The cross-border migration of the world’s wealthiest families is accelerating in what experts are calling the largest transfer of personal wealth ever recorded. Advisers who work with ultra-wealthy clients told CNBC that demand for cross-border migration, residency planning and citizenship consulting services is being driven by geopolitical tensions and sudden policy shifts. A report by Swiss multinational investment bank UBS found that 36% of the 87 billionaire clients surveyed have already moved at least once in 2025, and a further 9% are considering doing so. Among billionaires under the age of 54, 44% emigrated last year. Families are increasingly aware that policy regimes can change rapidly. Deepesh Agarwal of Faro & Company told CNBC: “We are truly experiencing the largest movement of personal wealth in history.” Data from investment migration consultancy Henley & Partners shows the extent of that change. The company received inquiries from 218 nationalities in 2025, leading to applications for more than 40 residency and citizenship programs from 100 nationalities in 95 countries. The number of applications also increased by 28% compared to the previous year. Jurisdictional Risk Wealthy families have historically been drawn to jurisdictions that offer political stability, personal security, low taxes, and a high quality of life. What has changed, advisers say, is that jurisdictional risk is now treated like financial risk and must be actively diversified. “Families are increasingly aware 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 of Faro & Company, an international mobility solutions provider. Agarwal said wealthy people consider the same considerations when it comes to where they live and their citizenship options as they would diversify their assets overall, so they don’t become overly reliant on any one country even if policies and politics change. There are two main factors that define migration today, the first being geopolitics and the speed of migration development. Experts say policy changes that once took decades to implement can now be implemented within a single political cycle. Geopolitics and policy change, once background considerations, are now decisively coming to the fore. Residency decisions are increasingly informed by assessments of neutrality, institutional robustness and the strength of the rule of law. A recent example is the UK. In the UK, the abolition of the non-resident tax system in April 2025 after more than two centuries has led to a sudden reappraisal of the country among the wealthy. Henley & Partners estimates that around 16,500 millionaires in the UK will have a net loss in 2025, compared to 9,500 in 2024, with assets estimated at around $92 billion. The second factor driving wealthy migration is motivation. Early waves of relocation were often optimism-driven in pursuit of growth, opportunity, or tax benefits. Today’s movements are increasingly defensive. “Conservation has joined the growth as the main driver,” Agarwal said. “There is a stronger conservation impulse to protect assets, maintain intergenerational continuity and maintain operational flexibility.” Jeremy Savory, founder of Savory Partners, which specializes in citizenship and investment residency programs, said the changes reflected a deep decline in trust in the political and financial system. “There has been a fundamental shift in the way people view freedom and individual sovereignty,” Savory said. “Rapid policy changes, political instability, social unrest, and increased surveillance are increasingly influencing relocation decisions,” he said, noting that thousands of people are renouncing their citizenship in countries such as the United States. According to an annual survey by international tax consulting firm Greenback, the percentage of U.S. citizens living abroad who say they are considering renunciation of citizenship has jumped to 49% in 2025 from 30% the previous year. Among respondents, 51% cited dissatisfaction with the U.S. government or its political direction. Where are the rich going? Despite global changes, capital and talent are concentrated in a relatively small number of jurisdictions that offer policy predictability and strong legal frameworks. Topping the list is the United Arab Emirates, which advisors consistently say is the biggest beneficiary of the current economic cycle. Zero personal income tax, no wealth or capital gains tax, and a flexible golden visa framework make it a major migration hub. Golden visa programs allow foreigners to obtain long-term residency rights and, in some cases, a path to citizenship, usually in exchange for qualifying investments in real estate, government bonds, local businesses, etc. “It is clear that the United Arab Emirates continues to stand out as a leading destination for high-net-worth individuals,” said Dominic Volek, Head of Private Clients at Henley & Partners. Henley & Partners estimates the UAE saw a net inflow of 9,800 billionaires last year, the largest of any country in the world. Europe continues to attract interest through the Portugal and Greece golden visa routes, while Italy, Monaco and Switzerland are attracting families looking for long-term stability and tax certainty. Experts say that despite high entry thresholds and limited access, Singapore remains an attractive destination, especially for families who prioritize regulatory stability and a sound financial infrastructure. Beyond traditional hubs, new entrants are gaining momentum. Saudi Arabia’s Premium Residency Program has issued more than 8,000 permits since its expansion in 2024, while the Caribbean citizenship programs in Antigua and Barbuda, Grenada and St. Kitts and Nevis are increasingly being used as a strategic complement to European residency strategies. At the end of the day, what is clear is that the movement of personal wealth is no longer a fringe phenomenon, wealth advisors said.
