Why more billionaires are moving overseas since the pandemic

• Billionaires are relocating more since the COVID-19 pandemic, per a report from Swiss bank UBS.
• UBS said that Switzerland, the UAE, Singapore, and the United States are popular destinations.
• "The shock of the pandemic put a premium on first-class healthcare," UBS wrote.

Billionaires have increased the frequency at which they are relocating overseas since the COVID-19 pandemic struck, the annual Billionaire Ambitions Report from UBS says.

The Swiss banking giant's report, which tracks sentiment among the world's superrich, found that since 2020, 176 billionaires have relocated around the world. With a global population of 2,682 as of April 2024, this represents around one in 15 billionaires, or roughly 6.5%.

The outflow of billionaires between 2020 and 2024 was most pronounced in Eastern Europe, where there was a net outflow of 29 billionaires, likely reflecting ultrarich citizens leaving the region amid the conflict between Russia and Ukraine.

Central and South America, Oceania, and Southeast Asia also saw net outflows of billionaires, UBS said.

Meanwhile, billionaires have been moving to countries including Switzerland, the UAE, Singapore, and the United States.

The Middle East and Africa region has also attracted new billionaires, with individuals with a combined net worth of over $400 billion moving to the region in the past four years.

UBS notes that one driving factor behind the superrich relocating is the increased value of good healthcare in the post-pandemic world.

"The shock of the pandemic put a premium on first-class healthcare," the report's authors wrote.

"As a group, billionaires are ageing, and their families are growing. Naturally, healthcare and education become more important."

Another driver, UBS said, is moving to "jurisdictions where legal structures support wealth transfer."

In other words, living in a place where the transfer of wealth through inheritance and other means is not subject to high levels of taxation.

"People are relocating to jurisdictions not just for tax benefits, but also for safety and political reasons," one American billionaire told the authors of the survey.

"I moved several years ago with my family to a country, state and city that affords the benefits most seek," the unnamed billionaire added.

"Unless the political divide addresses failed policies that have yet to curb crime, lack of rule of law and safety, as well as fostering an economic climate that unleashes potential, I fear the trend will continue."

Billionaires also value locations that support business — especially with geopolitical tensions remaining elevated globally, the report said.

According to UBS, total billionaire wealth rose by 121% worldwide from $6.3 trillion to $14 trillion between 2015 and 2024. At the same time, the number of billionaires grew from 1,757 to 2,682. This number peaked in 2021, when there were 2,686 — and has flatlined since.