deVere Group’s data reveals that over a third of wealthy clients are rethinking their residency for tax relief and stability—part of a deliberate ‘Great Wealth Migration’ from the UK, Europe, and beyond.
High-net-worth individuals (HNWIs) are voting with their feet—and fortunes—as global fiscal landscapes shift. New deVere Group findings show that 35% of its 80,000 clients (primarily from the UK, Europe, Australia, Asia, and Africa) are actively seeking advice on relocating themselves, their families, or their businesses to lower-tax jurisdictions.
This surge confirms that the “Great Wealth Migration” is accelerating, with enquiries spiking on tax residency, domicile shifts, second residencies, and corporate realignments.
As Nigel Green, deVere CEO, observes, conversations have pivoted from mere optimisation to risk management. HNWI strategies now treat tax exposure as dynamic, reshaped by capital gains tax (CGT) hikes, inheritance changes, and regime overhauls in mature economies—prompting proactive restructurings to maintain certainty and flexibility. Concentrated exposure to one regime or politics? That’s now quantifiable financial peril.
This builds on trends we’ve covered, like the UK’s deepening wealth exodus, where 86% of Wealth Club investors predict more affluent departures amid tax burdens and economic drag—Portugal and the UAE topping lists, with £100K+ annual savings luring even near-millionaires (£500K–£999K assets).
Three Forces Fuelling the Flight
deVere pinpoints three drivers transforming mobility from opportunity-chasing to preservation-focused.
Jurisdictional Risk as Core Calculus
Fiscal sands shift fast—one election cycle upends CGT, inheritance, or perks. HNWIs hedge through diversified structures, avoiding overreliance on volatile markets. Green notes policy can flip rapidly, making single-jurisdiction bets risky.
Defensive Relocation Takes Centre Stage
Unlike past growth hunts, today’s moves prioritise safeguarding generational wealth, operational continuity, and legislative buffers. Succession planning surges: trusts, transfers intertwined with residency reviews. As Henley & Partners’ 2025 report forecasts, the UK leads outflows at –16,500 HNWIs, fuelled by non-dom abolition and CGT/IHT hikes—“Wexit” echoing the Brexit-era flight.
Capital Chases Predictable Shores
Wealth clusters where rules shine transparent and favourable: UAE’s zero income tax/long-term visas draw sustained interest; stable European/Asian hubs lure active families.
Entrepreneurs eye HQ shifts, holdings tweaks for post-tax optimisation. “Wealth moves toward stability,” Green asserts. “Volatile policy sends it seeking clarity.”
Sceptical Academic Lens: Is this Exodus by Design?
Is this engineered exodus hype or a measured response? Academic scrutiny tempers headlines. Tax Justice Network’s 2025 analysis debunks “millionaire exodus myths,” finding that tax tweaks rarely trigger mass physical moves—Henley data extrapolate from surveys, not verified migrations, inflating claims (e.g., UK losses near 0% of total millionaires). Immigrant Invest echoes deliberate policy triggers (UK non-dom reforms) and sparks behavioural shifts, but not wholesale flight.
Yet deVere’s client trends align with Henley: record outflows from high-tax jurisdictions (UK, China –7,800; India –3,500), with inflows to the UAE/Singapore. Schroders notes voluntary cross-border wealth at all-time highs amid uncertainty. Rational, yes—but “by design”? More self-preserving calculus than an orchestrated stampede.
Complex Moves Demand Expertise
Relocations aren’t passports and packing: double-tax treaties, substance rules, and reporting loom large. Compliance is paramount—poor execution invites audits and penalties. Professionals guide through residency quals, trusts, operations for resilience and growth.
Green concludes: HNWIs plan strategically for wealth protection amid evolving risks. UK policymakers face fiscal headaches—the top 1% fund ~30% income/CGT—losing them will dent revenues, spending, and jobs.
In our “enough” era, this migration underscores deliberate boundaries: wealth seeks stability, not endless expansion. As UK outflows mount (Henley projects sustained losses), will policy woo back creators—or accelerate the drift?
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Source: Luxurious Magazine
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