#wealth-migration

#wealth-migration

One of the most oft-repeated refrains from powerful New Yorkers is that if you continue to raise taxes on the wealthy, like Democratic mayoral nominee Zohran Mamdani is proposing, the rich would simply leave New York to run off to states with lower taxes. "We have to stop the exodus," Andrew Cuomo railed in a Fox Business appearance last week. "If Mamdani becomes the mayor of New York, you're going to see the flight of businesses from New York," hedge fund tycoon Bill Ackman said this summer. "It only takes a handful of successful people to leave to decimate the city's tax base."

The world's richest entrepreneurs are increasingly sending their money to tried-and-tested wealth hubs - with Singapore, the UK, and Switzerland leading the pack. That's the key finding from HSBC's 2025 Global Entrepreneurial Wealth Report, which surveyed 2,939 business owners across 15 markets - including the US, UK, mainland China, India, Singapore, Switzerland, Saudi Arabia, and the UAE - between April 19 and May 21.

Italy is expected to be Europe's top relocation destination for millionaires in 2025, according to a recent report by investment and citizenship consultancy firm Henley & Partners. The firm's 2025 wealth flow forecasts estimate that, out of the over 142,000 millionaires expected to relocate worldwide, around 3,600 will have chosen Italy as their new home by the end of the year.