These countries are seeing major shifts in luxury property as millionaires and billionaires choose to relocate
The Armani Beach Residences at the Palm Jumeirah, Dubai. Credit: Dubai Sotheby’s International Realty
Millionaires are on the move. The great wealth migration, which paused briefly during the pandemic, hit record levels in 2024 as an estimated 128,000 high-net-worth individuals (HNWIs) migrated to new countries, according to the 2024 Henley Private Wealth Migration Report.
This trend was further backed up by banking giant UBS, which found in its December 2024 Billionaire Ambitions Report that the world’s ultra-wealthy have relocated more frequently since 2020. Political climate was found to be the primary concern of buyers and sellers when choosing housing, a 2025 survey of Sotheby’s International Realty agents revealed, followed by interest rates, inflation and tax reform.
The following countries are experiencing major shifts due to HNWI migration:
Australia
The luxury property market in Australia has “skyrocketed” over the past five years, according to Westpac Private Bank’s inaugural Prestige Property Report. This growth has largely been seen in Sydney, which accounted for nearly two-thirds of luxury sales according to Westpac, followed by Melbourne, Brisbane, Perth and Adelaide.
Luxury properties in Australia such as Las Palmas in Byron Bay are highly sought after by migrating HNWIs. Credit: Byron Bay Sotheby’s International Realty
“HNWIs are increasingly drawn to these areas,” says Lana Faulkner, head of growth and performance, Queensland Sotheby’s International Realty. “Over the past year, we’ve seen a significant influx of buyers seeking beachfront homes, rural estates and properties that offer proximity to these tropical destinations.”
United Arab Emirates
Dubai’s luxury real estate market continues to experience an unprecedented surge, with a record-setting influx of HNWIs driving US$4.4 billion in investments and a notable rise in the sale of ultra-high-end properties. Arabian Business reported in July 2024 that more than 100 homes priced at US$10 million and up sold during the first quarter of 2024, marking a 19% increase on the same period the previous year.
Living in the UAE offers many perks to HNWIs, including golden visas, which grant residence or citizenship in return for investment, zero income tax and a lifestyle that caters to the wealthy. Providing a legal framework that preserves and enhances wealth, the UAE has attracted HNWIs from India, other parts of the Middle East, Russia and Africa, according to the Henley Private Wealth Migration Report 2024.
United Kingdom
Despite a net outflow of 9,500 HNWIs, the U.K. remains a magnet for wealthy individuals immigrating from the U.S., China, India and the Middle East, according to Henley & Partners, though recent political and fiscal changes—including a new government, strict tax rulings and budget decisions—could impact this trend.
This five-bedroom penthouse in One Hyde Park offers uninterrupted views of London. Credit: United Kingdom Sotheby’s International Realty
Luckily, American buyers are stepping in. As Bloomberg reported in August 2024, in response to U.S. domestic politics and social challenges and encouraged by a strong dollar, a growing number of HNWIs are investing in British properties.
“Americans’ love of London has never been stronger and I’ve never seen so many buying in London as there are now,” says Claire Reynolds, managing partner, United Kingdom Sotheby’s International Realty. “It’s a very resilient market because of the London lifestyle, the stability, education system and language.”
United States
The U.S. is experiencing the lowest level of foreign-buyer purchases since 2009, driven partly by higher interest rates and a strong dollar. But according to John Young, global real estate advisor, Golden Gate Sotheby’s International Realty, Silicon Valley in California continues to draw in HNWIs.
Inspired by classical Italian villas, this home in Portola Valley, California, evokes the Tuscan countryside. Credit: Golden Gate Sotheby’s International Realty
“We have seen a decrease in Chinese buyers looking for properties in the US$2 million to US$5 million range, as it’s become harder for them to move money to the U.S.,” says Young. “But in the US$10 million-plus range, many ultra-high-net-worth buyers have money outside China already, so are not as impacted.”
According to Henley & Partners 2024 USA Wealth Report, Florida and Texas are also exceptions, steadily accumulating more HNWIs while strengthening their luxury property markets along the way.
Singapore
Singapore is a renewed hotspot for inbound wealth, according to Henley & Partners, based on its reputation as the most business-friendly city on Earth.
“Singapore is able to attract wealthy foreigners due to its strong rule of law, robust and predictable regulatory regime, safe and family-friendly environment, as well as its world-class education and healthcare systems,” says Veniz Kwong, head of sales, List Sotheby’s International Realty, Singapore.
“The luxury market has slowed down in the past year, in line with the wider market. Yet, prices have been holding up, mainly due to a scarcity of luxury property for sale, as well as the ability of sellers to stay put if offers do not meet their expectations.”
Read the full version of this story in the 2025 Luxury Outlook Report