Outlook 2026: Wealth Migration, Family Offices, and Jurisdiction Trends

<ul><br />
<li>HNWI migration is accelerating, with 165,000 relocations projected in 2026.</li><br />
<li>Major outflows are from the UK, China, and India; UAE remains a top destination.</li><br />
<li>Family offices grow, especially in India, focusing on governance and diversification.</li><br />
</ul><br />

Shifting Patterns in Global Wealth Mobility and Family Office Expansion

As global wealth continues to traverse borders with increasing fluidity and transparency, ultra-high-net-worth (UHNW) families are recalibrating their strategies concerning migration, governance, and long-term wealth management. According to Tanmay Patnaik, a Partner in Private Client at Trilegal, factors such as heightened jurisdictional competition and rigorous compliance expectations are prompting these families to adopt multifaceted, cross-border wealth strategies. Notably, the evolution of family offices, particularly in India, is thriving amidst the rise of major financial hubs like Singapore, Dubai, and Hong Kong. These changes are contributing to the redefinition of the global private wealth landscape.

Global Migration Trends Among High-Net-Worth Individuals

Projections for 2026 suggest a notable increase in high-net-worth individual (HNWI) migration, with estimates indicating that 165,000 people will relocate or change their tax residency, compared to 142,000 in 2025. This trend is fueled by a combination of financial, personal, and generational motivations, with individuals often redeploying assets across borders before relocating. Key drivers include the next generation's focus on global mobility, tax efficiency, and quality of life.

Moreover, modifications in tax policies and fiscal pressures in major economies are necessitating a reevaluation of both residence and asset locations.

Jurisdictional Dynamics

Significant outflows are anticipated from places like the United Kingdom, which has implemented changes to its non-domiciled tax regime and investor visa programs. This, in turn, impacts not just personal wealth but also business interests and family office structures. In Asia, China and India are notable for their wealth outflows, driven by policy constraints and family planning strategies, respectively. Geopolitical concerns are triggering similar shifts from South Korea, Taiwan, Russia, Brazil, and South Africa.

Conversely, the UAE remains a popular destination, offering tax incentives and long-term residency options. The United States also attracts UHNW individuals due to its clear tax frameworks and investment-linked visa routes. In Europe, countries like Switzerland, Italy, and Portugal are appealing through their targeted tax initiatives.

Impact on Wealth Structures and Planning

These global shifts are influencing how wealth is structured, with increased layering and geographical diversification becoming more common. Holding companies and family offices are being leveraged to safeguard assets and maintain operational flexibility. The approach toward tax residency is evolving from compliance-focused to strategically oriented, emphasizing legal certainty and consistent enforcement. Wealth owners are now prioritizing long-term stability over short-term tax savings, integrating elements like digital assets and sustainability considerations into their planning models.

Family Offices: Growth and Future Prospects

India is witnessing a rapid increase in family offices, with numbers soaring from 45 in 2018 to over 500 today, driven by rising wealth and a growing UHNW population. These structures help preserve wealth and improve governance, with families choosing between more controlled single-family offices or professionally managed multi-family setups.

Investment strategies are expanding into sectors like technology and healthcare, moving beyond passive investing to more dynamic engagements. GIFT City's favorable tax conditions and regulatory frameworks are further supporting the formalization of these offices.

Factors Driving Expansion

The proliferation of family offices is bolstered by advantageous tax conditions, digital innovation, and a value-focused investment stance. Jurisdictions like GIFT City offer incentives, while regulatory clarity is vital for managing diverse assets, including digital ones. Families are emphasizing governance and succession planning, employing trusts and specialized vehicles to secure assets.

Technology and professionalization are becoming vital, with family offices adopting digital tools for enhanced oversight and efficiency. This trend extends beyond the ultra-wealthy to include families with substantial, albeit moderate, wealth.

Global Family Office Hubs: A Competitive Landscape

The next phase of family office growth won't be dominated by a single hub but will see a multi-centre ecosystem where jurisdictions offer tailored solutions for specific needs. Singapore, Dubai, and Hong Kong form a "family office triangle," providing strategic entry points into Asia, the Middle East, and beyond.

Singapore is a leading hub, supported by political stability and efficient regulatory frameworks. The UAE, especially Dubai, is a dominant player in the Middle East, offering tax benefits and a strategic location. Hong Kong, with its deep capital markets, ties to China, and professional base, remains a key player.

Heightened Regulatory Scrutiny in Wealth Management

The existing levels of regulation reflect an essential tightening in wealth management, aimed at reducing risks like money laundering and ensuring tax transparency. This regulatory environment has reshaped client behavior and adviser operations, making compliance a central component of wealth planning.

Global Mobility and Compliance

The alignment of regulatory demands with increased global mobility is evident, with many millionaires relocating due to diverse factors, from tax considerations to lifestyle preferences. Enhanced disclosure requirements have diminished the viability of opaque offshore structures, pushing clients towards compliant and transparent arrangements.

Advisers face increased governance pressures, with compliance tasks absorbing significant resources. This promotes reliance on regulatory technology and multidisciplinary advisory approaches, as jurisdictions are chosen for both tax efficiency and regulatory certainty.

Client Trust and Adviser Credibility in Wealth Management

Clients now place a greater emphasis on the measurable outcomes and credibility of advisers, scrutinizing the alignment of advice with their best interests. This shift is leading to a preference for advisory-led wealth management platforms over traditional private banking models.

In India, there's a growing demand for comprehensive wealth planning, integrating investment strategies with estate planning and governance. Technology and AI are accelerating this transformation, with advisers focusing on delivering personalized solutions that extend beyond financial performance to legacy and intergenerational planning.