These countries are seeing major shifts in luxury property as millionaires and billionaires choose to relocate
The Armani Beach Residences at the Palm Jumeirah, Dubai. Credit: Dubai Sotheby’s International Realty
Millionaires are on the move. The great wealth migration, which paused briefly during the pandemic, hit record levels in 2024 as an estimated 128,000 high-net-worth individuals (HNWIs) migrated to new countries, according to the 2024 Henley Private Wealth Migration Report.
This trend was further backed up by banking giant UBS, which found in its December 2024 Billionaire Ambitions Report that the world’s ultra-wealthy have relocated more frequently since 2020.