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Dr. Juerg Steffen, FIMC, is the Chief Executive Officer at Henley & Partners.
The migration of affluent individuals and private wealth — whether through residence and citizenship by investment programs or other channels — has shifted from a post-pandemic rebound to a structural, long-term trend. With yet another record-breaking year of millionaire migration in 2025, the global movement of wealth is now firmly established as a defining feature of the international economy. High-net-worth individuals (those with investable wealth of USD 1 million or more), centi-millionaires (USD 100 million or more), or billionaires are no longer merely hedging against uncertainty — they are strategically positioning themselves, their families, and their assets to capitalize on growth opportunities in an increasingly fragmented world.
While significant numbers have already relocated, many more continue to reassess their options, weighing the benefits of alternative residences or citizenships as a safeguard against persistent geopolitical tensions, economic turbulence, and accelerating technological disruption. Governments, eager to attract capital and talent, are expanding their range of migration pathways — from tailored residence and citizenship programs to niche citizenship by merit options — intensifying global competition to attract the wealthy and the skills, businesses, and influence they bring.
A wide range of factors motivates the wealthy to migrate, but the core drivers remain consistent: the pursuit of a higher standard of living, broader opportunities for business diversification, premium education for their children, and a more desirable or healthier environment. Increasingly, however, resilience to climate and other risks, access to innovation-friendly ecosystems, and supportive regulatory environments — including for digital assets — are shaping relocation decisions. Recent years of pandemic disruption, socio-economic volatility, persistent geopolitical tensions, and ongoing conflicts in regions such as Europe and the Middle East, as well as Africa, have further underscored the importance of safeguarding family security, avoiding restrictive or unstable regimes, securing world-class education and healthcare, and benefiting from more favorable tax environments.
Migration data for high-net-worth individuals in Figure 1 reflects the number of millionaires who have moved to a new country each year since 2013 — specifically, those who have relocated and remained for longer than six months. As illustrated, wealth migration had been steadily accelerating in the years leading up to 2020 before the Covid-19 pandemic and its resulting lockdowns and travel restrictions in 2020 and 2021 temporarily suppressed global mobility. A rapid recovery followed, with record flows in 2023 (120,000) and 2024 (134,000). The figure for 2025 stands at a new high of 142,000 millionaire relocations, and forecasts for 2026 point to another surge, with as many as 165,000 expected to move — the largest migration of wealth on record.
Recent years have reinforced the critical importance of geographic diversification and access to alternative residences or citizenships. For those with dual citizenship or permanent residence rights, the ability to relocate offered not only peace of mind but also tangible lifestyle and business advantages. As global uncertainties persist, the appeal of residence and citizenship programs has grown exponentially, empowering high-net-worth individuals to safeguard their families, enhance their mobility, and position themselves advantageously in a volatile world. This trend underscores the evolution of residence and citizenship strategies into an indispensable solution for addressing the complex challenges of our times.
The residence and citizenship advisory sector, now worth an estimated USD 20 billion, has become essential for high-net-worth individuals seeking stability, security, and mobility, enabling wealth preservation and strategic flexibility.
Figure 1. Millionaire migration since 2013
Note: Figures rounded to the nearest 1,000. The Covid-19 pandemic prevented millionaire migration tracking in 2020 and 2021.
Sources: The Henley Private Wealth Migration Report 2025 and New World Wealth data
An increasing outflow of millionaires is often a sign of a drop in confidence in a country, since high- and ultra-high-net-worth individuals have the means to leave and are usually the first to exit when circumstances change.
Along with their families, millionaires also bring to their host countries their wealth and the taxes they pay. The loss of millionaires may be detrimental to the local economies and property markets of the countries they depart from. In some cases, these individuals relocate their businesses — and the jobs the businesses generate — as well as their skills, qualifications, and influence. Therefore, while millionaires reflect only a small percentage of a country’s population, attracting, producing, and retaining them is an important endeavor for any country.
There is no doubt that the past five years have intensified competition to draw wealth and in-demand skills. In this environment, some nations have proved especially innovative. The UAE, for example, has consolidated its position as a leading destination for global talent and capital through business-friendly policies, lifestyle advantages, and its highly attractive golden visa program. With the world order upended and trade and investment flows shifting, such strategies are no longer optional — they are essential. The jurisdictions that adapt quickly, enhance their livability, and actively court mobile wealth will be the ones that prosper in the decade ahead.
Many of the world’s leading financial centers are in countries that host residence and citizenship programs and actively encourage foreign direct investment in return for residence rights — including the USA, the UK, Hong Kong (SAR China), Singapore, the UAE, Switzerland, and Luxembourg. The programs give high-net-worth individuals and their families the flexibility to relocate while securing the right to live, study, access quality healthcare, and conduct business in their new jurisdictions. Beyond mobility and security, they also open the door to prime real estate markets, dynamic business opportunities, premium education, and high-quality lifestyles in some of the most stable and well-connected economies globally.
Residence and citizenship by investment programs in sought-after countries such as Cyprus, Greece, Malta, Mauritius, Panama, and the UAE and across the Caribbean offer attractive real estate options. International property has always been a reliable asset class, delivering consistent returns and enabling affluent investors to protect and grow their wealth through portfolio diversification. Real estate-linked residence and citizenship programs uniquely combine two valuable assets in a single process: access to multiple jurisdictions and ownership of prime international property.
Investing in real estate for residence rights or citizenship of another country offers all the classic benefits of property ownership with added strategic advantages. In many cases, investors can expect to recoup their capital and potentially realize gains after just five years. Properties may be used as primary or secondary homes, vacation retreats, or income-generating rentals, often in strong currencies such as the euro — a particularly attractive hedge for investors from weaker currency markets.
Two decades ago, residence and citizenship optionality was often considered a niche option reserved for the ultra-wealthy, and in some cases even regarded as unpatriotic. Today, it has become a widely accepted and strategically important wealth planning tool. With more countries now permitting dual citizenship and refining or developing new residence and citizenship pathways, the sector has gained extraordinary momentum. For governments, these programs provide a valuable source of debt-free capital, while for investors they offer access to new opportunities, enhanced mobility, and a secure framework for protecting wealth and legacies. What was once peripheral is now firmly embedded in the mainstream of global wealth management.
Henley & Partners assists international clients in obtaining residence and citizenship under the respective programs. Contact us to arrange an initial private consultation.
