An IMGW News Report
The global elite have taken flight in record numbers since the onset of the COVID-19 pandemic, with Switzerland, the UAE, Singapore, and the United States emerging as the top destinations. A UBS Group AG report reveals that roughly one in 15 of the world’s 2,682 billionaires has relocated since 2020, carrying with them an estimated $400 billion in capital. The Middle East and Africa have seen the largest share of this influx.
“Singapore has become a magnet for China’s ultra-wealthy as Beijing tightens its grip on the private sector.”
This surge in mobility is driven by evolving priorities. The pandemic heightened the value placed on world-class healthcare, while families increasingly prize quality education and personal security. UBS highlights a 56% rise in the number of billionaires’ children over the past decade, reaching 6,441, as a factor influencing their pursuit of jurisdictions that support wealth preservation and inheritance planning.
Geopolitical and economic shifts also play a role. Singapore has become a magnet for China’s ultra-wealthy as Beijing tightens its grip on the private sector. Meanwhile, tax changes anticipated under a potential Labour government in the UK are prompting some non-domiciled residents to consider relocating to friendlier jurisdictions.
North America remains the preferred region for billionaire investments, thanks to technological advancements such as generative AI and breakthroughs in weight-loss pharmaceuticals. Over 40% of surveyed billionaires plan to expand their real estate holdings within the next year, alongside increased allocations to developed-market equities, gold, and precious metals. However, nearly a third favour cash, reflecting concerns over geopolitical instability and inflated asset prices.
While the number of billionaires has surged by more than 50% over the past decade, with their combined wealth doubling to $14 trillion, global wealth creation has decelerated. China, once a powerhouse, now drags on the trend, with fortunes declining by 5% annually since 2020 due to the government’s “common prosperity” agenda.
