The Great Wealth Shift is reshaping the landscape of high-net-worth individuals (HNWIs), prompting significant relocations of millionaires from traditional financial centres to emerging hubs. According to the Henley Private Wealth Migration Report, approximately 128,000 millionaires relocated globally in 2024, representing one of the highest migration levels recorded. Preliminary figures for 2025 suggest that this trend is accelerating, with the UK losing its status as a prime destination for wealth accumulation.
Great wealth: Shifting Wealth: The UK’s Decline
The United Kingdom has found itself in a precarious position as a net exporter of millionaires. Once a beacon for global capital and entrepreneurship, the UK has faced a multi-year net loss of HNWIs, primarily due to the allure of jurisdictions that offer more favourable conditions for wealth preservation and growth. Countries such as the United Arab Emirates, Singapore, and various European nations are now at the forefront of attracting this affluent demographic.
The UAE: A Magnet for Millionaires
The United Arab Emirates has emerged as the leading destination for relocating millionaires, attracting more HNWIs than any other nation in both 2023 and 2024. Early data from 2025 indicates that this influx is being sustained. The UAE’s appeal lies in its 0 per cent personal income tax, coupled with a business environment that is both efficient and welcoming. This includes streamlined residency processes, a competitive regulatory framework, and a central geographic position that connects Europe, Asia, and Africa.
Notable figures, such as Nikolay Storonsky, Co-Founder of the fintech company Revolut, exemplify this trend. Storonsky’s move from the UK to the UAE highlights the shift as he sought a more stable and growth-oriented environment. His relocation has encouraged other London-based fintech founders to consider the UAE as a primary financial hub rather than a mere satellite office.
Singapore: The New Asian Powerhouse
Singapore has solidified its status as Asia’s leading wealth hub, drawing thousands of new millionaires each year. The relocation of Dyson’s global headquarters from the UK to Singapore is indicative of a broader trend where corporate entities are migrating towards environments that offer political stability, regulatory transparency, and robust financial infrastructure.
The rapid increase in family office registrations in Singapore—from around 400 in 2020 to over 1,500 by 2024—underscores the city-state’s appeal. Wealth holders are increasingly favouring Singapore for its long-term economic planning capabilities and a governance structure that allows for strategic decision-making over extended horizons. As one hedge fund partner noted, “Singapore allows planning on a 20-year horizon. That stability is priceless to capital.”
Cyprus: A Strategic European Gateway
Within Europe, Cyprus has risen as a strategic hub for entrepreneurs and family offices seeking access to EU regulations combined with favourable tax conditions. Its transparent legal system, attractive tax regime, and multilingual talent pool make Cyprus an appealing choice for those looking to establish a foothold in Europe.
The Mediterranean island is no longer simply a lifestyle destination; it is becoming increasingly recognised as a base for operational headquarters, particularly in sectors such as fintech, shipping, and investment management. Similar patterns are observable in Malta, Greece, and Portugal, where modernised business frameworks are attracting entrepreneurial talent.
Why Wealth is Leaving the UK
The exodus of wealth from the UK is not primarily driven by tax considerations. Instead, it reflects a broader sentiment among entrepreneurs about where they can thrive. The departure of prominent figures such as Sir James Dyson, who moved his corporate headquarters to Singapore, and Alan Howard, co-founder of Brevan Howard, who has expanded his operations in Switzerland, illustrates this shift.
Furthermore, UK family offices are increasingly decentralising their operations, splitting functions between Dubai and Singapore to optimise their strategic and investment management capabilities. Economist Dr. Adrian Saville aptly summarises the phenomenon: “Wealth migrates to environments that protect economic freedom, reward entrepreneurship, and maintain policy predictability. Capital reads these signals faster than governments respond to them.”
The Emerging Global Wealth Landscape
The traditional epicentre of wealth is evolving; it is now characterised by a distribution that prioritises opportunity over geography. The new landscape of wealth is strategic, mobility-driven, and increasingly decentralised. Entrepreneurs and high-net-worth individuals are making it clear that they will follow opportunities to environments that foster innovation and economic growth.
The Great Wealth Shift signifies a profound change in how and where wealth is accumulated and managed, with implications far beyond individual relocations. As more millionaires seek out jurisdictions that better align with their aspirations, the global wealth map is likely to continue evolving.
