The Ultra-Wealthy Accelerate Migration to Portugal and Other Global Hotspots

Andrew Rosener, the founder of MediaOptions, a domain name brokerage, and his wife faced a pivotal question: where should they live beyond their work commitments? Their choice was Portugal, a country they found to be safe, sunny, affordable, and rich in a culture that embodies both European and Latin American influences. Rosener described Portugal as unique, stating that it has fostered an exceptional immigration culture, bolstered by various programs such as the Golden Visa, Startup Visa, Digital Nomad Visa, and Tech Visa.

The Rosener family relocated to Portugal in May 2018, purchasing their dream home just ten days after arriving. Since then, the property’s value has surged by 250%. Rosener’s experience reflects a broader trend; in 2018, only 108,000 ultra-high-net-worth individuals (UHNWIs) emigrated globally. However, by 2024, this number had risen to 134,000, according to Henley & Partners, a private wealth research firm. Projections indicate that over 142,000 UHNWIs are expected to have relocated by the end of 2025.

Jeremy Savory, founder of Millionaire Migrant, noted a significant shift in global wealth flows. He stated that many affluent individuals are reevaluating traditional wealth centers like the UK and China, while countries such as Portugal, the UAE, and Singapore are gaining traction.

Factors Driving Migration

The motivations behind these relocations vary widely, but several key factors stand out. Tax efficiency is paramount. Wealthy individuals are increasingly seeking nations that allow them to retain a larger portion of their earnings, especially concerning capital gains, income, and estate taxes. Countries with lower tax burdens present significant financial advantages, making them attractive to the global elite.

For instance, Switzerland employs a lump-sum tax scheme based on lifestyle expenses rather than taxing global income. Panama only taxes citizens on income generated within its borders, while the UAE has no income tax, relying instead on a 5% value-added tax. Although U.S. citizens are taxed on worldwide income, some may benefit from relocating away from high-tax states like California or New York. Basil Mohr Elzeki, Managing Partner at Henley & Partners, remarked that acquiring additional residencies and citizenships serves as a hedge against potential future tax reforms in the United States.

Geopolitical stability is another critical factor. With increasing political instability and civil unrest in various regions, including Venezuela and the Democratic Republic of Congo, wealthy individuals are opting for more secure environments. Quality of life also plays a significant role; in Portugal, the Rosener family enjoys access to quality healthcare, education, well-maintained public spaces, and low crime rates. While Portugal offers limited social benefits and some of the lowest wages in Europe, it tends to deter less affluent migrants seeking employment.

Business Opportunities and Entrepreneurial Freedom

Business opportunities significantly influence relocation decisions. Many affluent individuals are gravitating toward cities that provide entrepreneurial freedom, often absent in more bureaucratic regions. The ability to establish and operate businesses with fewer regulatory hurdles is a compelling incentive for those looking to seize global opportunities.

Additionally, the advantages of holding a “good” passport cannot be overlooked. As travel restrictions tighten, wealthy individuals are increasingly applying for second residencies or multiple citizenships as a safeguard. This “Plan B” not only offers a strategic escape route in times of political or social upheaval but also enhances personal and professional freedom, often requiring fewer visas.

Global Destinations for the Ultra-Wealthy

Several locations have emerged as prime destinations for the ultra-wealthy.

Dubai

Dubai has solidified its status as a premier destination for the global elite, attracting affluent individuals from Europe, Russia, and beyond. Known for its favorable tax policies and luxurious lifestyle, Dubai is expected to welcome nearly 10,000 wealthy foreigners this year alone. Elzeki emphasized that the UAE continues to experience significant immigration inflows, particularly following recent tax reforms.

Savory highlighted that technology has enabled the wealthy to migrate more freely, stating that governments must compete to attract investments and affluent immigrants. Dubai’s pro-business environment, minimal bureaucracy, and tax-free status make it an appealing choice for those looking to invest and live in luxury.

Portugal

Portugal remains a favored destination, particularly among American centimillionaires seeking a European foothold. The Golden Visa Program, which provided significant tax incentives, expired in March 2025, but the country’s warm climate and relaxed lifestyle continue to attract individuals globally. Elzeki noted that Portugal’s tax incentives, particularly for scientific research and innovation, remain attractive.

The influx of migrants since the COVID-19 pandemic has driven up real estate prices, prompting the government to revise the Golden Visa rules to ensure that wealthy migrants contribute to social funds rather than simply purchasing luxury properties.

Singapore

Singapore stands out as Asia’s business hub, attracting wealthy entrepreneurs and investors due to its strategic location and tax advantages. The absence of capital gains tax and a pro-business environment make it a top choice for global billionaires, particularly from China and India. Amoils remarked that Singapore is increasingly appealing to both Southeast Asians and Western entrepreneurs, offering a blend of lifestyle and business opportunities without the tax burdens found in other major cities.

Italy

Italy has unexpectedly become a favorite among the ultra-wealthy, particularly Americans seeking lifestyle changes and favorable tax treatments. The country’s flat tax, capped at €200,000 annually, applies regardless of income, making it particularly attractive. Elzeki noted that Italy combines luxury living with significant tax benefits, making it more affordable than other European hotspots.

Australia and New Zealand

Australia and New Zealand continue to attract high-net-worth individuals, despite the geographical distance. Both countries are known for their stable economies, excellent healthcare, and high quality of life. Amoils indicated that Australia remains a top choice for retirees from South Africa and the UK, while New Zealand offers a straightforward residency pathway through investment-based programs.

For those seeking refuge from geopolitical risks, New Zealand’s low cost of living and pristine landscapes make it an appealing option.

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Published on 2026-02-23 12:00:00 • By Editorial Desk