Visualizing Billionaire Migration Over The Last Decade

• Since 2015, China has gained the most billionaires on a net basis globally, despite economic headwinds.

• Western Europe follows next, with strong inflows into Switzerland.

• With net outflows of 29 billionaires, Eastern Europe saw the largest decline likely influenced by the Russia-Ukraine war and the COVID-19 pandemic.

Since 2020, 176 billionaires holding over $400 billion in wealth have relocated to a new country.

This equals about one in 15 of the world’s billionaires, driven by factors like tax advantages and business-friendly environments. China, Switzerland, and the U.S. are among the top destinations, while Eastern Europe has experienced the largest billionaire outflows over the past decade.

This graphic, via Visual Capitalist’s Dorothy Neufeld, shows billionaire migration since 2015, based on data from UBS.

China Sees the Highest Net Billionaire Migration

On a net basis, China has gained more billionaires than any other global region over the past decade, reaching a total of 501 in 2024.

Overall, 73 ultra-wealthy individuals moved to the country while 48 exited, resulting in a net increase of 25 billionaires. Despite recent economic challenges, collective billionaire wealth has doubled since 2015, reaching $1.8 trillion.

From a regional standpoint, Western Europe follows next in line, gaining 20 billionaires.

Altogether, billionaires in the region hold $2.7 trillion in wealth, rising 16% since 2023. Germany leads with the highest number of billionaires, at 117, followed by Switzerland (85) and the United Kingdom (82).

When it comes to North America, 55 billionaires relocated here over the past 10 years while 42 left. Amid the 2024 stock market boom, the U.S. housed a total of 835 billionaires with a combined wealth of $5.8 trillion, growing by 27.6% over the year. Together, California and New York are home to roughly 40% of the country’s wealthiest individuals.

Similarly, billionaire wealth in the Middle East and Africa grew significantly in 2024, rising by 21.5%. In the UAE, for example, billionaire wealth surged by 39.5% between 2023 and 2024 alone. With 18 billionaires, it has the most in the region outside of Israel, which has 32.

Since 2020, the Middle East and Africa attracted the highest influx of billionaire wealth across global regions tracked by UBS.

To learn more about this topic from a U.S.-based perspective, check out this graphic on the wealth of America’s 20 richest billionaires.