Portugal and UAE Lead Global Wealth Relocation Surge, Report

A growing number of high-net-worth individuals are reconsidering where they live, invest and structure their assets as fiscal and regulatory environments evolve across major economies.

New data from deVere Group indicates that 35% of its 80,000 global clients, primarily based in the UK, Europe, Australia, Asia and Africa, are actively seeking advice on relocating themselves, their families or their businesses to lower-tax jurisdictions. The trend reflects what the firm describes as an accelerating “Great Wealth Migration,” driven by tax reforms, policy volatility and the need for long-term financial certainty.

According to the findings, enquiries have surged around tax residency changes, domicile restructuring, second residencies and corporate realignments. Rather than simple tax optimisation, wealth planning conversations have shifted towards risk management and structural diversification.

Nigel Green, CEO of deVere Group, said HNWI strategies increasingly treat tax exposure as fluid rather than fixed, particularly in mature economies where capital gains tax adjustments, inheritance tax reforms and non-dom regime changes have altered the long-term calculus. Concentrated exposure to a single tax regime or political framework is now viewed as measurable financial risk.

The UK has emerged as a focal point in this shift. Forecasts from Henley & Partners suggest that the country could record net outflows of approximately 16,500 HNWIs in 2025, influenced by changes to the non-dom regime and adjustments to capital gains and inheritance taxes. Portugal and the UAE have consistently appeared among preferred destinations, with the UAE’s zero personal income tax regime and long-term visa framework attracting sustained interest from internationally mobile families.

Three Forces Driving the Shift

deVere identifies three principal drivers shaping the current wave of mobility.

Jurisdictional risk management has become central to wealth planning. Fiscal policy can change rapidly, and election cycles increasingly bring structural tax reform. Diversification across jurisdictions is now viewed as a hedge against sudden regulatory shifts.

Defensive relocation strategies are replacing growth-led mobility. Where earlier migration cycles were often driven by expansion or opportunity, current relocations prioritise generational wealth preservation, succession planning and legislative stability. Residency decisions are increasingly integrated with trust structures and inheritance planning.

Capital allocation toward predictable environments continues to shape destination choices. Wealth flows toward jurisdictions offering clarity, transparency and long-term policy consistency. The UAE, in particular, has strengthened its position through regulatory certainty, infrastructure investment and lifestyle appeal, while select European and Asian hubs remain attractive for family offices and entrepreneurs seeking diversified global bases.

Academic Perspective and Data Caution

While the narrative of large-scale “wealth flight” has gained prominence, academic and policy analysts urge caution. The Tax Justice Network has argued that headline figures often rely on survey-based extrapolations rather than confirmed migration data, suggesting that absolute departures may represent a relatively small share of total millionaire populations.

However, industry surveys and advisory data consistently indicate rising cross-border mobility. Schroders reports that voluntary global wealth diversification is at historic highs amid geopolitical and economic uncertainty. For many families, relocation is less a reactionary move and more a strategic recalibration of exposure to fiscal and political risk.

Structural Complexity and Compliance

Relocation decisions extend beyond residency permits. Double-taxation treaties, economic substance rules, reporting obligations and regulatory compliance frameworks must be carefully structured to avoid unintended exposure.

Advisors note that poorly executed relocations can lead to audit risk or dual taxation issues, underscoring the importance of specialist legal and tax guidance. For policymakers in higher-tax jurisdictions, the implications are material. In the UK, for example, the top 1% of earners contribute approximately 30% of income and capital gains tax receipts, making sustained outward migration a fiscal concern.

As global wealth mobility becomes increasingly structured and strategic, Portugal and the UAE remain at the forefront of relocation conversations, reflecting a broader shift in how affluent families manage long-term financial resilience.