Billionaires Move Their Wealth Driven by Fear and Diversification
An unprecedented exodus of the wealthy... Where are the fortunes of the world's richest people headed?
The world is witnessing an unprecedented wave of relocations by the ultra-wealthy across borders, in what experts describe as the largest movement of private wealth in modern history. Wealthy families are redrawing their living maps and redistributing their assets at an accelerated pace, driven by political instability and sudden shifts in economic policies around the globe.
CNBC, citing sources working with ultra-high-net-worth clients, reported that demand for international relocation services, residency planning, and citizenship surged last year as the wealthy sought safer and more stable environments, according to Al Arabiya Business.
Meanwhile, a report by UBS revealed that 36% of its 87 billionaire clients had already left their home countries at least once during 2025, while 9% were considering taking the same step. The figure rises to 44% among billionaires under the age of 54. The bank stated, "We are already experiencing the largest exodus of private wealth in history."
Data from the global consulting firm Henley & Partners confirms the scale of this shift. The firm received inquiries from 218 nationalities in 2025, resulting in applications from 100 nationalities across 95 countries for more than 40 residency and citizenship programs. The number of applications jumped by 28% year-on-year.
Sovereign Risk: A New Concept in the Making
The wealthy have long gravitated towards countries offering political stability, personal security, low taxes, and a high quality of life. However, experts say that what's new today is that sovereign risk is now being managed in the same way as financial risk.
“Families are becoming increasingly aware that political systems can change rapidly, the regulatory environment can tighten, and geopolitical tensions can escalate without warning,” said Dipesh Agarwal, CEO and co-founder of Farro & Co.
In other words, residency and citizenship are now being managed as part of a diversification strategy, similar to investment allocation, to avoid dependence on a single country should its policies or political trajectories shift.
Henley & Partners estimates that the UK will have lost 16,500 millionaires by 2025, with a combined wealth of around $92 billion, compared to 9,500 millionaires in 2024.
The second factor driving the exodus of wealthy individuals is defense. Previously, waves of migration were driven by optimism, seeking growth, opportunities, or tax advantages. Today, migration is increasingly defensive.
“Protection has joined growth as a key driver,” said Agarwal. “There is a stronger incentive to protect assets, ensure generational continuity, and guarantee operational flexibility.” This shift reflects a deeper erosion of trust in political and financial systems, says Jeremy Savory, founder of Savory Partners, a firm specializing in citizenship and residency by investment programs.
“People’s perception of freedom and personal sovereignty has fundamentally changed,” Savory added. “Rapid policy changes, political instability, civil unrest, and increased surveillance are increasingly influencing relocation decisions,” he said, citing thousands of cases of people renouncing their citizenship in countries like the United States.
According to an annual survey by the international tax consultancy Greenback, the percentage of U.S. citizens living abroad who reported considering renouncing their citizenship rose to 49% in 2025, compared to 30% the previous year. Fifty-one percent of those surveyed expressed dissatisfaction with the U.S. government or its policies.
Where are the wealthy headed?
Despite the global nature of this shift, capital and talent are converging in a relatively small number of countries that offer stable policies and robust legal frameworks.
The United Arab Emirates tops the list, consistently described by consultants as the biggest beneficiary of this economic cycle. Its lack of personal income tax, absence of wealth and capital gains taxes, and flexible golden visa scheme have made it a major hub for relocation.
Golden visa programs offer foreigners long-term residency, and in some cases a path to citizenship, in exchange for qualifying investments, typically in real estate, government bonds, or local companies.
Henley & Partners estimates that the UAE saw a net inflow of 9,800 millionaires last year, the highest number among all countries. Europe continues to attract attention through golden visa programs in Portugal and Greece, while Italy, Monaco, and Switzerland draw families seeking long-term stability and tax guarantees.
Singapore is another attractive destination, particularly for families who prioritize regulatory stability and a robust financial infrastructure, although high entry requirements limit access, according to experts.
Beyond the traditional hubs, new destinations are gaining traction. Saudi Arabia’s Premium Residency Program has issued more than 8,000 permits since its expansion in 2014, while Caribbean citizenship programs in Antigua and Barbuda, Grenada, and St. Kitts and Nevis are increasingly being used as strategic complements to European residency programs.
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