Global Migration Trends Among Ultra-High-Net-Worth Individuals

The migration of ultra-high-net-worth individuals (UHNWIs) has seen a significant increase, with 134,000 relocating in 2024 alone, according to Henley & Partners. This trend reflects a broader shift in global wealth flows, as wealthy individuals reassess traditional wealth hubs like the United Kingdom and China in favor of countries such as Portugal, the United Arab Emirates (UAE), and Singapore. By the end of 2025, projections indicate that over 142,000 UHNWIs will have moved to new countries.

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While the migration of UHNWIs is often viewed positively in terms of economic contributions to host countries, critics argue that it can exacerbate local inequalities. Countries like Portugal, which attract wealthy migrants, may provide limited social benefits and low wages for the local population, potentially leading to a disparity in living standards.

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Basil Mohr Elzeki, Managing Partner at Henley & Partners, noted that obtaining additional residencies and citizenships serves as a hedge against potential tax reforms in the United States. This sentiment reflects a broader trend among the wealthy to secure alternative options for residence and citizenship as a safeguard against unforeseen political or social upheaval.

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• “We're seeing a dramatic shift in global wealth flows,” — Jeremy Savory, Founder of Millionaire Migrant

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• “So if you're looking for work, there is no reason to come here,” — Rosener, Resident of Portugal

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As the geopolitical landscape continues to evolve, it is likely that the trend of UHNWIs relocating to more favorable environments will persist. Countries will likely continue to compete for this demographic, implementing policies aimed at attracting wealthy individuals while balancing the needs of their local populations.

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