Millionaire Migration Push and Pull Factors

The global geopolitical and economic landscape is becoming increasingly complex, shaped by changing governments, evolving fiscal policies, and shifting impacts on wealth. Amid recent elections in major economies and ongoing economic turbulence, one constant endures: the continued acceleration of internationally mobile wealth towards pro-business, low-tax, and lifestyle-friendly destinations.

This year’s Henley Private Wealth Migration Report confirms a continuing trend: high-net-worth individuals are increasingly willing to switch domicile to more attractive jurisdictions, with a record 142,000 millionaires expected to move in 2025. This aligns closely with what we’re observing at St. James’s Place (SJP), a FTSE-listed wealth manager with a presence across the UK, UAE, Hong Kong, and Singapore. Outside the UK, we have seen a significant 204% increase in website enquiries in the past 12 months — particularly in relation to tax planning, succession structuring, and the regulatory implications of relocation. Half of these enquiries are coming from the UAE.

UK high-net-worth departures

Nowhere is the appetite to relocate more evident than in the UK. As a UK-headquartered company, we have seen several clients explore their residence options following recent inheritance tax, business tax, capital gains tax, and farm tax increases, particularly among UK business owners looking to set up in the UAE.

The net outflow of millionaires from the UK (provisionally ‒16,500 this year, the highest number on record for any country), underscores the delicate balancing act faced by national governments as they attempt to increase tax revenue while remaining an attractive home for investors, entrepreneurs, and business owners. The speed and high volume of millionaires seeking pastures new also highlights the relative ease with which high-net-worth individuals can relocate their assets, livelihood, and capital.

Beyond the bottom line

Affluent investors are motivated by more than tax, however. The Henley Private Wealth Migration Report 2025 supports what we are hearing on the ground; that wealthy individuals and their families have diverse reasons for relocating. Lifestyle, culture, climate, and language remain pull factors. Nations with relatively high taxes, such as Canada, Australia, and New Zealand, remain highly attractive destinations for our clients, with Italy, Malta, and Portugal also popular, as demonstrated in the report.

In our experience, migration behaviors differ depending on wealth brackets. Lower net worth millionaires are more likely to prioritize lifestyle factors over financial and tax considerations, with wealthier individuals highly motivated by tax. For this reason, international wealth will continue to flow to a wide range of countries. Internationally mobile high-net-worth investors have an attractive and growing list to choose from.

The UAE’s golden allure

While tax efficiency is an obvious pull factor for millionaires, perceptions of pro-business policy, a location’s regulatory framework, climate, and lifestyle are also major draws for globally mobile individuals who have their pick of jurisdictions.

It is no surprise, then, that the UAE, notably Dubai, is the world’s leading hotspot for international wealth. Its zero income tax environment, well-established Dubai International Financial Centre (DIFC) hub, thriving job market, and well-documented sunshine have been a considerable pull factor for many of our clients since we established our presence in Dubai two years ago.

The UAE is cementing its status as a global financial hub, an increasingly attractive option for individuals seeking employment opportunities or relocating their business. Its diverse, multi-national population and widespread use of English make it particularly appealing to those relocating from English-speaking countries. As a result, settling in the UAE has never been more accessible.

The rise of the Emirates is impacting some of the more traditional destinations for high-net-worth individuals. Wealth is now flowing to the UAE and Saudi Arabia at the expense of historic financial centers such as Singapore and Hong Kong. Yet these two territories, like London, will remain attractive destinations for wealth in the long-term due to their well-established financial sectors, robust regulatory frameworks, and relative institutional resilience.

Rising demand for cross-border advice

As the migration of international wealth accelerates, demand for complex, cross-border financial advice is growing.

High-net-worth investors face intricate challenges when moving their assets overseas and require a guiding hand to navigate these complexities. In an increasingly transient world, global citizens require holistic financial advice that considers assets across multiple borders, multi-jurisdictional tax planning, and tailored solutions that can meet their short- and long-term needs.

All too often, high-net-worth individuals are reactive in their approach to wealth and tax planning, seeking advice only after issues arise. Those considering relocation should always engage professional advisors early to develop comprehensive financial plans that factor in tax estate planning, retirement strategies, and potential downside risks. Cross-border moves are complex, particularly for those managing businesses, real estate, and other global assets. Expert guidance is essential to avoid costly pitfalls and ensure a smooth transition.

As international wealth becomes increasingly fluid, and global connectivity simplifies relocation, individuals must adopt a holistic perspective on how changing jurisdictions can impact their financial lives, from business interests and tax liabilities to estate plans and succession strategies. While switching domicile has never been easier, effectively managing cross-border wealth is far from simple.