Migration consultancy Henley & Partners’ CEO Juerg Steffen wrote about the rising relevance of the “sovereign portfolio” and how jurisdictions are competing for an increasingly mobile wealth market.
In contrast with historical trends, wealth is becoming increasingly global as businesses, investments, lifestyles, and more extend beyond the boundaries of home markets. A key indicator of this is the growth of cross-border wealth, which rose 8.4% to reach USD15.7 trillion in 2025, according to a report by Boston Consulting Group.
“For much of the past century, governments could largely treat their wealthiest residents as a relatively fixed asset — rooted by businesses, family ties, and limited international mobility. That assumption is becoming increasingly outdated,” said a commentary by Dr. Juerg Steffen, CEO of Henley & Partners, a residence and citizenship advisory firm.
“Wealth mobility is no longer a niche issue affecting a small number of affluent families. It is now a significant feature of the global economy and an increasingly strategic consideration for countries seeking to strengthen their competitiveness in a more interconnected world.”
The Gulf’s success story
In addition to global investment migration, international entrepreneurship, and cross-border wealth, Steffen said that wealthy families are considering risks such as geopolitical uncertainty, policy change, and economic fragmentation. This has led to reliance on multiple rather than a single jurisdiction for residence, investment, or long-term planning.
“[T]hey are increasingly building what might be described as ‘sovereign portfolios’ — combining residence rights, citizenship options, business interests, and assets across multiple jurisdictions to create greater resilience, flexibility, and optionality,” he explained.
“The Gulf illustrates this trend particularly clearly. Over the past decade, the UAE has established itself as one of the world’s leading centers for internationally mobile wealth, underpinned by a combination of business-friendliness, international connectivity, investor confidence, and long-term institution-building.”
Other attractive locations
Within the Middle East, Steffen also highlighted Saudi Arabia, Qatar, Bahrain, and Oman as significant new entrants to attracting global wealth. In Asia, Japan, Thailand, and Singapore were named as some of the leading destinations. Globally, Italy was described as the “clearest case” for predictability with a regime for new residents that offers a flat charge on foreign income over 15 years, no foreign wealth tax, and firm grandfathering.
“What many of the destinations gaining ground have in common is a deliberate effort to compete for internationally mobile wealth, talent, and investment by combining investor access, policy predictability, economic opportunity, and, in some cases, tax efficiency. Above all, they offer something increasingly valued by globally mobile families: certainty,” Steffen said.
Paradox in America
While America is still the leading engine for wealth creation and the largest private wealth market worldwide, many within are also paradoxically considering alternatives. In fact, the US is one of the largest sources of outbound migration enquiries received by Henley & Partners.
“These are not contradictory trends. They reflect two different groups making two different decisions. Some are drawn to the ample opportunities available within the USA, while others are seeking additional residence or citizenship options as part of a broader international diversification strategy,” Steffen remarked.
“For many, this is not a decision to leave the USA but to create optionality. Access itself has become a strategic asset, valued not only for where it leads today but for the flexibility and resilience it may provide tomorrow.”
