The European family office scene is shifting.

The headlines paint a vivid picture. European wealth taxes, an exodus from London, and a steady flow of ultra-wealthy families heading for sunnier, tax-friendly shores.

So, for the continent that invented generational wealth, is the dream really over? 

The answer, as usual, is more nuanced than the headlines.

Europe is not collapsing, but it is recalibrating.

For decades, London was the undisputed capital of European wealth.

It offered everything the ultra-rich needed: world-class private banks, deep financial markets, trusted advisors, and a cosmopolitan lifestyle that balanced discretion with opportunity. The City’s rule of law, stable institutions, and English-speaking talent pool made it the natural home for global family offices.

But now, following years of questionable public policy, sentiment is changing.  

The British elite are on the move. Steel billionaire Lakshmi Mittal, Nikolay Storonsky, founder of Revolut, and hedge fund billionaire Michael Platt of BlueCrest have all moved or announced plans to shift their tax residency abroad.

But that doesn’t mean the infrastructure is moving with them.

Even as families change residence, most London teams are staying put. Around 80% of UK-registered family offices still operate from London. The principals might now live in Monaco, Milan or Dubai, but their analysts, accountants and investment directors haven’t gone anywhere yet.

In short, the ecosystem is too deep to abandon: legal expertise, deal flow, and financial infrastructure all converge there.

France and Germany are taking very different paths, yet both are finding it harder to keep their wealthiest citizens at home.

In France, the relationship between government and the rich remains uneasy. High income taxes, social charges, and layers of regulation continue to push entrepreneurs and investors abroad.

Paris still shines as a center of art, culture, and old family wealth, but new money is leaving for Switzerland, Belgium, and Monaco.

Family offices based in France now often hold legacy assets locally while structuring new investments through Luxembourg or Geneva to gain flexibility and protection from policy swings. The tone has changed from ambition to caution.

Germany faces a similar challenge. The industrial families that built the country’s wealth remain deeply rooted, but a younger generation of entrepreneurs and investors is looking elsewhere.

The prospect of higher wealth taxes, political uncertainty, and a slower economy has triggered a steady outflow. Many company owners have shifted capital or residency to Switzerland, Liechtenstein, or the UAE.

Frankfurt and Munich still have strong advisory networks, but they no longer hold the same appeal for private wealth planning. As one adviser noted, Germany is still a great place to build a company, but not the best place to keep the profits.

Both France and Germany remain economic engines of Europe, but for family offices, they now represent history and infrastructure rather than a preferred home base.

Switzerland remains the benchmark for security and continuity. Zurich and Geneva continue to attract global capital through their deep networks of private banks, trustees, and wealth lawyers.

The appeal is simple: stability, privacy, and predictability. Political neutrality and strong institutions still make Switzerland the default home for many wealthy families.

But even in Switzerland, the picture is changing. Many Swiss family offices are no longer purely domestic operations. They now manage assets through satellite offices in Dubai or Singapore to balance exposure to global markets and regulatory changes. This new outward-facing model reflects how even the most established hubs are adapting to mobility and diversification.

Next door, Liechtenstein continues to punch well above its weight. The tiny principality has built a reputation as a trusted jurisdiction for family foundations and private asset structures. Its combination of Swiss-style banking discipline and EU access gives it a rare hybrid appeal.

Wealthy families use Liechtenstein for holding companies, trusts, and philanthropic vehicles that demand high discretion and robust legal protection.

Together, Switzerland and Liechtenstein remain the backbone of Europe’s family office infrastructure. They offer continuity when other countries shift policy, and neutrality when others politicize wealth. For many, they are still the safest anchors in an increasingly mobile world.

Although the general trend is away from Europe, Monaco and Milan are actively attracting wealthy individuals and families.

Monaco offers simplicity, safety and privacy. More than a third of residents are millionaires. For many European families, it’s an easy relocation without severing European roots. Italy, meanwhile, has become Europe’s surprise magnet. The €100,000 flat tax was doubled to €200,000 last year but is still pulling in thousands of wealthy newcomers. Milan has emerged as a favorite among family offices seeking both lifestyle and European access.

The best private schools are oversubscribed and luxury property is going through, well, a renaissance.

But despite incentives, particularly in Italy, there’s limited evidence that family office teams follow their wealthy principals to Monaco and Milan.

Over the past year, there has been a clear shift in where family offices are based and how they operate. The latest Henley & Partners Private Wealth Migration Report 2025 shows record levels of millionaire migration, with an estimated 142,000 high-net-worth individuals expected to relocate globally in 2025. Europe is seeing the sharpest decline, with the UK alone projected to lose around 16,500 wealthy residents this year.

With modern communications and technology, easier travel, the world has become much smaller.

A report by AlTi Tiedemann Global and Campden Wealth found that around three-quarters of European family offices now have at least one family member living outside their home jurisdiction.

The picture is not one of collapse but of strategic reallocation, as wealthy families seek tax stability, lighter regulation, and global reach while maintaining links to Europe’s financial and legal expertise.

While Europe is recalibrating, other locations are on a tear.

Dubai and Abu Dhabi have rebranded from tax havens to global wealth hubs. The special economic zone, the Dubai International Financial Centre (DIFC), now counts over 1,000 family offices, up from just 50 in 2020.

Singapore has surpassed 2,400. Hong Kong claims to have more than 2,700.

The reasons are clear: zero income or capital gains tax, easier setup, and strategic location between markets. The pitch is simple: modern infrastructure, low tax, and global reach.

Ultimately, while jurisdictions compete for their attention, family offices are no longer tied to one location. A principal may live in Dubai, the family office team may remain in London, assets sit in Luxembourg, and investment management in Zurich.

So is Europe over? No. But it is changing shape.

Rather than ending, Europe’s family office story is evolving into a hybrid model built on flexibility, structure and control.