The addresses of ultra-high-net-worth individuals (UHNWIs) globally have shifted dramatically since the onset of the COVID-19 pandemic. A report by UBS has revealed a notable trend: billionaires are relocating more frequently and prioritizing countries that offer safety, healthcare, and opportunities for wealth preservation. This trend reflects a broader change in global wealth dynamics and migration patterns among the world’s elites.
Post-Pandemic Migration
The pandemic has catalyzed relocation, affecting the demographics of even the wealthiest. According to UBS, 176 billionaires, or about one in every 15 elite globally, have relocated in the past four years. This wave of relocation shows a reassessment of priorities, with health, education, and security becoming determining factors during uncertainty.
Countries like Switzerland, the United Arab Emirates (UAE), Singapore, and the United States have emerged as destinations for relocating billionaires. The robust healthcare systems, access to elite educational institutions in these nations, and political stability have made them attractive among billionaires.
UBS noted, “The shock of the pandemic put a premium on first-class healthcare, while young families increasingly value excellent education and a safe environment.”
Reasons to Choose These Destinations
Switzerland is reputed globally for providing world-class healthcare and private wealth management. The UAE and Singapore have capitalized on their geopolitical positioning and strong governance to attract UHNWIs. The US has always been a favorable destination for relocation because of its economic opportunities and advanced infrastructure.
The report also highlighted that the aging billionaire demographic with growing family needs shapes this relocation trend. Many elites seek jurisdictions with legal frameworks supporting wealth transfer across generations to ensure long-term financial stability for their heirs.
Middle East and Africa on the List
Interestingly, some Middle Eastern and African countries are also on the list of key relocation hotspots. In the last four years, billionaires with a combined net worth exceeding $400 billion have relocated to these regions. The Middle East’s strategic tax policies and Africa’s growing economic potential have positioned these regions as desirable havens for the ultra-wealthy.
A US-based billionaire echoed this sentiment, explaining their decision to relocate, said to the authors of a UBS report, “People are relocating to jurisdictions not just for tax benefits, but also for safety and political reasons.” The billionaire added, “I moved several years ago with my family to a country, state, and city that affords the benefits most seek.”
Regions Losing Their Billionaires
While some areas are attracting billionaires, others are experiencing significant outflows. Eastern Europe, for instance, lost 29 billionaires between 2020 and 2024 due to the Russian invasion of Ukraine and the rising geopolitical tensions in the country. Similarly, Central and South America, Oceania, and Southeast Asia saw losses of their wealthiest residents.
This shifting geography of billionaire residency reflects the role of political stability and economic predictability in retaining wealth. These factors are necessary for countries to keep their most affluent and influential residents in more favorable environments.
A Look Into the Future
The relocation of billionaires has coincided with an increase in billionaires’ wealth over the last decade. From 2015 to 2024, the combined wealth of global billionaires rose by 121 percent, jumping from $6.3 trillion to $14 trillion. The number of billionaires also increased by 50 percent, from 1,757 to 2,68d. The peak was recorded in 2021, with 2,686 billionaires globally.
This staggering growth shows the resilience of billionaire wealth despite economic uncertainties. However, as their fortunes grow, so does their need to find jurisdictions that align with their changing priorities.
The Trend Continues
This trend of billionaire relocation shows no indication of slowing down in the near future. While the world grapples with climate change, geopolitical uncertainties, and economic disparities, billionaires seek environments that promise stability, security, and prosperity for their families and wealth.
This movement represents both an opportunity and a challenge for countries trying to attract billionaires for relocation. These must provide apt conditions that attract billionaires while creating opportunities to ensure their wealth benefits local economies.
As UBS’s report indicates, the post-pandemic reshuffling of billionaires reflects individual priorities and a global shift in governance, safety, and economic policy.
