The 2026 Henley Private Wealth Migration Report points to a shift in how wealthy individuals and families approach international mobility. Instead of choosing a single relocation destination, many are building portfolios of residence rights, citizenships, investments and business interests across several jurisdictions.
The report identifies Singapore, Italy, Switzerland, Greece, Hong Kong and New Zealand as among the most attractive destinations for internationally mobile wealth in 2026. The United Kingdom, Germany, France, Norway and South Korea are described as facing rising competitiveness pressure as tax reforms, fiscal uncertainty and policy changes affect how wealthy residents evaluate their options.
Two major wealth mobility flashpoints stand out in 2026:
- The United States remains the world’s largest private wealth market and a major creator of new wealth, but it is also generating record demand for residence and citizenship optionality.
- The Gulf, especially the UAE, remains a major wealth hub, but regional conflict has increased contingency planning among internationally mobile residents.
In the first five months of 2026, Henley & Partners received applications from 86 nationalities across 47 investment migration programs. More than 28% of applicants already lived outside their country of nationality, showing that many high-net-worth families are structuring their lives across multiple jurisdictions rather than remaining tied to one country.
A new framework for wealth mobility
The 2026 report introduces the Global Wealth Mobility Framework, a model designed to assess the structural competitiveness of jurisdictions seeking to attract internationally mobile wealth.
The framework evaluates jurisdictions across 12 weighted dimensions, including:
- tax treatment;
- rule of law;
- quality of life;
- investor and high-net-worth migration pathways;
- family inclusion;
- geopolitical stability;
- capital mobility.
The findings are benchmarked against data from organizations including the World Bank, IMF, OECD and Global Peace Index, and cross-checked against Henley & Partners’ enquiry and application trends, policy developments and market intelligence.
Each jurisdiction receives a Wealth Mobility Competitiveness Score. The score is not intended to measure economic success or actual migration flows. It measures the structural factors that influence where mobile individuals, families and capital may choose to locate.
Leading wealth mobility jurisdictions in 2026
Singapore ranks among the strongest performers, with a Wealth Mobility Competitiveness Score of 79.5 out of 100. Its position is supported by political stability, strong institutions, deep capital markets and continued demand from mobile wealth across Asia.
New Zealand scores 75.8. Renewed investor interest is linked to reforms to its Active Investor Plus Visa Program, as well as strong rule of law, geopolitical stability and its appeal for long-term family planning.
Other strong performers include:
- Cayman Islands: 74.3;
- Cyprus: 73.5;
- Netherlands: 72.8;
- Portugal: 72.5;
- Italy: 72.3;
- Bermuda: 72.0.
Italy is highlighted as one of Europe’s key success stories in 2026. Interest is driven by its flat-tax regime for new residents, favorable inheritance tax framework and EU market access. Milan is increasingly positioned as an international financial and family office center.
The report also identifies several highly competitive jurisdictions:
- Uruguay: 71.8;
- Latvia: 71.7;
- Panama: 71.5;
- Hong Kong: 71.2;
- Switzerland: 70.8;
- Greece: 70.5;
- Costa Rica: 70.2;
- Monaco: 70.0.
Switzerland is benefiting from demand for stability, capital preservation and wealth protection amid geopolitical uncertainty. Hong Kong is seeing renewed momentum as family office activity and investor migration demand regain traction.
Greece is described as a clear beneficiary of changes to Europe’s investment migration market after Spain closed its golden visa and Portugal withdrew its real estate-linked investment route. The broader implication is that when governments close established pathways for mobile wealth, demand often relocates rather than disappears.
Jurisdictions under pressure
The report identifies Germany, Norway, the UK, South Korea and France as “Competitive Jurisdictions Under Pressure.”
Their scores are:
- Germany: 69.7;
- Norway: 69.0;
- United Kingdom: 68.3;
- South Korea: 66.2;
- France: 65.7.
In the UK, Henley & Partners recorded a 15% increase in applications from individuals with a UK address between 2024 and 2025. In 2026, foreign nationals account for 53% of applications from UK addresses, while British citizens now represent almost half of UK-based applicants processed by the firm. In 2018, British citizens represented only 8%.
The UK has also moved from Henley & Partners’ 20th-largest source market for new clients in 2018 to one of its five largest globally in recent years.
The report links the UK shift to several factors:
- abolition of the non-dom tax regime;
- changes to inheritance tax treatment;
- closure of the Tier 1 Investor Visa;
- broader fiscal and policy uncertainty.
Germany and France remain major economies with strong institutions and international connectivity, but debates around wealth taxation, exit taxes, fiscal predictability and long-term competitiveness are prompting more affluent residents to explore residence and citizenship options elsewhere.
Henley & Partners recorded a 16% increase in enquiries from German nationals between Q4 2025 and Q1 2026. France rose from the firm’s Top 40 source nationalities for applications in 2024 to its Top 15 in 2026.
The report also highlights jurisdictions facing more persistent structural wealth mobility challenges:
- Brazil: 64.2;
- China: 60.5;
- Russia: 58.7;
- India: 56.5;
- Iran: 45.8;
- Lebanon: 45.5;
- Nigeria: 43.0.
India and China remain important sources of new wealth, but capital controls, tax complexity, international access considerations, geopolitical uncertainty, lifestyle factors and diversification needs continue to encourage wealthy families to adopt international mobility strategies.
The American wealth paradox
The United States receives a Wealth Mobility Competitiveness Score of 62.3. The report describes this as a paradox: the US remains the world’s largest engine of wealth creation, entrepreneurship and capital formation, but it is also Henley & Partners’ largest single source market for residence and citizenship planning globally.
Applications from US nationals doubled in 2025 compared with the previous year and remain elevated in 2026. Only 7% of applications by US citizens come from Americans living outside the country, which indicates that demand is driven mainly by US residents rather than expatriates.
Nearly half of all applications from US nationals are directed toward European programs, while more than a quarter focus on programs in Latin America and the Caribbean.
The report links US demand to factors including:
- citizenship-based taxation;
- fiscal complexity;
- lengthy immigration processing times;
- a desire for international optionality.
The key distinction is that wealth creation and wealth mobility competitiveness are not the same. The US remains highly attractive for capital markets and business opportunity, but wealthy families are increasingly seeking residence or citizenship rights elsewhere as a hedge against political, tax or access risks.
The Gulf and the UAE
The UAE receives a Wealth Mobility Competitiveness Score of 85.3, one of the highest in the framework. Its strengths include tax competitiveness, investor access, family inclusion, safety, connectivity and long-term residence pathways.
Despite that strong score, Henley & Partners recorded a 41% increase in enquiries from UAE-based individuals between Q4 2025 and Q1 2026. Applications for alternative residence or citizenship rose by 29% over the same period.
The report says most of this demand is coming from expatriate entrepreneurs, investors and internationally mobile families using the UAE as a base, rather than from people seeking to leave the country entirely.
Demand from UAE-based residents is spread across Europe, Asia-Pacific, the Caribbean, Africa and the Americas. This suggests that many families are expanding their options rather than replacing their Gulf presence.
The UAE’s 2026 story is therefore framed as diversification and contingency planning, not an exodus.
Main policy implications
The report argues that wealth mobility is no longer only about where millionaires move. It is increasingly about why wealth moves and which jurisdictions are structurally competitive in attracting, retaining and supporting mobile capital, entrepreneurs and families.
For governments, the practical lesson is that tax treatment, policy predictability, investor access, family inclusion, rule of law, geopolitical stability and mobility pathways all influence where high-net-worth individuals choose to base themselves.
For wealthy families, the trend is toward multi-jurisdictional planning. Residence, citizenship, business activity, banking, investments and family planning may be spread across different countries to reduce dependence on a single government, tax system or geopolitical environment.
Source article: www.henleyglobal.com
