A record 142,000 of the world’s wealthy will change countries in 2025. A new research report from Haute Jets and 5W Public Relations documents the greatest single-year reshuffling of international wealth in the modern era — and the private aviation routes that have formed around it.
There is a scene that has played out, with small variations, across twelve months in Dubai, Miami, Monaco, Milan, Lisbon, Zurich, and Palm Beach: a family that has been quietly considering a move for two or three years finally makes it. A single call from the family office. A meeting with a residency attorney. A furniture inventory in the London house. A lease signed in a new jurisdiction. And a private aircraft lifting off from Farnborough or LaGuardia carrying a household that, thirty days earlier, had been British, or American, or Chinese, and is now something else.
Multiplied by 142,000, and it becomes the largest single-year international wealth migration on record.
That is the finding of The Haute Jets Wealth Migration Report, an inaugural research report just published by Haute Jets and 5W Public Relations. Synthesizing data from Henley & Partners, Knight Frank, the Internal Revenue Service, Bank of America, Mordor Intelligence, and more than forty additional sources, the report documents what has become the defining demographic story of the decade among the ultra-wealthy: the acceleration of cross-border, cross-jurisdiction, cross-residence movement, and the private aviation infrastructure that now connects it all.
The United Kingdom’s Departure
The singular headline is British. For the first time in the decade that Henley & Partners has tracked private wealth migration, the United Kingdom tops the outflow ranking — projected to lose 16,500 millionaires in 2025, nearly double the outflow from China, with an estimated $91.8 billion in combined wealth departing. The driver is a sequence of tax policy changes: the closure of the Tier 1 Investor Visa in 2022, the overhaul of the non-dom regime in 2024, the inheritance tax reforms that took formal effect in April 2025.
Where is that wealth going? The United Arab Emirates first, where zero income tax, the UAE Golden Visa, and Dubai’s infrastructure have combined into the most effective wealth attraction proposition of the era. The United States second, particularly Florida. Italy, where the flat-tax non-dom regime continues to draw inflows. Switzerland, where the forfait system and a century of private banking infrastructure absorb wealthy families without much drama. Monaco, for those with the means to maintain it. Portugal and Greece for lifestyle-plus-favorable-tax profiles. Malta, Singapore.
Henley applications from UK nationals rose 183% in Q1 2025 versus the prior year.
The UAE as the Center of the New Map
No destination has benefited like the UAE. Its millionaire population grew 98% over the past decade. Dubai alone grew 102%. The emirate broke into the global top twenty wealthiest cities in 2026, having been outside the top thirty a decade earlier. Its super-prime real estate market led the world for the fifth consecutive quarter in Q1 2025. A six-bedroom villa in Emirates Hills sold in Q1 2025 for $106.3 million — purchased a decade ago for $6.6 million.
Dubai is forecast to add more than 7,000 new millionaires in 2026 alone, with $7 billion in new capital.
Florida as the American Dubai
Inside the United States, the migration is similarly concentrated. Florida captured $20.7 billion in net adjusted gross income from interstate migration in 2023 — nearly four times the gain of second-place Texas. More than 20,000 high-earning households relocated to Florida in 2024. The arrivals earned, on average, 60% more than the departures.
The luxury real estate data makes the picture clearer still. West Palm Beach luxury prices rose 187.3% over the past decade — the fastest growth of any major US metro. Palm Beach Island trades at $43,000 per square meter, the third most expensive strip of real estate in the world behind Monaco and Aspen. A single Palm Beach estate traded for more than $150 million in 2025. Single-family sales above $1 million in Miami-Dade surged 147% between 2019 and 2024. Sales under $500,000 fell 80%.
Miami-Dade added 50% more millionaires over the past decade. Citadel, led by Ken Griffin, relocated global headquarters from Chicago in 2022 and is building a 54-story, $2.5 billion Norman Foster-designed tower on Brickell Bay. Thoma Bravo, Point72, Elliott Management, Apollo Global, Starwood Capital, Blackstone, and Banco Santander have all committed significant Miami operations. Miami Alts Week now draws 6,000 attendees annually. The city is increasingly described, by the institutions operating there, as Wall Street South.
The Crypto Wealth Class
One of the most striking findings of the report is the emergence of an entirely new migratory class: 241,700 crypto millionaires globally, per Henley’s Crypto Wealth Report 2025. That is 40% more than a year earlier. 145,100 of them are Bitcoin millionaires, up 70% year-over-year. 450 crypto centi-millionaires hold more than $100 million in digital assets. 36 crypto billionaires.
Nearly 94% of this population is under 40. Their migration patterns are tax-structured and digital-first: Dubai, Singapore, Hong Kong, Switzerland’s Zug, Portugal (for its one-year-plus crypto capital gains exemption), Puerto Rico (under Act 60), Malta, and increasingly St. Kitts and Nevis, which now accepts cryptocurrency in its citizenship-by-investment program. Royal Jet’s CEO, quoted in Henley’s report, notes that young crypto millionaires are a material growth segment for the company’s private aviation business.
This is a population that did not exist, as a meaningful demographic, three years ago.
The Private Aviation Overlay
For Haute Jets, the report confirms what operational data has shown for years: the private aviation route map and the wealth migration map are the same map, repeated daily.
New York to Miami, the busiest private aviation corridor in the United States, mirrors the largest US interstate wealth migration: New York losing $10.7 billion in net AGI annually, Florida gaining $20.7 billion. London to Dubai, now a top 10 global private jet corridor, reflects the UK exodus. London to Geneva, the third-busiest global route, tracks UK wealth relocating to Switzerland. Miami to São Paulo, Miami to Caracas, and Miami to Mexico City reflect the Latin American UHNW migration north. Private aviation is the connective tissue of the multi-home UHNWI life — and the multi-home UHNWI life has just expanded to three or four residences as the standard.
Global business jet departures hit a record 3.88 million in 2025, 34% above pre-pandemic levels. Fractional flight activity is up 75.5% since 2019. Ultra-long-range jet activity is up 70% versus 2019. Latin American private aviation grew 11% in 2025 — with Brazil posting +45% year-over-year, Colombia +42%, and Venezuela +34%.
What the Data Means
Ronn Torossian, founder of 5W Public Relations, described the pattern in the report: “What the data shows in 2025 is not a softening of wealth migration — it is an acceleration and a diversification. The old pattern of UK to Switzerland, New York to Florida, is now layered with crypto wealth moving to Dubai, Latin American capital landing in Miami, and a new generation relocating for tax structure as much as lifestyle. For Haute Jets and the clients we serve, every one of these migration events is a multi-home lifestyle being built.”
For the Haute Living Reader
The Haute Living audience will recognize every element of this story, because the Haute Living audience largely is this story. The family in West Palm Beach who wintered in Aspen and summered in Tuscany now increasingly has a Dubai apartment too. The Miami-based hedge fund principal whose firm just opened a London office now spends twelve weeks a year flying between the two. The Madrid family whose children attend school in Lisbon spends August in Ibiza. The New York art collector who relocated to Palm Beach in 2022 now owns in Aspen, Telluride, and most recently, Milan.
Private aviation is the connective tissue of this life, which is why Haute Jets exists — and why this research exists.
The full 50-page report, with 40+ linked sources, is available free at https://www.hautejets.com/the-haute-jets-wealth-report. For readers navigating the decisions that this data documents, it is essential reading.
Haute Jets is the on-demand private aviation brand founded by Haute Living, the luxury lifestyle media company. Haute Living has been the authoritative voice in luxury media for two decades.
