Wealth on the move

Global wealth is growing again – and becoming ever more mobile. The globalisation of residency is not a new phenomenon among the world’s wealthiest families and individuals, but it has been accelerated by myriad factors, including shifting tax regimes, climate change and competition for wealth and talent. Thus, the traditional hierarchy of primary, secondary or vacation residences makes way for a more nimble, nomadic and seasonal approach.

The inaugural Savills Spotlight on Wealth Trends report highlights the factors shaping the prime global real estate market. As Victoria Garrett, head of global residential (excluding UK), explains: “Our clients are not defined by borders.”

After a dip in 2022, more than 680,000 people became new dollar millionaires in 2024, and five million more are expected to join them by 2029. Meanwhile, the wealth of billionaires has increased by a remarkable 121% over the past 10 years, as ultra-high-net-wealth individuals benefit from increasing innovation, rising asset values and the boom in alternative investments such as cryptocurrency. 

UHNW property remains an essential part of wealth portfolios, but individuals today are seeking more than a place that will hold its value. They are drawn to locations that suit their work schedules, lifestyles, family needs and wealth management priorities – from global cities such as Dubai, New York, Singapore and London to coastal and ski locations including Monaco, Miami and Aspen. Security and health are also increasingly important. 

To balance these priorities, the wealthy move between residences around the world. While strong international transport links and a favourable time zone remain important, the past five years have shown the extent to which those in knowledge industries – including wealthy business owners – can work from anywhere that provides a reliable internet connection. As a result, UHNWIs are increasingly drawn to locations with leading international or private schools, private members’ clubs and top-tier cultural or dining scenes. 

Such is the level of mobility that the distinction between primary and secondary residences has become blurred. “Wealth is more mobile than ever,” says Garrett. “People have primary and co-primary residences, two or sometimes three places they call home. And now there are a lot of countries vying for the world’s wealthy. The UAE, for example, really put itself on the map during the pandemic – particularly Dubai.” The introduction of flexible visa schemes for both Dubai and Abu Dhabi in 2021 also played a key role in boosting their appeal.

Dubai tops the Savills HNW Individuals Hotspot Index, which compares business environments, family environments, legacy potential, lifestyle, privacy and security across nearly 100 leading locations worldwide. Dubai scored particularly highly for its business environment and wealth clustering – the number of HNW individuals in a particular market and the average adult wealth in the location – as well as family infrastructure. In addition to its low-tax environment and convenient location between Asia, Europe and Africa, the emirate is currently home to 168 international schools – more than any other city in the world. Global financial capital New York and Asian business centre Singapore rank a close second and third.

London continues to score highly for many UHNWIs thanks to its location and time zone, its role as a financial hub and its cultural strengths. It tops the Lifestyle Pillar of the Hotspots Index, ahead of Tokyo and New York. The UK’s leading schools and universities are also a significant draw for wealthy families. London has long attracted Americans looking for a familiar base in Europe, along with UHNWIs from the Middle East, but now people are buying properties in the city from an ever-wider range of jurisdictions, including central and eastern Europe, Malaysia and China. 

“The end of the non-dom regime in the UK highlighted the fact that the majority of our clients are very mobile,” says Alex Christian, joint head of Savills Private Office. “It also shows that people are having to be fleet-footed and agile, and that they may not be able to base themselves permanently in places. There’s no single location that has a ‘nirvana’ offering.”

While favourable tax regimes can play a key role in determining where UHNWIs choose to live, they are far from the only priority. Airport connectivity is vital for those doing business or spending time with family around the world, and the quality of cultural attractions, shopping and dining is an important factor for many buyers. An increasingly high priority, too, is wellness: an improved work/life balance and opportunities for health and fitness. Many UHNWIs are seeking sunshine, clean air, sports and spa facilities, as well as a relaxed way of life. This is reflected in the presence of four Swiss ski resorts – Gstaad, St Moritz, Verbier and fast-rising Andermatt – in the top 30 of the Hotspot Index.

Increased mobility is leading to a growing willingness for some to rent rather than buy over the short and medium term, particularly among the younger generation. “People don’t necessarily want to tie up lots of capital in property,” says Christian. “Younger, entrepreneurial people often just want to try things out before they buy, or spend a few months in a place, then go back to where they’re based.”

Family offices and real estate advisory businesses are adapting to this new, hyper-mobile world. Wealth and succession planning has become more complex than ever, as it can include assets and family members in multiple jurisdictions. And where clients are looking to move, or to acquire a new property – diversifying not just their assets, but the range of homes they can live in around the world – Savills can support them.

“With more than 700 offices and associates in more than 70 countries, including 130 in the UK alone, we have people on the ground in all major jurisdictions and cities,” says Garrett. “We provide insider insight on what cities can offer in terms of lifestyle, education and more. And we can put clients in touch with specialists on everything from immigration through tax to education. 

“People are searching for an enriched life, and living across numerous locations means they no longer need to choose between certain factors that are important to them. Whatever they are, we can help them fill in the blanks so that they’re making an informed decision.”

VICTORIA GARRETT, HEAD OF SAVILLS GLOBAL RESIDENTIAL
victoria.garrett@savills.com

ALEX CHRISTIAN, JOINT HEAD OF SAVILLS PRIVATE OFFICE
AChristian@savills.com