Spike In Millionaires Relocating Overseas

“Seismic political and economic shifts are seeing the world’s wealthy vote with their feet,” says Knight Frank, as wealth builds and a large proportion of nations hold elections.

Policy and tax changes are coming thick and fast, impacting property markets, cross-border investment and wealth flows,” explains the firm. This shifting landscape is prompting many high net worth individuals to look at crossing borders in search of safer havens, lower taxes, and/or better quality of life.

Analysis by Henley & Partners suggests a record 128,000 millionaires will relocate globally this year, surpassing the previous record of 120,000 set in 2023. Nearly one in five (19%) ultra-high-net worth individuals surveyed by Knight Frank said they are planning to apply for a second passport or new citizenship in 2024.

Changes in market conditions, tax incentives, visa options, and lifestyle improvements can drive relocation decisions among the wealthy. The pandemic, new hybrid working models and a rise in early or semi-retirement among those in their fifties have contributed to this trend of increased mobility.

The convergence of major global elections, policy shifts, geopolitical tensions and rising public deficits – intensified by the pandemic – is prompting high-net-worth individuals to reassess where they can best achieve an ideal lifestyle and safeguard their assets. Europe stands out in their evaluations, offering transparent property markets, top-tier education, accessibility, excellent healthcare and a high level of security and stability.