said.

He cited examples of thousands of people in some countries, including the United States, filing applications to renounce citizenship.

An annual survey by Greenback, an international tax advisory firm, found that the share of Americans living abroad who are considering renouncing US citizenship rose to 49% in 2025 from 30% the previous year. Among respondents, 51% said they were dissatisfied with the government or the political direction of the United States.

The wealthy flock to the UAE and Singapore

Although migration is happening worldwide, capital and high-potential talent are concentrating in a small number of countries known for predictable policies and strong legal systems.

Number one is the United Arab Emirates (UAE), which many advisers view as the biggest winner of the current wave. Its advantages include no personal income tax, no wealth tax, no capital-gains tax, and a flexible Golden Visa programme.

The Golden Visa is a scheme that allows foreign nationals to obtain long-term residency and, in some cases, eventually citizenship, in exchange for investment such as real estate, government bonds, or local businesses.

Dominic Volek, head of private clients at Henley & Partners, said: “It is clear the UAE remains the strongest magnet for wealthy families.”

Henley & Partners estimates the UAE saw a net inflow of 9,800 millionaires last year—the highest in the world.

In Europe, countries such as Portugal and Greece continue to attract interest through Golden Visa schemes.

Meanwhile, Italy, Monaco and Switzerland remain destinations for families seeking long-term stability and tax certainty.

Another standout is Singapore—particularly among families who prioritise regulatory stability and strong financial infrastructure, even though entry requirements have become more demanding.

Newer destinations are also gaining popularity, such as Saudi Arabia’s Premium Residency programme, which has issued more than 8,000 permits since the programme was expanded in 2024.

Caribbean citizenship programmes—such as Antigua and Barbuda, Grenada, and St Kitts and Nevis—are often used as supplementary options alongside European residency strategies.

Ultimately, wealth advisers stress that private-capital migration is no longer a small phenomenon. It has become a mainstream trend in modern global finance.