Mar 6, 2026
The world’s ultra-wealthy are packing up and moving out.
A new report from Swiss bank UBS shows 36% of 87 billionaire clients relocated at least once in 2025, while another 9% are considering it (1). Among billionaires aged 54 and younger, 44% changed locations last year, with 15% considering a move.
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“We are truly experiencing the largest private wealth migration in history,” a UBS spokesperson told CNBC (2).
According to the bank, the top reasons why its billionaire clients might decide to move were a better quality of life (36%), geopolitical concerns (36%) and the ability to organize tax affairs more efficiently (35%). But can everyday Americans enjoy the same benefits?
Where the wealthy are going
Where are the wealthy moving? According to CNBC, citing migration consultants Henley & Partners, the United Arab Emirates (UAE) posted a net inflow of about 9,800 millionaires last year which was the highest in the world. Zero personal income tax, no wealth or capital gains taxes and a flexible golden visa program have made it a magnet for global capital. Golden visas open the door to residency for foreigners, often in exchange for qualifying investments.
It’s worth noting, however, the U.S.-Israel war on Iran, just across the Persian Gulf, may have shaken things up, after several structures were destroyed in the UAE’s most populous city Dubai.
Europe is another favorite, with Portugal and Greece attracting investors through residency programs. Italy, Monaco and Switzerland draw families who are looking for stability and tax certainty. In Asia, Singapore stands out for regulatory stability and strong financial infrastructure.
Meanwhile, the United Kingdom experienced a mass exodus. After abolishing its centuries-old non-domicile tax regime in April 2025, the country recorded a net loss of roughly 16,500 millionaires, Henley & Partners estimated, per CNBC.
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Relocating isn't just for billionaires
Relocating abroad isn’t just for ultra-wealthy investors. With careful planning and flexibility, the idea can become a reality for many everyday people. Here’s how to approach it the smart way.
Start with official sources: Visa rules can change on a dime, and using official sources can cut down on costly mistakes. Before committing to a destination:
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- Check country entry and residency rules through the U.S. Department of State
- Verify visa requirements directly with the country’s U.S.-based consulate
- Don’t rely on expat forums or social media groups, as the information may be false or out of date
Make sure your income qualifies, if necessary: Some locations offer a path to residency based on income and not just investments in the country (golden visas). Qualifying income is not always super restrictive, and may include Social Security and government or private pensions.
Understand your tax obligations: The Internal Revenue Service requires U.S. citizens to file annually, regardless of where they live. Worldwide income is generally subject to U.S. income tax. If you qualify as a tax resident for your new country of residence, you may have to file a tax return there as well. Navigating multijurisdictional tax regimes can be complicated and may require the services of a tax professional to minimize double taxation. Also consider the potential implications of buying property abroad, if any, in case you’re not renting.
Plan for health care: Medicare generally does not cover health care outside the United States. As a result, many expats purchase private local insurance, which can be less pricey than similar coverage in the U.S., depending on the country. If a country offers its citizens universal health care, check out what options are available to foreign nationals.
Consider any language barriers: Some countries have large expat communities and a lot of tourism, so finding English speakers may not be a problem. But consider that any official documentation you come across may be in the local language. In such cases, you might need to find an attorney or advisor who speaks both languages to help. Otherwise, learning the country’s language will help you integrate better with the locals.
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Jessica is a freelance writer with a professional background in economic development and small business consulting. She has a Bachelor of Arts in Communications and Sociology and is completing her Publishing Certificate.
