Announcements | June 3, 2025

Global Wealth Migration and Mobility Trends: Insights from the Summit for Wealth Management, London

Written by Communications at MASECO Written by Global Wealth Migration and Mobility Trends: Insights from the Summit for Wealth Management, London

At the recent Summit for Wealth Management in London, James Sellon, Co-Founder and Managing Partner of MASECO Private Wealth, joined Stuart Wakeling, Managing Partner at Henley & Partners, for a fireside chat on global trends in wealth migration and mobility.

A major theme of the session was the unprecedented scale of international relocation. With over 128,000 millionaires forecast to have moved in 2024¹, this marks the largest recorded shift in global wealth, with similar trends expected to continue into 2025. Political developments and the elections in more than 70 countries that took place in 2024, are playing a critical role in shaping the decisions of internationally mobile families.

The discussion also highlighted the growing disconnect between where individuals choose to live and where they hold their assets. Countries such as the UAE, Singapore, India, and China are seeing strong inflows of wealth, while traditional financial centres like the UK have experienced declines in their millionaire populations. The UK, in fact, has seen an 8% drop in its resident millionaire population over the past decade. James and Stuart commented that these millionaires tended not to be US citizens (as the UK is seeing a record number of citizenship requests by US citizens), but other non-domiciles who are moving primarily as a result of the proposed non-dom changes to inheritance tax.

James and Stuart noted that motivations for relocation are increasingly driven by the desire to manage risk across multiple jurisdictions. This trend is particularly evident among entrepreneurs and individuals responding to political and economic uncertainty. What was once seen as a complex or costly move is now widely regarded as a strategic approach to ensuring financial stability and long-term planning.

James commented on the number of new enquiries that MASECO has been receiving from high profile US financiers and other individuals in the public domain. The UK, while facing outbound HNW migration, continues to attract interest from American citizens. Political shifts and tax considerations in the United States are influencing relocation decisions, with the UK offering a shared language, familiar legal framework, strong education system, and Common Law. These factors contribute to its ongoing appeal for those seeking both familiarity and stability. According to Henley & Partners, Americans made up just 5% of their client base in 2019, rising to 23% in 2024 and 35% in Q1 2025, making them the top nationality for both enquiries and applications.

However, it is important to carefully contextualise this interest. In 2024, over 6,100 U.S. citizens applied for UK citizenship, a 26% increase year-on-year and the highest number on record². While significant, Americans still represented a small portion of the 269,621 total UK citizenship grants that year³, but it is likely the Americans are within the higher net worth category.

Moreover, since the closure of the Tier 1 Investor Visa in 2022, the UK lacks a formal investment visa pathway, which limits options for wealth-driven migration. Today, US citizens typically rely on routes such as the Skilled Worker Visa, Family Visas, or the Innovator Founder Visa to relocate to the UK. James touched on recent commentary suggesting the Home Office is seriously considering reintroducing an investor-style visa that is now a matter of ‘when’ and not ‘if’. If reintroduced the requirements are likely to be different, with a higher minimum investment threshold (£5mm) and targeted investments into specific strategic sectors (e.g. AI, life sciences, infrastructure etc).

Traditional European destinations such as Portugal, Italy, Greece, Malta, and Switzerland remain popular among UK families exploring international residency options. The Portugal Golden Visa continues to attract significant attention (with increased attention after the closure of the Maltese program). Meanwhile, Dubai is emerging as a leading destination for internationally mobile individuals and families as well as corporates. The absence of income tax, capital gains and inheritance taxes, combined with straightforward residency pathways makes it highly attractive for international families.

The conversation also reflected on the UK’s evolving policy environment. Recent tax changes have raised questions about the long-term implications for the UK, yet the UK remains an important centre for global private clients. Despite recent changes to the non-domicile regime, there remains a clear opportunity for ongoing dialogue on how to enhance the UK’s competitiveness in an increasingly dynamic global landscape. James discussed how the UK is an attractive destination for entrepreneurs looking to sell their businesses within a short time frame. Specifically, an individual taking up UK residency could sell their business within the first four years of residency and not owe tax on gains on the sale proceeds and remit those funds into the UK for house purchases and lifestyle purposes. While this strategy is less appealing for American families, it should attract significant international interest.

Overall, the session highlighted the increasing importance of flexibility, cross-border awareness, and how tax landscapes can change rapidly. As family mobility and geopolitical shifts accelerate, so does the need for clear guidance, global insights, and resilient long-term solutions.

References

The Legal Stuff

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The Legal Stuff

This document is intended for the recipient only.
The information contained herein is subject to copyright with all rights reserved. The document may not be copied, forwarded or otherwise distributed, in whole or in part, to any other party without our written consent.
Nothing in this document constitutes investment, tax or any other type of advice and should not be construed as such.
MASECO is not a tax specialist and we recommend that anyone considering investing seeks their own tax advice.
The views expressed in this article do not necessarily reflect the views of MASECO as a whole or any part thereof.
This document is provided for information purposes only and is not intended to be relied upon as a forecast, research or investment advice.
This document does not constitute a recommendation, offer or solicitation to buy or sell any products or to adopt an investment strategy.

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