176 ultra-rich with a total wealth of over $400 billion have emigrated since 2020

Since 2020, the year of the Covid pandemic, 176 ultra-rich people with a total wealth of over $400 billion have moved to a new country, which is the equivalent of about 1 in 15 billionaires in the world, according to an analysis by visualcapitalist.com, which shows that migration was driven by factors such as tax advantages and favorable business environments.

The cited source, which is based on data from UBS bank, mentions that among the top destinations of billionaires who emigrated are China, Switzerland and the US, while Eastern Europe has recorded the largest outflow of billionaires in the last decade.

On a net basis, China has gained more billionaires than any other global region in the past decade, reaching a total of 501 in 2024, according to UBS figures. Overall, 73 ultra-rich people moved to the Asian country, while 48 left, resulting in a net increase of 25 billionaires. Despite recent economic challenges, the collective wealth of China's billionaires has doubled since 2015, reaching $1.8 trillion.

Regionally, Western Europe follows in the UBS rankings, gaining 20 billionaires. In total, billionaires in the region hold wealth of $2.7 trillion, up 16% from 2023. Germany has the highest number of billionaires, with 117, followed by Switzerland (85) and the United Kingdom (82), according to the cited source.

In third place is North America, with 55 billionaires moving in over the past decade, while 42 left. This brings the net migration to 13 people.

Amid the stock market boom in 2024, the US was home to a total of 835 billionaires, with a combined wealth of $5.8 trillion, up 27.6% year-on-year. Together, California and New York are home to around 40% of the country's richest people.

Similarly, the wealth of billionaires in the Middle East and Africa grew significantly in 2024 (+21.5%). In the United Arab Emirates, for example, billionaire wealth grew by 39.5% between 2023 and 2024 alone. With 18 ultra-rich individuals, the Emirates has the most billionaires in the region, outside of Israel, which has 32. Since 2020, the Middle East and Africa have attracted the largest influx of billionaire wealth in the world, UBS concludes.