This year’s Henley & Partners Wealth Migration Report has had quite a dramatic change. 

No more headline number of millionaires migrating and which countries are winning or losing. Instead, this year’s report focuses on the attractiveness of each region. 

Their new Global Wealth Mobility Framework scores jurisdictions across 12 dimensions, from tax treatment to quality of life, geopolitical stability, and more.

This approach could be because it offers more value, or is perhaps related to several independent media sources last year disputing the accuracy of data used in the reports. 

We spoke with Henley & Partners Head of Private Clients Americas, Basil Mohr-Elzeki, who emphasized the shift in focus was about a deeper understanding.

“Previous editions focused primarily on annual millionaire migration estimates and directional wealth flows. While those figures generated significant interest, they could only ever capture part of the story and a moment in time.”

He says the focus now moves from asking ‘Where is wealth moving?’ to ‘Why is wealth moving?’

“Rather than focusing solely on annual migration activity, we are examining the structural characteristics that make some jurisdictions consistently attractive to internationally mobile wealth over the long term.”

Mohr-Elzeki said one of the most interesting findings was how wealth mobility has evolved beyond traditional migration.

“Historically, many assumed residence and citizenship planning was primarily driven by individuals seeking to relocate from less stable or less developed countries.” 

“What we are increasingly seeing, however, is strong demand from citizens of some of the world's most developed and wealthiest economies.”

Mohr-Elzeki notes that most are not actually leaving their countries though.

“What they are seeking is optionality: additional residence rights, alternative citizenships, education opportunities for their children, and greater flexibility should circumstances change in the future.

As jurisdictions become more competitive, the world’s wealthy are paying attention and acting accordingly.

This year’s report highlights how countries like New Zealand, Greece, Italy, and Latvia have benefitted from enhancing their own offering but also changes to competitors, like Spain’s golden visa closure and Portugal’s withdrawal of a real estate-linked investment route. 

Mohr-Elzeki says the most successful programs have generally been those that combine predictability, credibility, strong governance, and a clear value proposition.

“Among citizenship programs, the Caribbean citizenship-by-investment programs have consistently performed well because they offer efficient processing, legal certainty, and meaningful international mobility benefits.”

When it comes to jurisdiction ratings, the UAE is still on top, despite a tricky conflict-filled period. 

It has a Wealth Mobility Competitiveness Score of 85.3 and the report states it’s “the world’s leading destination for internationally mobile wealth, anchored by zero income tax, a deliberately expanded Golden Visa framework, exceptional personal safety standards, and strong family inclusion provisions.”

Top-rated jurisdictions include Cayman Islands, Cyprus and the Netherlands - not the obvious names one might have expected like Hong Kong or Switzerland.

The report also highlights the concept of the "sovereign portfolio", and presents a few Case Studies of how combining the right mix of passports represents certain ideal scenarios.

These are almost like passport cocktails: try the Global Billionaire Family, a mix of Singapore, UAE, and Austria, garnished with Panama!

But Mohr-Elzeki says these sovereign portfolios have quickly become mainstream among affluent families, and he believes they will be a key trend going forward.

“Clients are applying the same diversification principles to jurisdictions that they have long applied to investment portfolios.”

“Families are increasingly combining multiple jurisdictions rather than relying on a single country for residence, citizenship, business, education, and wealth preservation.”

As for the evolution of the report itself, the shift from the ‘where’ to the ‘why’ makes sense in many ways. But without the headline-grabbing numbers, it doesn’t quite deliver the same interest factor.