The exodus of wealthy individuals changing tax residency has more than halved, dropping from 56% in 2024 to just 25% in 2025, according to Capgemini research. Political and economic shocks that previously driven relocations have faded, leaving the wealthy relocation landscape in a 'steady state' rather than event-driven mode.

The sharpest decline occurred in the UK, where the percentage fell from 54% to 19% after the abolition of its non-dom tax regime. That policy change prompted high-profile departures including steel billionaire Lakshmi Mittal and industrialist Nassef Sawiris. Meanwhile, the US saw a 42% jump in citizenship applications to nearly 8,800, driven partly by political dissatisfaction.

Singapore and the US emerged as top destinations for those still relocating, though tax motivations weakened while inheritance planning grew more important. Europe and Asia-Pacific showed the most stability with just 23% of wealthy residents moving, compared to nearly one-third in North America and Latin America.

The survey of over 6,500 individuals with investable assets exceeding $1 million revealed shifting patterns ahead of potential new geopolitical disruptions. Wealth managers and tax advisors face a transformed advisory landscape as wealthy clients seek stability over dramatic restructuring.