The great wealth migration
The wealthy and their wealth are moving as never before; reports suggest that voluntary cross-border migration of wealth is now at an all-time high and still growing. Yet changing places can be more complex than at first appears and may not work out as intended. Informed consideration of all the implications, both practical and intangible, is critical.
Authors
Wealth has always been mobile. High-net-worth (HNW) individuals and families have the resources and often the motivation to move, whether for reasons of tax, lifestyle or security. But today, we are seeing something more than the simple continuation of a long-established pattern. An era of shifting economic policies and geopolitical risk is bringing with it a super-cycle of wealth migration – and the implications and challenges for individuals and for economies are often underestimated.
Data from The Organisation for Economic Co-operation and Development (OECD), World Bank and International Monetary Fund show that the annual totals of millionaires are varying by country at rates that cannot be explained by economic growth or contraction alone, suggesting that “millionaire migration” is increasing significantly.
Millionaire populations are far from static
Changes in USD millionaire populations 2023-24
Source: UBS Global Wealth Report, 2025. UBS calculation based on data from OECD, IMF, UN, World Bank and national statistics offices.
Yet mobility comes with its own challenges and costs, says Samuel Bosanquet of Schroders Family Office Service: “The migration of high-net-worth individuals and families has gone from being an occasional story to something closer to an accepted norm. But if that makes it sound like moving jurisdictions is easy, that is far from the truth.”
Tax is often the starting point
What lies behind this apparent acceleration of wealth migration? Tax is certainly a key consideration. As developed economies grapple with huge debt burdens, some are expanding taxes on the wealthy. Those jurisdictions that can offer the same stability with lower taxes are increasingly alluring.
The UK is a case in point. Inheritance tax (IHT) will apply to the worldwide assets of long-term residents who used to be considered “non-domiciled” much sooner under the new long-term resident rules: assets are caught after ten rather than fifteen years. This is prompting some to consider leaving the UK; exact figures are disputed, but based on recent reports it is feasible that at least 10% of the impacted population has left.
We are even starting to see increased mobility amongst UK citizens who have spent all their lives in the country. “It used to be very hard to shake off UK domicile and the UK IHT net,” explains Jonathan Brownlow of Cazenove Capital’s Wealth Planning team, “but once UK citizens have been non-resident for more than ten of the past twenty years, their non-UK assets are outside scope. Spending 10 years abroad isn’t an option for everyone. But we are seeing more interest from those who have already been working abroad for a few years.”
Look at the interactions – and watch for changes
International tax considerations quickly get very complicated – and problems can arise. “Someone may be considering a move because of one tax consideration – for instance, the capital gain associated with selling a business. But you need to understand the full range of other taxes that apply as well,” says Brownlow. “It’s also possible that holding structures that are tax-efficient in one jurisdiction are not in another,” he adds.
Long-standing tax rules can also change, sometimes unexpectedly. “The UK is not the only country that changes tax policy,” notes Brownlow. This has proved to be the case in jurisdictions that have attracted high-net-worth individuals in the past. Oman, which has said it plans to introduce income tax in 2028, is just one example.
A changing world drives mobility
Of course, tax is not the only driver of mobility. Conflict, political upheaval and economic uncertainty are also at work, creating a multi-directional flow of millionaires. High-profile individuals have moved to the UK or EU to escape political changes in the US – the so-called “Donald Dashers” – while conflict and changing geopolitical relationships have also driven moves in Eastern Europe, the Middle East and Asia.
Cotswolds charm: untouched villages such as Bibury, Burford, Bourton-on-the-Water (pictured) and Castle Combe seem tailor-made for Instagram posts.
There are longer-term trends at work here, too. We are all more used to remote working and more wealth is being created in the digital world, making physical location less important. The net result has been that the wealthy seem to be more inclined to move in search of greater security or more favourable financial environments.
Don’t let the tax tail wag the dog
Many people seeking to move jurisdictions – for whatever reason – may assume that once a new place to reside has been identified and vetted, relocation is merely administrative. That is often not the case, says Bosanquet. There are many practical considerations, including some that rarely figure on the relocation agenda. “Take the case of a family that applied for passports for a second country, reached the end of the process, and were surprised to discover that their children could be required to undertake national service.”
Then, there’s the reality of living in another country and society. “Unfortunately, people still make the mistake of not researching where they are planning to live in enough depth,” adds Brownlow. “Somewhere that feels perfect on holiday might present unexpected challenges when it comes to everyday living – whether that’s adapting to extreme weather or local customs.”
Bosanquet agrees. “It’s all the other parts of the equation, and especially the family dynamics, that need to be thought through,” he says. “I have seen cases where someone has spent a lot of time looking at tax and business issues, but when they properly discuss it with their spouse or family they realise that the lifestyle factors just won’t work.”
Rain follows a sand storm in Abu Dhabi, July 2025.
In the end it comes down to the detail
Despite the obstacles, international moves are clearly becoming more common – and in many cases deliver significant benefits. “We’ve seen a relatively small number of clients actually leave the UK, but there is more interest in the options available,” notes Brownlow.
Bosanquet adds that while it may seem obvious, it remains important for families thinking about a move to take their time, ask the right questions and recognise the complexity involved. “It isn’t a straightforward process, and each family’s circumstances are unique,” he explains. “Whenever clients assume that changing where they live is quick or simple, the reality soon proves otherwise.” Careful planning, full awareness of the legal and tax implications, and professional advice are essential.
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