Inaugural Edition · 2026
The Haute Jets
Wealth Migration
Report
Where the world's wealthy are moving — and how they fly between homes.
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Overview
Key Findings
Millionaires projected to relocate internationally in 2026 — rising from 142,000 in 2025. Over the past decade, the annual figure has roughly tripled.
New UHNWIs created every single day. The ultra-wealthy class holds 13% of global wealth despite representing just 0.008% of the population.
Net income captured by Florida through US interstate migration in 2023 — nearly four times second-place Texas. Filers earning $200K+ drove 82% of that gain.
Luxury home price growth in West Palm Beach over the past decade — the fastest of any major US metro, more than double the national luxury average.
Projected millionaire outflow from the United Kingdom in 2025 — the largest single-year exodus from any country in tracking history. UAE and US are top destinations.
Individuals globally holding $1M+ in crypto assets — a 40% YoY surge, creating a new and fast-moving migratory wealth class driven by tax jurisdiction selection.
Of UHNWIs actively pursuing a second passport or alternative residency. US nationals now account for 30%+ of all Henley investment migration applications.
Estimated private wealth injected into the UAE by its projected 9,800 incoming millionaires in 2025 alone — a staggering single-year transfer of capital.
Of global liquid private wealth held by the United States. Over 6 million millionaires, 10,800 centi-millionaires, and 850+ billionaires call America home.
Section 1
Global Wealth Migration
142,000 millionaires are projected to relocate internationally in 2025 — a new all-time record. Projections rise to 165,000 in 2026.
The era of the mobile UHNWI is not approaching — it has arrived. Tax regime changes, geopolitical instability, passport optionality, and the advent of a crypto wealth class that relocates on 90-day timelines are compressing what was once an 18–24 month deliberation into an operational decision. Private aviation is not incidental to this movement. It is the infrastructure on which it runs.
Top Destination Countries · 2025
| # | Country | Net Inflow |
|---|---|---|
| 1 | United Arab Emirates | +9,800 |
| 2 | United States | +7,500 |
| 3 | Italy | +3,600 |
| 4 | Switzerland | +3,000 |
| 5 | Saudi Arabia | +2,400 |
| 6 | Singapore | +1,600 |
| 7 | Portugal | +1,400 |
| 8 | Greece | +1,200 |
| 9 | Canada | +1,000 |
| 10 | Australia | +1,000 |
Source: Henley Private Wealth Migration Report 2025
Top Source Countries · 2025
| # | Country | Net Outflow |
|---|---|---|
| 1 | United Kingdom | –16,500 |
| 2 | China | –7,800 |
| 3 | India | –3,500 |
| 4 | South Korea | –2,400 |
| 5 | Russia | –1,500 |
| 6 | Brazil | –1,200 |
| 7 | South Africa | –600 |
| 8 | Taiwan | –600 |
| 9 | Vietnam | –300 |
| 10 | Nigeria | –300 |
Source: Henley Private Wealth Migration Report 2025
"£91.8 billion in private wealth is projected to leave the United Kingdom in 2025 alongside its 16,500 departing millionaires. London–Dubai is the 4th busiest global private jet route. The UK millionaire exodus is, in measurable aviation data, a London–Dubai flight schedule."
Where the UK's 16,500 Millionaires Are Going
| Rank | Destination | Key Driver |
|---|---|---|
| 1 | United Arab Emirates (Dubai) | Zero income, capital gains, and inheritance tax |
| 2 | United States (Florida primarily) | Zero state income tax; English-speaking financial infrastructure |
| 3 | Italy | €200,000 flat-tax non-dom regime covering all foreign income |
| 4 | Switzerland | Geneva and Zurich for financial sector; lump-sum tax regimes |
| 5 | Monaco | Zero income tax; 35 minutes from Nice airport |
| 6 | Singapore | Asia-Pacific business interests; no capital gains |
| 7 | Portugal (Algarve) | Lifestyle migration; competitive post-NHR reform regime |
The Crypto Wealth Class
The global crypto wealth population has emerged as a distinct and fast-growing segment of the UHNWI migration market — one driven almost entirely by tax jurisdiction selection rather than lifestyle preference. Unlike traditional UHNWI migration, which typically follows 18–24 months of deliberation, crypto wealth holders relocate on compressed timelines — often within 90 days of a tax-triggering event.
Source: Henley Crypto Wealth Report 2025
Section 2
The Global UHNWI Population
626,619 UHNWIs now exist globally — a 33.4% increase over five years. Their total net worth reached $59.8 trillion at mid-2025.
UHNWIs represent only 1% of the global millionaire population but hold 32% of that group's total wealth. The average UHNWI owns 3–4 homes, 8 cars, and three-quarters own a private aircraft.
Asia is projected to overtake North America as the world's leading ultra-wealthy hub by 2028, with India (+50%) and Mainland China (+47%) leading growth over the next five years.
US Dominance in Global Wealth
| Metric | US Figure | % of Global |
|---|---|---|
| Millionaires ($1M+) | 6,041,000 | 37% |
| Centi-millionaires ($100M+) | 10,800 | 36% |
| Billionaires | 850+ | 33% |
| Liquid Private Wealth | $59T+ | 34% |
| Wealth Growth 2014–2024 | +78% | — |
Source: USA Wealth Report 2025, Henley & Partners
The World's Wealthiest Cities
Dubai jumped from 21st to 18th with 102% millionaire growth from 2014–2024 — the fastest climber. London dropped to 6th. Los Angeles overtook London for the first time.
New York
818 centi-millionaires · 66 billionaires
SF Bay Area
82 billionaires · $122B AI funding in 2025
Tokyo
Stable Asia-Pacific wealth hub
Los Angeles
Overtook London — now 5th globally
London
–9% HNWI growth over past decade
Dubai
+102% growth 2014–2024 · Fastest climber globally
Section 3
US Wealth Migration
Inside the United States, wealth is migrating at scale from high-tax coastal states to lower-tax Southern and Mountain West destinations. The latest IRS data shows the largest net income transfers on record between US states.
Top Wealth Gainers — Net AGI Gain 2023
Top Wealth Losers — Net AGI Loss 2023
The Florida Story
Florida's $20.7 billion net gain was nearly four times second-place Texas. Filers earning $200,000+ accounted for 82% of the total. The arrivals' average incomes were approximately 60% higher than departures — the largest quality-of-mover gap in the nation.
The Latin America → Florida Pipeline
Private aviation YoY in 2025 — the fastest-growing market in the world. Tech-exit wealth and tax reform uncertainty drive Miami relocations.
Private aviation YoY. Bogotá–Miami is a high-frequency private jet corridor driven by security concerns and record HNWI relocation inquiries.
Private aviation YoY. Venezuela's UHNWI community in Miami — Doral, Brickell, Coral Gables — is the dominant referral network for regional HNWI arrivals.
Section 4
Tax Policy: The Mathematics of Migration
A high-earning household relocating from New York City to Palm Beach saves approximately $680,000 per year in combined state and local income taxes — before estate tax, capital gains, and property tax differentials.
"Over a 20-year residency, cumulative state tax savings from a NYC-to-Palm-Beach move can exceed $13.6 million — without investing the savings."
26 US states have reduced their individual income tax rates since 2021. 23 states have reduced their top marginal rate. Seven states shifted from graduated-rate to single-rate structures. Only Maryland, Massachusetts, New York, Washington, and DC raised their top marginal rates.
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Section 5
The Rise of Dubai & the UAE
Dubai's millionaire population grew 102% between 2014 and 2024 — the fastest rate among major global cities. It has led the world in net HNWI inflow for four consecutive years.
The UAE's projected 9,800 incoming millionaires in 2025 represent an estimated $63 billion in private wealth injection into the economy in a single year. Dubai's millionaire population is projected to double by 2030, reaching 110,000–120,000.
Russian investors now account for 6% of all UAE property investors, up from under 2%. Chinese investment in Dubai real estate is up 130% since 2022.
UAE Luxury Real Estate — Key Metrics
| Metric | Figure |
|---|---|
| Market size (2025) | $45.11B |
| Projected market (2030) | $70.91B |
| $10M+ transactions, H1 2025 | 3,731 (+62.7% YoY) |
| Villa price increase since Q1 2020 | +94% |
| Prime real estate price growth (5yr) | +200% |
| Rental yields in premier districts | 8–12% |
| Ultra-prime % of total market | 4% (up from 1.1% in 2020) |
Source: Henley & Partners; Knight Frank; Khaleej Times
Section 6
Luxury Real Estate Markets
The pattern of wealth migration is inseparable from the pattern of luxury real estate acquisition. Where the wealthy are moving is where the prices are rising. Eight of the ten major US metros with the fastest luxury price growth since 2015 are in the Sun Belt.
Luxury home price growth over the past decade — fastest of any major US metro. Average luxury price now $4.04M. Palm Beach Island is the 3rd most expensive real estate in the world at ~$43,000/m².
Miami-Dade median single-family home price since 2019, reaching $675,000. Ultra-luxury ($10M+) segment up ~15% YoY in 2025 to ~$3,250 per square foot.
Billionaires maintain residences in or around Aspen. Median luxury investment: $13.4M. Record 2025 sale: $108M. One of only three locations trading at $40,000+/m² alongside Monaco and Palm Beach.
Luxury growth over the past decade — slowest of any major US luxury metro. 1,436 home sales over $4M in 2025, up 11%. Median luxury price: $1.23M.
Billionaires based in the Bay Area — more than New York's 66. $122B in AI funding flowed into the region in 2025. Atherton median home price: $8.33M.
Emerging aspirational price point for ultra-luxury residential transactions in 2025 — at least five properties listed at or above. Five years ago, $100M was the notional ceiling.
Section 7
Corporate Relocations: Wealth Moves, Then Companies Follow
Corporate relocations and HNWI migration are mutually reinforcing. Wealthy executives move to low-tax states, then relocate their firms to the same jurisdictions, drawing additional talent and wealth in a multi-year compounding cycle.
The Miami financial migration is driven primarily by individual tax optimization and lifestyle migration rather than corporate cost structure. Executives and fund managers moved first; their firms and capital followed.
"The flight between New York's financial district and Brickell Avenue's growing fund cluster is an office-to-office flight, not a vacation."
Major Relocations to South Florida (2020–2025)
| Company | Sector | From |
|---|---|---|
| Citadel | Hedge Fund | Chicago |
| Elliott Management | Hedge Fund (~$70B AUM) | New York |
| Ark Investment Mgmt | Asset Management | New York |
| Thoma Bravo | Private Equity | Chicago |
| Apollo Global | Private Equity | Expanded to Miami |
| ServiceNow | Enterprise Software | California |
| Palantir | Data / Software | Palo Alto |
| Banco Santander | Banking | 41-story Brickell tower |
Ken Griffin's Citadel relocated from Chicago to Miami in 2022. Now building a $2.5B Norman Foster–designed headquarters on Biscayne Bay, after paying a record $363M for the land. Citadel now employs ~500 people in Miami — its fastest-growing outpost.
Report Partners
The Organizations Behind This Report
The Haute Jets Wealth Report is a co-production between two leaders in their respective fields — private aviation and strategic communications. Together, they bring the analytical depth of the financial press with the audience reach of a top-tier PR agency.
Haute Jets
Private Aviation · Luxury Charter · Worldwide
Haute Jets is a leading private aviation brokerage connecting high-net-worth individuals, family offices, and corporations with the world's finest aircraft. With a curated global fleet and a client base that spans billionaires, Fortune 500 executives, sports and entertainment figures, and ultra-wealthy families, Haute Jets occupies a unique vantage point at the intersection of wealth migration and private aviation.
New York–Miami. London–Dubai. São Paulo–Palm Beach. These are not just the world's fastest-growing private jet corridors — they are the routes that define where wealth is moving. Haute Jets flies them every day.
5W AI Communications
Strategic Communications · Media Relations · Brand Intelligence
5W AI Communications is one of the largest independently owned PR firms in the United States, with more than 250 professionals across its headquarters and offices nationwide. Founded by Ronn Torossian, 5WPR has built a reputation for bold, results-driven communications strategies that cut through in competitive media environments.
5WPR's luxury, real estate, and financial services practice groups work with some of the world's most recognized brands — bringing editorial insight, media relationships, and strategic intelligence that amplify research like the Haute Jets Wealth Report into meaningful earned media coverage across financial press, luxury lifestyle publications, and broadcast outlets.
About This Report
The Haute Jets Wealth Migration Report is the inaugural edition of an ongoing research series examining the movement of wealth and wealthy households across countries, US states, cities, and residences — and what that movement means for the private aviation, luxury real estate, and luxury lifestyle categories. Co-produced by Haute Jets and 5W AI Communications. Data drawn from Henley & Partners, New World Wealth, Knight Frank, Altrata, Cerulli Associates, the Internal Revenue Service, Redfin, WingX, ARGUS TRAQPak, the Tax Foundation, and leading trade press.
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