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Millionaires leave UK, flock to UAE in largest shift in modern history
Wealth advisers say the migration is no longer driven purely by opportunity but increasingly by risk management
- PUBLISHED: Thu 12 Feb 2026, 11:08 AM
A record wave of global wealth migration is reshaping the economic map as high-net-worth individuals and billionaires increasingly treat residency and citizenship as strategic assets — and the UAE is emerging as the biggest winner while the UK faces the steepest outflows.
In what advisers describe as the largest private-wealth migration in modern history, wealthy families are relocating at an unprecedented pace in response to geopolitical tensions, tax changes and policy uncertainty. Capital is moving faster than ever, often ahead of economic fundamentals, as the world’s richest individuals seek safety, flexibility and long-term stability.
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Data from Swiss banking giant UBS show that among 87 ultra-wealthy clients surveyed, 36 per cent relocated at least once in 2025, while a further 9 per cent were considering moving. Among billionaires aged 54 and under, as many as 44 per cent shifted residence last year, underscoring the scale of the global reshuffle.
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“We are now facing the largest private-wealth migration in history in a very real sense,” UBS said in comments cited by CNBC.
Henley & Partners, a global investment-migration advisory firm, reported enquiries in 2025 from individuals of 218 nationalities and applications from 100 nationalities across 95 countries for more than 40 residency and citizenship programmes. Application volumes rose 28 per cent year on year, reflecting surging demand for second residencies and alternative passports.
Wealth advisers say the migration is no longer driven purely by opportunity but increasingly by risk management. Ultra-high-net-worth families — typically defined as those with at least $30 million in assets — are treating countries like diversified investments, spreading exposure across jurisdictions to hedge against sudden policy shifts, political instability or regulatory tightening.
“Families are increasingly aware that government policy can change quickly, regulations can tighten and geopolitical tensions can flare up with little warning,” said Dipesh Agarwal, managing director and co-founder of international relocation advisory Farro & Co. “Residency and citizenship decisions are now approached with the same logic as diversifying across asset classes.”
Policy changes that once unfolded over decades are now being implemented within a single political cycle, turning geopolitics and taxation into primary relocation triggers. The United Kingdom offers a stark example. In April 2025, Britain abolished its long-standing non-domiciled tax regime after more than 200 years, subjecting many wealthy residents to full taxation on global income.
The impact has been swift. Henley & Partners estimates the UK recorded a net outflow of about 16,500 millionaires in 2025 — representing roughly $92 billion in wealth — compared with 9,500 in 2024. The shift has cemented Britain’s position as the world’s biggest loser in the current wealth migration cycle.
Jeremy Savory, founder of Savory Partners, said wealthy individuals are redefining personal freedom and sovereignty. “Rapid policy changes, political instability, unrest and tighter state surveillance are having a direct impact on decisions to move,” he said. “People no longer want to tie their lives and assets to a single jurisdiction.”
A survey by international tax advisory firm Greenback found that 49 per cent of Americans living abroad were considering renouncing US citizenship in 2025, up from 30 per cent a year earlier, with more than half citing dissatisfaction with political direction or governance.
While migration is global, capital is clustering in a handful of stable, business-friendly destinations — with the UAE firmly at the top. Henley & Partners estimates the Emirates recorded a net inflow of 9,800 millionaires in 2025, the highest worldwide.
Dominic Volek, head of private clients at Henley & Partners, said the UAE remains the “strongest magnet” for wealthy families due to its combination of zero personal income tax, no wealth or capital-gains taxes, long-term Golden Visa residency options and a stable regulatory environment.
Dubai in particular has emerged as a leading hub for global wealth, offering political neutrality, world-class infrastructure and strong legal protections alongside a cosmopolitan lifestyle and strategic location between Europe, Asia and Africa. The emirate’s booming property market, deepening financial ecosystem and pro-business policies have reinforced its appeal as a safe haven for both capital and talent.
Singapore continues to attract wealthy families prioritising regulatory stability and sophisticated financial infrastructure, although stricter entry requirements have raised the bar. In Europe, Portugal and Greece remain popular through investment-linked residency schemes, while Italy, Monaco and Switzerland continue to draw those seeking long-term stability and tax certainty.
Newer destinations are also gaining traction. Saudi Arabia’s Premium Residency programme has issued more than 8,000 permits since its expansion in 2024, while Caribbean citizenship-by-investment programmes are increasingly used as supplementary options for global mobility.
Wealth advisers say the surge in cross-border relocation marks a structural shift in global finance rather than a temporary trend. High-net-worth individuals are no longer simply buying homes abroad — they are building multi-jurisdictional lives to safeguard assets and ensure flexibility in an unpredictable world.
In an era defined by sudden tax reforms, geopolitical friction and shifting alliances, the world’s wealthiest are voting with their feet — and their fortunes — with the UAE emerging as the clear beneficiary of a historic global migration of private capital.
