Wealthy individuals are increasingly adopting multi-jurisdictional strategies, diversifying their residency, citizenship, and business interests across multiple countries rather than concentrating them in a single jurisdiction. This trend, highlighted in Henley & Partners’ Private Wealth Migration Report 2026, indicates a significant recalibration of global wealth mobility, with emerging powerhouses like Singapore and the United Arab Emirates (UAE) gaining prominence while traditional hubs like the UK and US encounter new challenges.
The report identifies Singapore, Italy, Switzerland, Greece, Hong Kong, and New Zealand as increasingly attractive destinations for internationally mobile high-net-worth individuals (HNWIs) in 2026. Conversely, countries such as the UK, Germany, France, Norway, and South Korea are reportedly losing ground, attributed to factors including evolving tax regimes, budgetary instability, and shifts in governmental policies that are prompting affluent households to seek more favorable environments.
Two specific pressure points are poised to significantly reshape the global wealth landscape in 2026. The first involves the United States, which, despite remaining the world’s largest private wealth market and a prolific generator of new wealth, is simultaneously experiencing unprecedented demand from its own affluent citizens for residence and citizenship options abroad. This outflow of domestic wealth signals a growing disaffection or strategic diversification among American HNWIs.
The second critical area of focus is the Gulf region, particularly the UAE. Having served as the leading destination for relocating millionaires for the past two years, the UAE is now witnessing its wealthy residents proactively developing contingency plans. This proactive approach is a direct response to regional geopolitical tensions that are testing the long-term stability and durability of the area’s established wealth hubs.
The Rise of Multijurisdictional Living
Henley & Partners’ analysis reveals a profound shift in the mindset and behavior of the global wealthy. During the first five months of 2026, the firm processed applications from individuals representing 86 different nationalities across 47 distinct investment migration programs. Significantly, over 28% of these applicants already resided outside their country of origin. This statistic underscores a broader movement towards affluent families constructing lives that span multiple jurisdictions, rather than remaining exclusively anchored to a single nation.
Juerg Steffen, Chief Executive Officer of Henley & Partners, articulated the evolving dynamics, stating that governments can no longer assume the unwavering loyalty or immobility of their wealthiest residents. “For much of the past century, governments could largely treat their wealthiest residents as a relatively fixed asset – rooted by businesses, family ties, and limited international mobility,” Steffen observed. “That assumption is becoming increasingly outdated. As a result, jurisdictions are competing not only for capital, but also for the entrepreneurs, investors, business owners, and skilled individuals who drive economic growth, innovation, employment, and prosperity.”
This strategic dispersion of assets, residences, and citizenship is not merely a trend but a calculated response to an increasingly interconnected and sometimes volatile global environment. HNWIs are seeking to mitigate risks, optimize tax liabilities, enhance lifestyle opportunities, and secure their families’ futures through a diversified international footprint. The ability to move capital, talent, and oneself across borders with greater ease is becoming a key determinant of economic competitiveness for nations.
Methodology and Scoring: A New Framework for Wealth Mobility
The Henley & Partners Private Wealth Migration Report 2026 introduces a novel scoring system designed to assess the competitiveness of jurisdictions in attracting and retaining wealth. This Wealth Mobility Competitiveness Score (WMCS) evaluates various factors, including tax policies, investment opportunities, quality of life, safety, and the ease of obtaining residence and citizenship.
Leaders and Laggards in the Global Wealth Arena
Singapore has emerged at the apex of this new scoring system, boasting a WMCS of 79.5. This strong performance is indicative of its robust economic framework, attractive tax environment, and reputation as a stable and secure global financial center. New Zealand follows closely with a score of 75.8, lauded for its high quality of life, welcoming immigration policies for investors, and natural beauty, which appeals to those seeking a lifestyle shift.
A second tier of strong performers includes the Cayman Islands (74.3), recognized for its offshore financial services and tax advantages; Cyprus (73.5), which offers a strategic gateway to Europe and attractive investment programs; the Netherlands (72.8), known for its business-friendly environment and high quality of life; Portugal (72.5), popular for its golden visa program and lifestyle appeal; Italy (72.3), offering cultural richness and investment opportunities; and Bermuda (72.0), a significant offshore financial hub.
Other jurisdictions that placed among the more competitive markets, demonstrating a capacity to attract and retain wealth, include Uruguay (71.8), Latvia (71.6), Panama (71.4), Hong Kong (71.2), Switzerland (71.0), Greece (70.8), Costa Rica (70.6), and Monaco (70.0). These nations, while diverse in their offerings, generally provide a combination of favorable economic policies, lifestyle advantages, and relative stability.
In contrast, a separate group of jurisdictions, categorized by the report as "competitive jurisdictions under pressure," includes Germany (69.7), Norway (69.0), the UK (68.3), South Korea (66.2), and France (65.7). These countries, while historically strong magnets for wealth, are facing headwinds. For the UK, the report implicitly points to the ongoing adjustments post-Brexit, potential shifts in tax policy, and broader economic uncertainties as contributing factors. Germany and France, despite their economic might, may be experiencing challenges related to tax burdens and regulatory environments that are prompting some HNWIs to look elsewhere.
Markets facing more entrenched structural challenges in attracting and retaining wealth include Brazil (64.2), China (60.5), Russia (58.7), India (56.5), Iran (45.8), Lebanon (45.5), and Nigeria (43.0). These nations often grapple with a combination of economic instability, complex regulatory frameworks, political risks, and sometimes less favorable tax environments, making them less appealing for the international mobility of capital and individuals.
The US and UAE: A Tale of Two Pressures
The report dedicates specific attention to the United States and the UAE, highlighting their unique positions within the global wealth migration landscape.
The US, despite its immense economic scale and its status as a primary engine of global wealth creation, scored a relatively modest 62.3 on the WMCS. Henley & Partners attributes this paradoxical result to a significant outflow of its own affluent citizens. America consistently generates more wealth, fosters more entrepreneurship, and leads in capital formation than any other nation. However, it has simultaneously become the firm’s single largest source market for applications related to investment migration.
The surge in demand for alternative residence and citizenship options from US nationals has been dramatic. Applications from American citizens reportedly doubled in 2025 compared to the preceding year and have maintained this elevated trajectory into 2026. Crucially, only a small fraction (7%) of these applications originated from Americans already residing abroad. This indicates that the overwhelming majority of the demand stems from individuals currently based within the US, signaling a growing trend of domestic wealth seeking international diversification, possibly driven by concerns over tax policies, political climate, or a desire for greater global flexibility.
The UAE, on the other hand, has consistently been a top destination for relocating millionaires, a trend that has continued for the past two years. Its WMCS score of 85.3 reflects a strong appeal driven by several key factors: a highly competitive tax regime, including zero income and capital gains taxes; a business-friendly environment with streamlined processes for investors; inclusive family relocation policies; a strong record of safety and security; excellent global connectivity; and a range of attractive long-term residence options, such as the Golden Visa.
Despite its leading position as a destination, the UAE is also experiencing a notable increase in enquiries from its existing wealthy residents regarding alternative residence or citizenship options. Henley & Partners recorded a significant 41% jump in enquiries from individuals based in the UAE between the fourth quarter of 2025 and the first quarter of 2026. This was accompanied by a 29% rise in applications for alternative residence or citizenship during the same period. This trend suggests that even in a highly attractive destination like the UAE, wealthy residents are engaging in proactive risk management and contingency planning, likely in response to the heightened geopolitical tensions in the broader region. The perceived durability of regional wealth hubs is being tested, prompting a strategic re-evaluation by those who have invested heavily in the area.
Broader Implications and Future Outlook
The findings of the Henley & Partners report have profound implications for governments and economies worldwide. The increasing mobility of wealthy individuals signifies a shift in power dynamics, where jurisdictions must actively compete to attract and retain not just capital, but also the human capital that drives innovation and economic growth.
The report’s emphasis on "multijurisdictional living" suggests that the concept of a singular national identity for wealthy individuals is becoming less relevant. Instead, HNWIs are building portfolios of citizenship, residency, and business interests that offer flexibility, security, and opportunity. This trend necessitates a recalibration of national economic strategies, moving beyond traditional methods of wealth attraction to embrace a more nuanced understanding of global mobility and the preferences of affluent investors and entrepreneurs.
The challenges faced by the UK and the US – two of the world’s largest economies – in retaining their wealthiest citizens highlight the need for these nations to continually adapt their policies. For the US, this might involve addressing concerns related to its tax structure and the perceived complexity of its regulatory environment. For the UK, navigating post-Brexit economic realities and ensuring a competitive tax and investment climate will be paramount.
Conversely, the success of Singapore and the UAE underscores the effectiveness of strategic policy-making in creating environments conducive to wealth accumulation and retention. Their appeal lies in a combination of economic incentives, political stability, and a high quality of life. However, even these leading nations must remain vigilant, as the growing trend of diversification means that no jurisdiction can afford to become complacent.
The report’s projections for 2026 suggest a continuation of these trends. The demand for investment migration is expected to remain robust, driven by ongoing global uncertainties, evolving tax landscapes, and the desire for greater personal and financial freedom. Jurisdictions that can offer clear, stable, and attractive pathways for wealthy individuals to establish roots and conduct business are likely to see continued economic benefits, including increased investment, job creation, and entrepreneurial activity.
In conclusion, the Henley & Partners Private Wealth Migration Report 2026 paints a vivid picture of a global economy in flux. The traditional anchors of wealth are being tested, while new centers of attraction are rising. The era of single-country strategies for the globally mobile wealthy is giving way to a more complex, multi-layered approach, demanding adaptability and foresight from nations seeking to thrive in the 21st-century global economy.
