Billionaires increasingly relocate, with Singapore and Middle East among top destinations

Billionaires are relocating at an unprecedented rate, with Switzerland, Singapore, the UAE, and the US emerging as preferred destinations, according to UBS Global Wealth Management.

Billionaires with a combined wealth of over US$400 billion have emigrated over the past four years, with the Middle East and Africa leading in attracting billionaire capital.

In Singapore, the number of billionaires rose to 47 in 2024, up from 41 in 2023, according to the UBS Billionaire Ambitions Report released on 5 December.

Their combined wealth surged to US$155.5 billion from US$135.8 billion, marking significant growth compared to the US$44.5 billion held by 17 billionaires in 2015.

On average, the wealth of Singapore’s billionaires grew by 27 per cent, from US$2.6 billion in 2015 to US$3.3 billion in 2024.

The report highlights that about two-thirds of Singapore’s billionaires are self-made, a figure nearly equal to Hong Kong. UBS noted that this aligns with a broader trend of self-made wealth globally, with 1,877 of the 2,682 billionaires worldwide in 2024 having built their fortunes independently.

Key drivers of relocation

Benjamin Cavalli, head of strategic clients at UBS Global Wealth Management, cited three primary factors influencing billionaire relocation: political stability, high-quality medical care, and access to world-class education.

He noted that the Covid-19 pandemic prompted many billionaires to reassess their priorities, especially with families and businesses often spread across different countries.

Since 2020, 176 billionaires—about one in 15 globally—have relocated, according to Cavalli. Tax policy changes in certain jurisdictions and the growing complexity of multigenerational wealth management have further spurred movement.

Global billionaire trends

Globally, the number of billionaires has risen by more than 50 per cent over the past decade, from 1,757 in 2015 to 2,682 in 2024, with their combined wealth climbing 121 per cent from US$6.3 trillion to US$14 trillion.

Tech entrepreneurs led this growth, tripling their wealth from US$789 billion in 2015 to US$2.4 trillion in 2024. Entertainment and media billionaires, bolstered by gaming industry successes, saw the second-highest growth.

In contrast, real estate billionaires faced challenges due to China’s property crisis, the pandemic’s effect on commercial real estate, and rising interest rates in the US and Europe since 2022.

Regional highlights

The US reinforced its status as the leading hub for billionaire entrepreneurs in 2024, with billionaire wealth rising by 27.6 per cent since 2015 to reach US$5.8 trillion. The US is now home to 835 billionaires, accounting for over 40 per cent of global billionaire wealth.

In the Asia-Pacific region, growth in billionaire wealth has slowed, rising by only 1.8 per cent since 2015 to US$3.8 trillion in 2024. The region still hosts the largest number of billionaires globally, with 981 individuals representing nearly 40 per cent of the total. However, the number of billionaires in Asia-Pacific has declined from 1,019 in 2015.

China, including Hong Kong, saw its billionaire population fall from 588 in 2015 to 501 in 2024, with their combined wealth declining 16.8 per cent to US$1.8 trillion. Factors included a weaker equities market and challenges in the real estate sector.

In contrast, Indian billionaires have thrived. Their wealth increased by 42.1 per cent to US$905.6 billion in 2024, supported by rapid economic growth and rising equity markets. The number of Indian billionaires rose from 153 in 2015 to 185 in 2024.\

A changing billionaire landscape

The report underscores a shift in the global billionaire landscape, with wealth increasingly concentrated in specific industries and regions. While tech and media sectors continue to drive growth, challenges in real estate and regional disparities highlight the complexity of wealth management in an evolving global economy.

As billionaires continue to seek stability and growth, destinations like Singapore and the Middle East are expected to play a central role in shaping future trends.