The mega-rich are moving. Here's where they're going.

A record number of the global rich are adopting new countries as their primary residence, citing political instability, tax rules, and quality of life. Andrew Rosener, who moved to Portugal with his family, says the country checked every box: safe, sunny, affordable and culturally appealing.

He flew over in May 2018, bought his dream house ten days later, and says its value has risen 250% since. Migration by the ultrawealthy has risen sharply: 108,000 extremely wealthy people emigrated in 2018, 134,000 moved in 2024, and more than 142,000 were expected to have relocated by the end of 2025.

Tax efficiency is a major driver. Switzerland uses a lump-sum tax based on lifestyle spending, Panama taxes only income earned in the country, and the UAE has no income tax but a 5% value-added tax. For Americans, worldwide taxation limits some strategies, though many still view additional residencies and citizenships as a hedge against future US tax reforms.

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