The great wealth migration
The global wealthy are on the move – and Europe is emerging as a key magnet
3 minutes to read
The wealthy have always had options – but never have they exercised them with such urgency and volume.
Debate rages as to the exact numbers that are voting with their feet, but we know the global tally of high-net-worth individuals (HNWIs) making a move across borders will exceed six figures this year.
What we’re witnessing is more than just a demographic shift. It’s a reflection of a fundamental reshaping of the global wealth landscape – driven by geopolitical friction, a recalibration of tax regimes and a new era of heightened mobility.
Why now? Push and pull in a changing world
The reasons for this shift are no longer limited to taxation. Today’s HNWIs are reacting to an intricate matrix of pressures and opportunities.
Push factors: Instability and uncertainty
- Political volatility in key markets such as the US, China, and parts of the Middle East is prompting many to seek more stable jurisdictions.
- Trade tensions, ongoing conflicts in Ukraine and Gaza, and the deepening divide between the US and China are creating uncertainty for investors.
- Domestic changes, such as the abolition of the UK’s non-dom regime, Switzerland’s proposed inheritance tax and Italy’s doubling of its flat tax fee are prompting the wealthy to reassess not just where they want to live, but how to balance lifestyle and family priorities with smart tax planning.
Pull factors: Opportunity, lifestyle, and security
- The remote work revolution and rise of digital infrastructure make relocation easier than ever.
- Golden Visa programmes, attractive private education options, and comparatively affordable luxury real estate in Europe are appealing to HNWIs.
- Europe’s ease of accessibility, excellent healthcare systems, and liveability index scores are increasingly persuasive for those prioritising lifestyle.
Europe: A safe harbour in a stormy sea
Against this backdrop, Europe is re-emerging as a prime destination
for global wealth. A year ago, the mood was tentative. Now, sentiment has shifted sharply.
- Inflation has fallen significantly across much of the continent, boosting real household incomes.
- The European Central Bank (ECB) has implemented eight interest rate cuts to date, positioning the eurozone as a lower-debt-cost region versus other advanced economies, including the UK and the US.
- Consumer and investor confidence is rising. European equities delivered their strongest quarterly performance in Q1 2025, outperforming the S&P 500 by 18.4% in dollar terms, the widest margin in over 30 years.
Fiscal flexibility and geopolitical credibility
- The European Union (EU) is asserting a stronger geopolitical identity, aligning more closely on defence, technology, and green energy, while maintaining strategic distance from both US- and China-led blocks, positioning itself as a third, independent and stable alternative.
- Germany, historically fiscally conservative, is now signaling a more pro-growth fiscal stance.
Southern Europe leads the recovery
- Spain, Portugal, Greece, and Italy now lead the continent in GDP growth forecasts. Iberia also outperforms when it comes to price growth and transaction volumes.
New trends among mobile wealth
- Try-before-you-buy: Renting before purchasing is increasingly popular.
- Cities rebound: Urban centres like Madrid, Lisbon, and Milan are seeing renewed demand.
- Four-year horizons: Many buyers are opting for mid-life, mid-term relocations focused on education, investment, and lifestyle optimisation.
Climate and culture now top considerations
Today’s wealthy aren’t just looking for tax benefits they’re looking for resilience (see page 20):
- Climate risks, including floods and wildfires, are influencing purchasing decisions.
- Overtourism concerns are shaping regulatory responses. Cities such as Barcelona and Venice are clamping down on short-term rentals to protect local housing affordability.
- However, Europe’s cultural heritage, strong legal framework, stable political governance, and transparent, well-developed property markets continue to exert significant soft-power appeal.
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