Where are the rich moving? It's not just Dubai that tempts them

The entrepreneur was one of the first. In 2018, “only” 108 thousand people with extremely high wealth emigrated to a new country. Since then, global migration of the ultra-rich has skyrocketed.

According to the research company Henley & Partners, specializing in the analysis of private wealth, 134,000 people moved in 2024. the wealthiest people – in a year when over 70 countries held elections, turning existing social norms upside down. By the end of 2025, the number of relocations of high net worth individuals was expected to exceed 142,000.

— We are seeing a dramatic shift in global capital flows – says Jeremy Savory, founder of Millionaire Migrant, a global consulting firm that helps wealthy families relocate. “More people are reconsidering traditional wealth centers such as the UK and China, while Portugal, the UAE and Singapore are gaining ground,” he adds.

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Why do the richest move?

The reasons for moving are as varied as the people who decide to do them, but a few factors stand out. Tax optimization is at the top of the list. Wealthy people outside the U.S. are increasingly looking for countries where they can keep a larger share of their income — especially in terms of capital gains, income and inheritance tax. Countries with lower tax burdens offer significant financial advantages, making them uniquely attractive to global elites.

Switzerland, for example, uses a flat-rate tax system that uses the taxpayer's lifestyle expenses as the tax base rather than global income and assets. Panama taxes its citizens only on income earned within its territory, making it a true tax haven. The UAE does not charge income tax; instead they rely on 5%. VAT.

Because U.S. citizens are taxed on their global income, they do not receive the full benefits of alternative tax strategies — unless they move out of states like California and New York, with their high state and city taxes. However, as Basil Mohr Elzeki, managing partner at Henley & Partners, says, “obtaining additional residences and citizenships remains a safeguard against future tax reforms in the United States.”

Another factor is geopolitical security. With increasing political instability, civil unrest and even the threat of war in many parts of the world – such as Venezuela, the Democratic Republic of the Congo and Sudan – wealthy people are choosing to leave regions where they feel unsafe for more stable and safer environments.

Quality of life also matters. The Rosener family thrives in Portugal, where they have access to good health care, world-class education, clean and well-kept public spaces, and low crime rates. At the same time, the country offers very limited social benefits and some of the lowest salaries in Europe, which discourages less wealthy migrants looking for work. — So if you are looking for employment, there is no reason to come here says Rosener.

A “good” passport at a price

However, the role of business opportunities when choosing a place to live cannot be ignored. Many of the richest move to cities that offer greater freedom of entrepreneurshipwhich is often missing in more bureaucratic regions. The ability to start and run companies with fewer regulatory barriers is a strong magnet for people looking to take advantage of global opportunities or launch a start-up.

The benefits of having a “good” passport should not be underestimated either. With travel restrictions increasing in many countries, the wealthy are applying for a second residency or even multiple citizenships as a form of security. This “plan B” gives them not only a strategic escape route in the event of unforeseen political or social turmoil, but also a greater sense of freedom and flexibility in their private and professional lives. Additionally, such passports reduce the need to apply for visas.

Where do rich people most often move? [RANKING]

Here are the five (actually six) most important destinations that are winning this geopolitical race to attract the world's richest people.

It's no surprise that Dubai has strengthened its position as a top destination for the global elite in recent years, attracting the wealthy from Europe, Russia and other regions (though recent events could change much of that). Known for its favorable tax solutions and luxurious lifestyle, it offers an attractive package to the ultra-rich. According to Elzeki, the UAE continues to see a significant influx of migrants, especially after recent tax reforms. This year, almost 10 thousand. wealthy foreigners are expected to move to the UAE, making it the most popular destination for ultra-wealthy migrants.

Savory believes technology is the main reason the global wealthy are able to move. – Technology allows us to live anywhere, says a Briton living in Dubai. – Just like in business, the world has become an open playing field. Governments must compete with each other to attract investment and wealthy immigrants.

– Dubai's advantages include a business-friendly environment, minimal bureaucracy and no income tax, says Elzeki. – This is an ideal place for people who want to invest and live in a luxurious environment with limited state interference – he adds.

The city's charm does not only apply to business magnates. Many artists, athletes and tech entrepreneurs also make Dubai their home, although relatively few come from the United States. With a steady influx of talent and investment – ​​especially in real estate – Dubai is quickly becoming a global powerhouse.

Portugal remains one of the most popular destinations, especially for American multimillionaires looking for a foothold in Europe. The so-called the Golden Visa program for “non-custody residents” was a key factor, although it expired in March 2025. New expats no longer receive 10 years of tax relief; currently they pay 20%. tax on most income earned in Portugal and do not pay tax on foreign income.

Despite this, relatively low taxes, a warm climate and a peaceful lifestyle still attract people from all over the world, especially from the USA and Brazil. “Portugal's tax incentives, such as research and innovation tax credits, are extremely attractive,” says Elzeki. “With a fast track to citizenship, many choose to pursue residency as a safeguard,” he adds, meaning protection against chaos in their country of origin.

Singapore stands out as an Asian business center. The strategic location and tax benefits attract wealthy entrepreneurs, investors and specialists. The lack of capital gains tax and a very friendly business environment make it one of the main choices of global billionaires, especially from China and India. Additionally, it is clean, safe and located close to places such as Bali and Phuket.

Italy has become an unexpected favorite among the wealthy, especially Americans looking for a lifestyle change and favorable tax treatment. Italian flat tax, limited to 200,000. euro per year (twice as much as the year before), applies regardless of the amount of incomemaking it particularly attractive to the ultra-wealthy. Combined with its rich history, stunning landscapes and friendly climate, the country attracts an increasing number of billionaires.

• Australia and New Zealand

Australia and New Zealand continue to attract high-net-worth individuals, although distance can be a limiting factor. Both countries are known for stable economies, excellent health care and high quality of life. Australia remains a popular choice among South Africans and the UK, especially retirees, although it has changed its rules in the last decade to favor younger candidates with specific skills.

New Zealand offers a simpler path to residency through an investment program. For those looking for a refuge from geopolitical risk and a peaceful lifestyle, a country with a relatively low cost of living and pristine nature remains a strong candidate.

The above text is a translation from American edition of Business Insider