According to New World Wealth data, a record 165,000 millionaires are projected to relocate globally in 2026, up from an estimated 142,000 in 2025. This surge represents a fundamental shift in how wealthy individuals approach international mobility, with more than 600 high-net-worth individuals expected to move countries on every working day of 2026. The trajectory shows dramatic acceleration over the past decade: 2013 saw roughly 51,000 millionaire relocations, followed by 110,000 in 2019 before the pandemic, 120,000 in 2023 as mobility rebounded, and 142,000 in 2025 which was itself a record year. As reported by UBS Billionaire Ambitions Report 2025, 36% of billionaires relocated at least once in 2025, with another wave actively planning moves for 2026.
The 2026 edition introduces a new Global Wealth Mobility Framework developed by Henley & Partners, evaluating jurisdictions across 12 dimensions including taxation, quality of life, rule of law, geopolitical stability and capital mobility. This represents a shift from the previous approach of tracking millionaire inflows and outflows toward a broader assessment of structural competitiveness. Monaco scores 70 out of 100 in this new framework, placing it among a group of "highly competitive" jurisdictions alongside Switzerland, Greece, Hong Kong, Portugal and Italy. The report defines millionaires as individuals with investable wealth of at least one million US dollars who have relocated and remained in a new country for longer than six months. Notably, 44% of billionaires under 54 treat mobility as a default strategy rather than a last resort, with younger wealth holders thinking in decades and optionality.
While tax remains a powerful catalyst for wealth movement, it is no longer the sole driver. Changes to tax regimes, including higher wealth taxes, inheritance taxes, and less predictable fiscal policies are increasingly influencing millionaire decisions. The UK's non-domicile tax regime changes have triggered particular concerns among wealth advisers and family offices, with many affluent residents exploring relocation options. According to Bitizenship analysis, the leading reasons cited by relocating billionaires are better quality of life (cited by 35%) and tax efficiency (cited by 35%), with roughly equal weight given to these factors. The United Kingdom records the largest outflow with a net loss of roughly 16,500 millionaires, while China loses 7,800, India 3,500, and South Korea 2,400. France scores 65.7, the UK 68.3, Germany 69.7 and Norway 69.0 — all described as losing ground as tax reforms, fiscal uncertainty and policy shifts prompt wealthy individuals to reassess their options.
Singapore leads at 79.5 on the wealth mobility competitiveness scale, followed by New Zealand at 75.8, with Cayman Islands at 74.3, Cyprus at 73.5, and Netherlands at 72.8 rounding out the upper tier. Portugal scores 72.5 and Italy 72.3, placing both among Europe's most competitive destinations. Other leading destinations include Switzerland at 70.8, Greece at 70.5, Germany at 69.7, Norway at 69.0, and France at 65.7. Monaco achieves a Wealth Mobility Competitiveness Score of 70.0 out of 100, alongside Switzerland, Greece, Hong Kong, Portugal and Italy in the "highly competitive" category. The United Arab Emirates leads global inflows with a net gain of roughly 9,800 millionaires, followed by United States at 7,500, Italy at 3,600, Switzerland at 3,000, Saudi Arabia at 2,300, and Singapore at 1,600.
The US scored just 62.3 on the new framework despite its scale, a result Henley & Partners attributes to a paradox: America generates more wealth than any other country, but it is also the firm's single largest source market for applications. Applications from US nationals doubled in 2025 versus the prior year and have stayed elevated into 2026, as affluent Americans seek international diversification in unprecedented numbers. Apex surveyed 1,733 Americans with household incomes above $200,000 and found that 61% said they would consider leaving the United States within five years, with nearly 63% saying they had considered diversifying assets outside the country. Forty-two percent of high earners rated the U.S. economy as weak or very weak, while three in four expressed alarm about the Iran War. Cost of living and taxes ranked above political climate as the primary driver, cited by 68% of those open to emigrating, compared to 54% who named politics. Nuri Katz of Apex Capital Partners noted that "the rate of growth in interest from North America is the fastest of any country in the world," describing it as "the new China of the 2020s."
