The Largest Voluntary Transfer of Private Capital in Modern History

Published on June 25, 2025, a striking report informs us of a significant shift in global wealth migration, revealing that we are witnessing the largest voluntary transfer of private capital in modern history. The United Arab Emirates (UAE) and the United States are emerging as popular havens for high-net-worth individuals (HNWIs), while the United Kingdom and China are experiencing notable capital outflows.

Record Migration Numbers

According to the Henley Private Wealth Migration Report 2025, an anticipated 142,000 HNWIs—defined as individuals with liquid investable wealth of $1 million or more—are projected to acquire residency or citizenship in other countries this year. By 2026, this number could surge to 165,000. As Nuri Katz, founder of Apex Capital Partners, stated, achieving that million-dollar threshold often indicates a much larger net worth, typically near the $10 million mark.

The UAE stands out as the leading destination for wealth migration, with almost 9,800 HNWIs expected to gain residency in 2025—up from 6,700 in the previous year. Saudi Arabia is also making headway, likely welcoming over 2,400 millionaires—a remarkable eight-fold increase due to a wave of returning nationals and new international investors settling in cities like Riyadh and Jeddah.

In sharp contrast, the UK is facing a historical exodus, with projections suggesting 16,500 HNWIs will relocate to other countries this year. China follows as the second largest loser, anticipating about 7,800 HNWIs leaving.

The Economic Implications of Wealth Migration

The migration trend is not merely a matter of personal choice; it reflects a profound shift in global economic influence. The Henley report emphasizes that nations are not only vying for talent but also the wealth that accompanies it. The UAE has transformed into a global wealth nexus, boasting an impressive collective investable wealth of around $63 billion, attributed to innovative policy changes.

However, the UK serves as a cautionary example. Once a favorite destination for millionaires, the UK has recently found itself on a downward trend, losing more wealth than it attracts. Katz emphasizes that many wealthy individuals consider acquiring residency in different countries as a "Plan B." This doesn’t necessarily mean they are leaving their home countries; rather, they are diversifying their options.

Pathways to Residency for HNWIs

High-net-worth individuals often gain residency in other countries through various means. The Henley report notes that most HNWIs acquire residency through work, ancestry, retirement, family visas, or second passports by birthright. A small percentage, about 30%, opt for investment migration programs as their route to secure residency or citizenship.

Why the UAE Appeals to HNWIs

Why is the UAE becoming an increasingly attractive destination for high-net-worth individuals? The Emirates offer a welcoming immigration policy, zero income tax, world-class infrastructure, and political stability. The regulatory framework is designed to treat capital as an ally rather than a target. The 2019 Golden Visa program has been modified to expand eligibility, incentivizing wealthy migrants seeking a luxurious lifestyle and economic benefits.

Katz elaborates that, while many are flocking to the UAE, it’s worth noting that American citizens, due to their obligations under income tax laws, are less likely to change residency to the UAE despite its appeal.

The U.S. Position in Wealth Migration

The United States ranks second in the Henley report, projected to receive 7,500 new HNWIs in 2025. This influx largely stems from the EB-5 Immigrant Investor Program, which has already facilitated over $50 billion in foreign direct investment, creating thousands of American jobs. Recent discussions have centered around the potential implementation of the $5 million Trump Gold Card visa, which proponents believe could attract even more wealthy investors—if it becomes a viable alternative to the existing EB-5 program.

The Big Number

An impressive statistic emerges: nearly 70,000 individuals registered for the Trump Gold Card visa shortly after its launch in June 2025. Speculations suggest this initiative could draw in up to 200,000 investors, contradicting the narrative of stagnation in U.S. immigration for wealthy individuals. However, skepticism prevails regarding the actual interest from ultra-high-net-worth individuals, as many registrants are likely seeking information rather than ready to apply.

Many experts argue that the proposed immigration costs present a barrier to entry for most potential applicants; Katz mentions that it’s seldom seen that anyone spends more than 10% of their net worth on immigration programs.

A Changing Landscape

As this wealth migration continues to evolve, both the U.S. and U.K. face the challenge of adapting to this new reality, where the competition for capital is as critical as the pursuit of talent. For now, it is crucial to observe how these trends unfold and what they may mean for global wealth dynamics moving forward.