Global Wealth Shift: How Geopolitical Uncertainty is Reshaping HNWI Migration

by | Jul 4, 2024

As we advance through the third decade of the 21st century, geopolitical threats and shifting global dynamics are prompting high net worth individuals (HNWIs) to reassess the safest havens for their families and wealth. The war in Ukraine and the evolving relationship between China and the West are central to this reconsideration and global wealth shift. While London remains a popular destination for wealthy individuals, recent trends highlight a significant reorientation towards cities like Dubai and Singapore.

Dubai: A Rising Star in Wealth Attraction

Dubai has emerged as a prominent hub for millionaires, thanks to its strategic initiatives and favorable conditions. The city has been remarkably open for business, even amid global challenges, making it an attractive destination for wealthy individuals. Dubai’s allure lies in its central geographic location and entrepreneurial environment. The city has successfully balanced attracting professionals and HNWIs while maintaining sustainable growth. The UAE, particularly Dubai, has seen a substantial influx of millionaires, including those relocating from Russia, where political and economic instability has driven many to seek safer environments. The UAE’s vision for growth, spearheaded by leaders like Sheikh Mohammed bin Rashid Al Maktoum, aims to expand the population significantly by 2040, bolstering its reputation as a stable and secure jurisdiction with world-class infrastructure.

Singapore: The New Beacon for Asian Wealth

Singapore is another burgeoning hub, drawing a significant number of HNWIs, particularly from China and other Asian countries. The city’s appeal has intensified following political unrest in Hong Kong and China’s stringent COVID-19 policies. Singapore offers a stable and well-regulated environment, cultural familiarity, and proximity to mainland China, making it an ideal destination for Chinese investors. The Singaporean government has actively encouraged the establishment of family offices, providing tax incentives and residency rights, which have proven highly attractive to HNWIs. The number of family offices in Singapore has surged, reflecting the city-state’s success in positioning itself as a gateway to Asian investment opportunities.

A Flight to Stability

The common thread driving HNWIs to cities like Dubai and Singapore is the quest for stability, transparency in tax rules, and personal security. Wealthy individuals prioritize these factors to protect their assets and ensure their families’ safety. In regions where instability and security risks are prevalent, these safe havens offer a refuge. Cities like Dubai and Singapore offer a level of safety and regulatory assurance that is increasingly rare in today’s geopolitical climate. The ability to walk around safely and operate within transparent legal frameworks is a significant draw for the super-wealthy, who often face threats such as kidnapping or asset seizure in less stable regions.

Global Wealth Migration: The Exodus and Influx of Millionaires in 2024

The year 2024 is poised to witness an unprecedented shift in the global distribution of wealth as high-net-worth individuals (HNWIs) increasingly migrate to more favorable environments. According to the Henley Private Wealth Migration Report 2024, the UK is set to experience a significant net loss of 9,500 millionaires, a dramatic increase from the 4,200 who left in 2023 and the 1,600 in 2022. This trend positions the UK as the second-largest loser of millionaires, trailing only behind China.

UAE: The Premier Destination for Wealth

For the third consecutive year, the UAE is expected to lead in attracting HNWIs, with a record-breaking net inflow of 6,700 millionaires. This surge is driven by significant migrations from the UK and Europe, solidifying the UAE’s status as a prime destination due to its zero income tax, golden visas, luxurious lifestyle, and strategic location. The UAE’s wealth management ecosystem has rapidly developed, providing robust regulatory frameworks that attract and retain global wealth. The country’s appeal is further enhanced by its stable environment and world-class infrastructure, making it an attractive home for millionaires from India, the Middle East, Russia, Africa, and now increasingly from the UK and Europe.

Shifts in Asia: Singapore and China

Singapore continues to be a magnet for wealth, expecting a net inflow of 3,500 millionaires this year. The city-state’s favorable tax policies, strategic location, and cultural ties to mainland China make it an appealing destination for HNWIs, especially as political instability in Hong Kong drives more individuals to seek safer havens. Conversely, China is projected to see a net outflow of 15,200 millionaires in 2024, up from 13,800 in 2023. This trend underscores the challenges faced by the Chinese wealthy in securing a stable environment for their assets amid the country’s economic and political uncertainties.

Europe and the Americas: Winners and Losers

In Europe, traditional favorites like Italy, Switzerland, Greece, and Portugal continue to attract HNWIs, with net inflows ranging from 800 to 2,200 millionaires. These countries offer favorable tax regimes and high-quality living standards, making them desirable destinations for migrating millionaires.
In contrast, the UK faces a severe outflow, largely driven by economic and political turmoil. Recent policy decisions, such as the proposed end of the non-dom tax regime and additional taxes on private education, have exacerbated the exodus of wealthy individuals. This trend has significant implications for the UK’s economy, as the departure of HNWIs could lead to reduced investment and economic activity.

The Global Impact of Wealth Migration

The Henley Private Wealth Migration Report highlights a broader economic pattern: the growth of Asia and the relative decline of Europe. Countries like India and South Korea are also seeing high net outflows of millionaires, driven by the search for better lifestyles, safer environments, and superior health and education services. The migration of millionaires brings substantial benefits to destination countries, including increased forex revenue, new business ventures, and job creation. Approximately 20% of migrating millionaires are entrepreneurs or company founders, a figure that rises to over 60% for centi-millionaires and billionaires.

The Future of Investment Migration

The surge in millionaire migration is propelling the growth of the investment migration sector. Henley & Partners reports record inquiries about residence and citizenship by investment programs, with Americans and Indians leading the demand. Popular programs include Portugal’s Golden Residence Permit Program, Greece’s Golden Visa Program, and Malta’s Citizenship by Naturalisation for Exceptional Services by Direct Investment.

Holistic Law: Nurturing Wealth Protection and Family Happiness

In the realm of high-net-worth individuals (HNWIs), safeguarding wealth goes beyond traditional legal counsel—it necessitates a comprehensive approach that considers both legal intricacies and personal well-being. Swiss business attorney Dominique Calcò Labbruzzo is pioneering an innovative service in holistic law, integrating legal counseling with holistic leadership mentoring to empower clients in protecting their assets and fostering family harmony.

A 360° Perspective on Wealth and Family

HNWIs often face complex challenges when managing their global assets across various jurisdictions. The need for a holistic, 360° perspective is paramount in ensuring that legal decisions align with personal and family goals. Dominique Calcò Labbruzzo’s integrative approach combines legal expertise with a deep understanding of personal and business dynamics, offering tailored services that address both immediate legal needs and long-term family happiness.

Preventing Litigation and Financial Loss

One of the critical roles of holistic law is to prevent potential litigation and financial loss that can arise from uninformed decisions or lack of comprehensive planning. By providing ongoing, personalized counseling, Calcò Labbruzzo helps clients navigate legal complexities proactively. This proactive approach not only safeguards wealth but also fosters a proactive mindset, ensuring that decisions are made with a clear understanding of their broader implications.

Personal and Business Development

Beyond legal counsel, holistic law encompasses personal and business development. As a life and business mentor, Dominique Calcò Labbruzzo guides clients through challenges that may affect their personal happiness and professional success. Whether it’s choosing the right country for residence, navigating potential divorce risks, or selecting the best educational opportunities for children, Calcò Labbruzzo’s holistic leadership mentoring aims to enhance overall family well-being.

Happiness Counseling for Conscious Clients

Holistic law under Calcò Labbruzzo’s guidance acts as a form of happiness counseling for conscious clients. It encourages mindfulness in decision-making, ensuring that every legal and personal choice contributes to the client’s happiness and well-being. By integrating legal expertise with emotional intelligence and holistic leadership principles, Calcò Labbruzzo fosters a supportive environment where clients feel empowered to make informed decisions that align with their values and aspirations.


As geopolitical uncertainty continues to shape the global landscape, the migration patterns of HNWIs are evolving. Cities like Dubai and Singapore are capitalizing on this shift, offering safe, stable, and attractive environments for wealth and family relocation. These hubs are not only benefiting from the influx of capital but are also positioning themselves as central nodes in the global network of wealth management and investment.
The migration patterns of millionaires provide crucial insights into the future trajectory of wealth and power. Countries that prioritize attracting HNWIs through favorable policies and stable environments are poised to benefit significantly, reshaping the global distribution of wealth in the process.

The great millionaire migration of 2024 is not just a movement of people, but a powerful indicator of the shifting tides in the global economic order.

In a world where wealth protection and family harmony are increasingly interconnected, holistic law emerges as a vital service for HNWIs seeking comprehensive legal and personal guidance.
Dominique Calcò Labbruzzo’s pioneering approach not only addresses legal complexities but also nurtures holistic well-being, promoting happiness and fulfillment across generations. By embracing holistic law, conscious clients can navigate complex challenges with clarity, confidence, and a profound sense of personal and familial security.

In today's rapidly evolving digital landscape, the ability to navigate the attention economy has become a critical skill for modern leaders. With constant distractions and a flood of information, capturing and retaining focus has never been more challenging. However, by embracing authentic intelligence, neurodiversity, and collective strength, forward-thinking individuals like Attorney Dominique Calcò Labbruzzo are pioneering new approaches to effective leadership in this attention-driven era. With a wealth of experience navigating cross-border cases across Switzerland, Italy, and Germany, she brings a unique perspective to the legal landscape. She is a trailblazer in Holistic Law, which emphasizes the interconnectedness of legal issues and their broader impacts on business and personal life. You can read her interviews in the Entrepreneur Herald and Business Interviewer

Global wealth shift

Dominique Calcò Labbruzzo

Holistic Law