MIGRATING wealth
For global property trends, just follow the money
Millionaires are on the move. The great wealth migration, which paused briefly during the pandemic, hit record levels in 2024 as an estimated 128,000 high-net-worth individuals (HNWIs) migrated to new countries, according to the 2024 Henley Private Wealth Migration Report, an annual publication analyzing the movement of HNWIs and their wealth.
This trend was further backed up by banking giant UBS, which found in its December 2024 Billionaire Ambitions Report that the world’s ultra-wealthy have relocated more frequently since 2020, with 176 having moved from a total population of 2,682—or one in 15.
Although there is no standard legal definition, a HNWI is popularly defined as someone with at least US$1 million in investable assets. Shifts in HNWI demographics are an important barometer of a country’s economic health and political stability, with major outflows often indicating serious underlying issues. A country’s political climate was found to be the primary concern of both buyers and sellers when choosing housing, a 2025 survey of Sotheby’s International Realty agents revealed, followed by interest rates, inflation and tax reform.
With over 135,000 HNWIs projected to migrate in 2025, according to the Henley report, understanding these trends is crucial for investors and real estate professionals seeking to navigate the evolving dynamics of luxury markets while capitalizing on emerging opportunities.
Las Palmas, built in 2020 to honor the essence of midcentury-influenced Australian design, unfolds from a central foyer across two expansive linear wings.
Byron Bay Sotheby’s International Realty
Number of HNWIs migrating to new countries.
Source: Henley & Partners.
2024
2025
Where HNWIs Are Currently Based
The U.S. is home to 21.95 million HNWIs, or 38% of the global total, according to the 2024 UBS Global Wealth Report. The Henley USA Wealth Report for 2024 found that most HNWIs live in New York City, New York (349,500); the San Francisco Bay Area, California (305,700); Los Angeles, California (212,100); Chicago, Illinois (120,500); Houston, Texas (90,900); and Dallas, Texas (68,600), followed by Seattle, Washington; Boston, Massachusetts; Miami, Florida; Austin, Texas; and Washington, D.C.
New York stands out with attractive financial incentives, including investment opportunities, access to global markets and wealth management services, not to mention a rich cultural scene.
“New York remains the financial capital of the world, along with the best of art, fashion, dining, music, theater, medicine and, not least, some of the world’s most interesting people,” says Nikki Field, senior global real estate advisor and associate broker, Sotheby’s International Realty - East Side Manhattan Brokerage. “New York real estate is the ultimate store of value, a tangible asset similar to gold, but one that you can actually enjoy and live in.”
Not far behind New York, San Francisco, California, is a secondary U.S. hub for wealth, attracting HNWIs with its booming tech sector and innovation-driven economy.
The top 10 countries HNWIs call home.
Source: UBS Global Wealth Report 2024.
“Silicon Valley has always attracted global talent,” says John Young, global real estate advisor, Golden Gate Sotheby’s International Realty. “I expect the luxury property market to look fairly similar in a year, because the core drivers—the imbalance of new jobs to new housing units, being the center of the innovation economy and the rapid minting of affluence (NVIDIA employees being the most salient recent example)—look to remain strong for the foreseeable future.”
The American Immigration Council reported in 2021 that 40.6% of the population of Santa Clara County, in California, where Silicon Valley is located, is foreign-born. “On a recent listing that sold for US$14.5 million, the buyer pool was a third locals, a third overseas Chinese and a third from everywhere else, including New York, Switzerland, Florida, England, Russia, Boston and Hawaii,” says Young.
Although New York City and the San Francisco Bay Area are likely to stay in the top five for years to come, the current most popular states for relocation are Florida, Texas, North Carolina, Arizona and South Carolina, highlighting a growing preference for the South, as reported by MarketWatch in August 2024.
“Houston, Texas, is a hub for the energy sector. We are continuing to see an inflow of HNWIs in energy-related positions,” says Walter Bering, broker associate, Martha Turner Sotheby’s International Realty. “Since Texas does not have a state income tax, we have also seen an influx of buyers from other states looking for some tax relief. Prices for a luxury home in Houston are usually less than what a relocating buyer would pay in their prior location; therefore relocating HNWIs are usually very pleased with their housing choice.”
In global terms, China, the world’s second-largest economy, is home to more than six million HNWIs, according to the UBS report. And they tend to live in the country’s major cities, with Beijing leading the way with 125,600 HNWIs, followed by Shanghai (123,400), Shenzhen (50,300), Hangzhou (31,600) and Guangzhou (24,500), according to Henley & Partners.
The U.K. is third in the UBS report, with 3.06 million HNWIs, most of whom live in London (227,000) and Manchester (23,300). The rest of the top 10, in descending order, is made up of France (2.87 million), Japan (2.83 million), Germany (2.82 million), Canada (1.99 million), Australia (1.94 million), Italy (1.34 million) and South Korea (1.29 million).
Where HNWIs Are Coming and Going
The United Arab Emirates (UAE) is the world’s leading wealth magnet, with inflows from the U.K. and Europe contributing to a record-breaking 6,700 HNWIs immigrating there in 2024, in many cases attracted to the UAE’s thriving luxury real estate market, appealing tax incentives, golden visas offering residency in exchange for investment, and lifestyle options that cater exclusively to the wealthy.
A steady and surefire number two, the U.S. welcomed an additional 3,800 millionaires in 2024, and Singapore came in third with a net inflow of 3,500. Following were Canada (3,200), Australia (2,500), Italy (2,200), Switzerland (1,500), Greece (1,200), Portugal (800) and Japan (400), as reported by Henley & Partners.
In regard to outflow, millionaires are continuing to move out of China, with 15,200 HNWIs leaving in 2024 following the 13,800 who left in 2023. The majority of them are relocating to Singapore, Canada, Japan or the U.S.
After the U.K. saw 4,200 millionaires exit in 2023, its HNWI migration out of the country more than doubled in 2024, to 9,500. Following Brexit, the U.K.’s political and economic landscape has changed considerably, with millionaires attributing their departure to rising taxes, political and economic uncertainty, along with competing, and more favorable wealth preservation options abroad, according to Henley & Partners.
At number three, India saw a loss of HNWIs that slowed considerably, with a 2024 projected outflow of 4,300, compared with 5,100 in 2023. South Korea was forecasted to lose 1,200 in 2024, up from 800 in 2023, and Russia’s exodus has finally slowed: 1,000 HNWIs were expected to relocate in 2024, following the 2,800 who left in 2023 and the 8,500 who relocated in 2022.
Following the top five are Brazil (800), South Africa (600), Taiwan (400), Nigeria (300) and Vietnam (300). All inflow and outflow data was gathered from the Henley Private Wealth Migration Report 2024.
The luxury property market has seen many gains during this time, with a few countries in particular experiencing major shifts due to HNWI inflows and outflows.
The top 5 countries HNWIs moved to in 2024 (number of people).
Source: Henley & Partners.
Australia
The luxury property market in Australia has “skyrocketed” over the past five years, according to a report published in July 2024 by Westpac Private Bank’s inaugural Prestige Property Report, with the number of homes selling for more than AU$5 million increasing by 240% between 2019 and 2021 before leveling off in 2022 to 2023. This growth has largely been seen in Sydney, which accounted for nearly two-thirds of luxury sales according to Westpac, followed by Melbourne, Brisbane, Perth and Adelaide.
“Interestingly, despite global economic uncertainty, Australian buyer demand has remained robust,” Westpac’s report found. “We can attribute this resilience to historically low interest rates but also a preference for housing assets where values have historically shown less vulnerability to shocks. Australia also recorded a rise in foreign investment activity, albeit from a relatively low base during the pandemic.”
Luxury properties in Australia such as Las Palmas in Byron Bay are highly sought after by migrating HNWIs.
Byron Bay Sotheby’s International Realty
“The luxury property market has been fueled by strong demand for lifestyle properties,” says Lana Faulkner, head of growth and performance, Queensland Sotheby’s International Realty. “HNWIs are increasingly drawn to these areas. Over the past year, we’ve seen a significant influx of buyers seeking beachfront homes, rural estates and properties that offer proximity to these tropical destinations.”
A growing desire for bespoke features, such as wellness amenities, sustainable design and access to Australia’s world-renowned natural treasures has attracted the wealthy to Queensland’s luxury property market.
“This surge in interest has driven property values higher, and we’ve seen several high-end transactions as a result,” says Faulkner. “Looking ahead, with the continued appeal of Queensland’s lifestyle destinations, flexible remote working and Australia’s stable economy, we expect the luxury property market to remain strong and continue growing.”
At the time of publication, there are more than 250 luxury homes listed for sale in Australia, highlighting an active and vibrant luxury property market. One major highlight of 2024 was the AU$30.39 million (US$20.1 million) sale of a four-bedroom, five-bath waterfront mansion called Rockpool in Vaucluse, a suburb of Sydney, by Sydney Sotheby’s International Realty. A growing interest from HNWIs in Australia’s luxury properties reinforces the trend of rising property values and increased high-end transactions, signaling the potential for continued expansion.
Canada
In 2024, Canada’s luxury real estate market exhibited remarkable stability. According to Sotheby’s International Realty Canada’s Top-Tier Real Estate: Fall 2024 State of Luxury Report, released in October 2024, the market for condos in Toronto and Vancouver has shifted to favor buyers, with prices stabilizing as supply outstrips demand. “While demand for luxury single-family homes has remained resilient, overall market dynamics have evolved to better favor homebuyers in these two key markets, creating advantageous conditions for purchasing luxury homes in cities typically renowned for hyper-competition.”
According to the report, sales of homes priced over CA$4 million remained consistent year-over-year in the Greater Toronto Area during the peak summer season (July-August 2024), with an uptick of around 3%. “Preliminary fall activity indicates similar trends ahead, as CA$4 million-plus residential sales in the Greater Toronto Area saw an annual increase of 9% between September 1-30 [2024],” the report found. The most impressive activity was seen in Calgary, however, which “continued to surpass major cities across Canada in the third quarter of 2024, as gains in population from immigration and in-migration boosted demand across all residential housing types.” September 2024 luxury sales activity was pointing to an active and healthy market ahead, the report added, with CA$1 million-plus sales up by 15% and with two properties sold over CA$4 million.
“Canada has long been recognized as a global destination for HNWIs for a wide variety of reasons,” explains Don Kottick, president and CEO, Sotheby’s International Realty Canada. “Our very conservative and stable banking system not only withstood but actually shone during the 2008 global financial crisis, which did not go unnoticed by many HNWIs. Canada is also a land of vast resources, unlimited water, excess supplies of natural gas and petroleum, a functioning healthcare system with social safety nets and still with lots of open land to grow and expand. The tax rate to deliver our high Canadian standard of healthcare and infrastructure is slightly elevated relative to other global destinations, but changes in the government often bring adjustments. Canada will continue to be a global destination as we also benefit from being next to the biggest economy in the world—the U.S.”
“In 2024, we had a slightly lighter May and June relative to 2023, but the pace in the other months drove the activity levels to the point where we will have a stronger year,” Kottick adds. “Our total listing count is approximately 2,500 listings across Canada. Our most expensive listing sold in 2024 was CA$14.27 million, occurring in Quebec, and the most expensive buy-side transaction was CA$14.75 million in West Vancouver.”
Compared with 2023, sales for luxury homes were up for the first eight months of 2024, with Halifax, Nova Scotia, recording the highest year-over-year median price rise of 8.6%, as reported by the Nova Scotia Department of Finance in April 2024.
“We found that Alberta was one of the provinces that led the luxury market in all of 2024, specifically Calgary, followed by Edmonton,” Kottick says. “Calgary and Montreal led the way in the major centers in terms of housing affordability. And Toronto was the chosen destination for arriving residents.”
The scenic Wetherly Estate is set in 30 acres of grounds and gardens on Salt Spring Island, Canada.
Sotheby’s International Realty Canada
“ CANADA HAS LONG BEEN RECOGNIZED AS A GLOBAL DESTINATION FOR HIGH-NET-WORTH INDIVIDUALS FOR A WIDE VARIETY OF REASONS
”
Don Kottick, president and CEO, Sotheby’s International Realty Canada
While sales remain strong throughout Canada, many are waiting to see if the foreign buyer ban, which has blocked foreign ownership of Canadian housing since 2022 and was extended to January 2027, will be lifted. In the coming year, the interplay between government regulations and evolving buyer preferences will be pivotal in shaping the future of Canada’s luxury housing market.
“The current government implemented a foreign buyer ban directed primarily at urban markets, not rural properties,” says Kottick. “It has been determined that the ban did not create the desired result, however, it will remain until the next election, which could happen any time within the next 12 months. The ban also resulted in unintended consequences, as many smaller provinces suffered economic slowdowns due to reduced tourism. It also restricted investment in new construction, which negatively slowed the needed addition of new inventory into the market. Canada does track the number of foreigners buying in Canada, but the numbers have never exceeded 1% to 2% of the market.”
United Arab Emirates
Dubai’s luxury real estate market continues to experience an unprecedented surge in growth, with a record-setting influx of HNWIs driving US$4.4 billion in investments and a notable rise in the sale of ultra-high-end properties. Arabian Business reported in July 2024 that more than 100 homes priced at US$10 million and up sold during the first quarter of 2024, marking a 19% increase compared with the same period last year.
“One of the most notable trends in Dubai’s prime and super-prime property segments this year has been the rise of branded residences, which saw an impressive 44% surge in transaction volume during the first half of 2024,” says Chris Whitehead, managing partner, Dubai Sotheby’s International Realty. Branded properties, currently in high demand and short supply, include Baccarat Residences, the Four Seasons Private Residences DIFC, One & Only and Eden House.
“This year, investors have shown even stronger interest in branded residences—particularly those still under construction,” says Whitehead. “These homes can easily command premiums upward of 25% for roughly the same size and quality as their unbranded counterparts. One factor here is the legacy behind some of these brand names—particularly historic brands like Baccarat, which rest on centuries of trust and heritage.”
Living in the UAE offers many perks to HNWIs, including golden visas, which grant residence or citizenship in return for investment, zero income tax and a lifestyle that caters to the wealthy. Providing a trusted legal framework that preserves and enhances wealth, the UAE has been successful in attracting HNWIs from around the globe, mainly from India, other parts of the Middle East, Russia and Africa, according to the Henley Private Wealth Migration Report 2024.
“From 24/7 concierge services to more niche amenities like residents-only cigar lounges, these branded residences offer a five-star hotel living experience,” says Whitehead. “For busy investors who travel frequently, these amenities add immense value and convenience.” As demand for branded residences continues to grow, the UAE’s unique appeal as a haven for the wealthy underscores its position as a global leader in luxury living.
United Kingdom
Despite a net outflow of 9,500 HNWIs, the U.K. remains a magnet for wealthy individuals emigrating from the U.S., China, India and the Middle East, according to Henley & Partners, though recent political and fiscal changes—including a new government, strict tax rulings and budget decisions—could impact this trend.
“If you look at the biggest contributing factor, we have a change in government, we have shifted from Conservative to Labour,” says Claire Reynolds, managing partner, United Kingdom Sotheby’s International Realty. “Some of the wealthier residents invested in the U.K. would normally stay for a Conservative government, but there’s a change in the non-domiciled policy. Currently, it means they only pay tax on what they make in the U.K., but the policy will soon change where all of their worldwide income will be taxed. We don’t yet know the extent of what that policy change will look like.”
Luckily, American buyers are stepping in. As Bloomberg reported in August 2024, in response to U.S. domestic politics and social challenges and encouraged by a strong dollar, a growing number of HNWIs are investing in British properties.
The supply of super-premium properties in the U.K. has increased since 2023 as sellers continue to enter the market, while demand has lagged slightly, reports TwentyCi, a U.K. residential property analyst, in its April 2024 Property & Homemover report. This has led to a competitive market, since buyers have more negotiating power. Of four deals with foreign buyers amounting to US$250 million, Reynolds says three were completed successfully, and one fell through.
“Americans’ love of London has never been stronger and I’ve never seen so many buying in London as there are now,” says Reynolds. “It’s a very resilient market because of the London lifestyle, the stability, education system and language. London remains one of the most popular areas to buy.”
In a dynamic landscape shaped by political changes and shifting policies, the enduring allure of London, bolstered by a surge of American investment, highlights the city’s resilience and continued status as a prime destination for HNWIs.
United States
Despite having the second-highest millionaire inflow, the U.S. is experiencing the lowest level of foreign-buyer purchases since 2009, driven partly by higher interest rates and a strong dollar.
As detailed by the National Association of Realtors 2024 Profile of International Transactions in U.S. Residential Real Estate report, international buyers purchased US$42 billion in existing residential properties in the U.S. from April 2023 to March 2024, down 21.2% year-over-year, with foreign buyers purchasing 54,300 homes, down 36%.
According to John Young, global real estate advisor, Golden Gate Sotheby’s International Realty, Silicon Valley in California continues to draw in HNWIs and its luxury property market remains unaffected by any decrease in international buyers. “We have seen a decrease in Chinese buyers looking for properties in the US$2 million to US$5 million range, as it’s become harder for them to move money to the U.S.,” says Young. “But in the US$10 million-plus range, many ultra-high-net-worth buyers have money outside China already, so are not as impacted. However, there are plenty of local buyers who are filling the gap and keeping prices strong.”
According to the Henley & Partners 2024 USA Wealth Report, Florida and Texas are also exceptions and have been steadily accumulating more HNWIs while strengthening their luxury property markets along the way.
Inspired by classical Italian villas, this home in Portola Valley, California, evokes the Tuscan countryside.
Golden Gate Sotheby’s International Realty
“Florida is attractive to HNWIs for many reasons,” says Joel Schemmel, global real estate advisor, Premier Sotheby’s International Realty in Florida. “Certainly, among them is the strong investment environment and stability of the U.S. market. Another reason is that Florida continues to have an amazing combination of factors to fuel this migration, including no income tax, a fantastic warm climate, a multitude of year-round lifestyle options, workplace mobility and significant infrastructure investment, such as schools and airports.”
“A strong positive migration to Florida certainly plays into the luxury real estate market. While we saw amazing value increases during the pandemic years, we have continued to see a more modest positive value trend in recent years,” Schemmel says. “In the last year or so, we have seen a trend toward more availability of real estate in the luxury market. Buyers are enjoying having more options.”
Texas is another location that does not impose a state income tax, which has similarly resulted in an influx of buyers looking for tax relief, according to Bering. “The price of a luxury home in Houston is usually less than a relocating HNWI would pay in their current location, so they are usually very pleased with their choice. I sold a property in August 2024 to a Chinese family with a list price of US$6.399 million.” The most appealing feature of the location for that family was a nearby private school their children could attend. “Proximity to good schools is often a deciding factor in where a buyer will purchase,” Bering says.
And although most HNWIs purchase their home for cash, interest rates can still affect their decisions. “‘Move-up’ buyers—those looking for a bigger home or one in a better location—will be inclined to make the move when interest rates drop. That would create more demand and ultimately higher prices,” Bering says.
As the U.S. luxury real estate market navigates a complex landscape marked by fluctuating interest rates and changing buyer demographics, regions like Florida and Texas demonstrate resilience and an increasing appeal to HNWIs, ensuring a competitive market moving forward.
“ PROXIMITY TO GOOD SCHOOLS IS OFTEN A DECIDING FACTOR IN WHERE A BUYER WILL PURCHASE
”
Walter Bering, broker associate, Martha Turner Sotheby’s International Realty
When location is everything, a residence situated in one of Chicago’s most sought-after neighborhoods is an ideal choice.
Jameson Sotheby’s International Realty
Singapore
Singapore emerges as a renewed hotspot for inbound wealth, according to Henley & Partners, clinching the third most popular location for HNWIs based on its reputation as the most business-friendly city on Earth. “Singapore consistently ranks among the top destinations for migrating millionaires,” Henley & Partners found. “It is also the world’s fastest-growing family office hub, aided by the absence of capital gains tax in the city-state.”
It’s impressive considering that, with a total population of only 5.9 million, Singapore has more than 300,000 millionaires—meaning 5% of its residents are HNWIs. And all those millionaires are looking for a place to live, resulting in the total value of luxury homes in Singapore reaching US$482.5 million in the second quarter of 2024, up 26.2% from the first quarter’s US$382.4 million, according to The Straits Times.
“Singapore is able to attract wealthy foreigners due to its strong rule of law, robust and predictable regulatory regime, safe and family-friendly environment, as well as its world-class education and healthcare systems,” says Veniz Kwong, head of sales, List Sotheby’s International Realty, Singapore. “Yet there has been a noticeable decline in property investment since mid-2023.”
According to data from Singapore’s Urban Redevelopment Authority, the 60% additional buyer’s stamp duty (ABSD) imposed on non-residents has curbed foreign investment, notably in high-end residential properties.
“The luxury market has slowed down in the past year, in line with the wider market. Yet, prices have been holding up, mainly due to a scarcity of luxury property for sale, as well as the ability of sellers to stay put if offers do not meet their expectations,” says Kwong. “We have observed an increasing trend of foreigners waiting to obtain permanent residency before they invest in residential property.”
Despite recent challenges, the city-state’s robust legal framework and quality of life continue to attract investors, suggesting a promising outlook for the luxury property sector as it adapts to the evolving trends in foreign investment.
As can be seen from these examples, the ongoing migration of HNWIs is reshaping global property markets, with 2024 marking a record influx of millionaires seeking new landscapes and opportunities. Regions like the United Arab Emirates, the U.S. and Singapore have emerged as key destinations, driven by favorable economic conditions, political stability and appealing lifestyles. Despite some challenges—such as regulatory hurdles in Singapore and changing tax policies in the U.K.—the luxury real estate markets in these regions continue to thrive, reflecting healthy competition and strong demand.
As HNWIs navigate their relocation choices, their preferences significantly impact local real estate dynamics, emphasizing the importance for buyers and sellers alike of understanding wealth migration trends.
Header: Occupying the 10th and 11th floors, this five-bedroom penthouse located in the prestigious One Hyde Park building offers uninterrupted views of London.
United Kingdom Sotheby’s International Realty
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