Explore the top 10 best countries to live for wealthy individuals, such as UHNWIs & billionaires, including Monaco, Switzerland, the UK, France, & Hong Kong.
By: Joanna Lewis
Posted on: November 13, 2023
Wondering which are the best countries to live in for wealthy individuals? UHNWIs reside in the world’s most exclusive enclaves, each offering multiple benefits, from luxury amenities to superb weather, favourable tax regimes, and political and economic stability. Read on and discover where the world’s richest individuals reside.
It’s no secret that Monaco is considered the world’s most exclusive country and the best country for billionaires and millionaires to reside. According to reports, the average wealth of Monaco residents exceeds US $10 million, making it the world’s wealthiest country per capita. The Principality is home to multiple billionaires and millionaires, including A-list celebrities and sports stars. Monaco real estate for sale is also the most expensive in the world, with the average price per square metre costing 50,982 Euros, according to the 2023 Monaco Real Estate Observatory Report. Monaco is known for its lavish lifestyle, mild tax regime, political and economic stability, and superb climate, thanks to its enviable position along the French Riviera. The Principality also offers excellent healthcare and education establishments and plays host to some of the world’s most extravagant events, such as the Formula 1 Grand Prix and Monaco Yacht Show.
Switzerland’s robust financial sector, mild tax regime, excellent education and health system, and privacy and discretion have long made it a favourite destination among the world’s rich and famous. Swiss cities such as Zurich, Geneva, and Basel offer world-class service providers and exceptional real estate opportunities that match the needs of UHNWIs. The country is home to an estimated 40 billionaires and more than 1.15 millionaires—an estimated 15% of the population—making it one of the best countries to live for wealthy individuals.
3. United Kingdom
London is one of the world’s major global financial centres, making the UK’s capital a natural draw for UHNWIs and billionaires. The city provides access to a wide range of investment opportunities and leading financial advisors and is home to some of the world’s most exclusive residential communities, including Chelsea, Belgravia, Mayfair, and Knightsbridge. The UK’s legal system and its robust tradition of the rule of law make it an exceptionally safe and stable environment for businesses and investments. For wealthy families with young children, the UK is especially appealing, home to some of the world’s most eminent educational establishments, including public schools such as Eton and Harrow and leading universities such as Oxford and Cambridge. While the UK’s tax laws can be complex, they do offer favourable tax treatments for wealth that is generated outside of the UK.
France is renowned for its rich culture, history, and art, making it a highly attractive destination for many UHNWIs. French cities such as Paris and Nice provide world-class amenities that the world’s wealthiest demand. France’s well-established legal system and its political and economic stability further make it a highly appealing destination for the world’s richest. Its wonderful location in the heart of Europe and varied topography add to its allure, providing wealthy residents with the option of skiing the Alps in the morning and relaxing on a sun-drenched beach in the afternoon. Furthermore, France’s healthcare system is consistently ranked as one of the best in the world, providing further peace of mind. Finally, France offers superb real estate options, with some of the world’s most luxurious villas located along the French Riviera in UHNW destinations such as St. Tropez and Cannes.
5. Hong Kong
Hong Kong is one of the world’s most expensive destinations to live, and its luxury lifestyle and favourable tax regime have for decades attracted the world’s wealthiest individuals. While Hong Kong’s political and social landscape has undergone a seismic shift during the past few years, the city-state is still one of the best countries for wealthy individuals to live. Indeed, according to the 2023 World Ultra Wealth Report, Hong Kong boasts more UHNWIs than any other city. Hong Kong is a major financial centre, and its low tax regime includes no capital gains or VAT tax, making it an attractive destination.
Singapore has long been regarded as a favoured destination of choice with the world’s wealthiest individuals and is one of the top UHNW countries in Asia. Political and economic stability are major draws to this Asian city-state, as are robust financial and wealth management services and a mild tax regime, including low corporation tax rates and no capital gains taxes. Singapore is known for its exceptionally high quality of life, as well as its superb education and healthcare system. The city-state’s central location in Southeast Asia makes it appealing for wealthy individuals seeking excellent transport links, making it one of the best countries to live for wealthy individuals.
7. United Arab Emirates
Dubai and Abu Dhabi are the biggest wealth hubs of the UAE’s seven emirates, known for their dazzling infrastructure and ultra-lavish amenities. Dubai and Abu Dhabi, in particular, have experienced rapid economic growth over the past decade and an increasingly diversified economy away from its traditional reliance on oil. The UAE offers low taxes, making it especially attractive to UHNWIs, and has actively sought to attract the world’s wealthiest with extravagant real estate opportunities, world-class events, and top-notch service providers. Furthermore, the UAE is considered one of the world’s safest countries, with a zero-tolerance on crime, further adding to its allure.
Canada consistently ranks highly in global quality of life indices, making it an appealing destination for UHNWIs, especially those with families, thanks to its superb education and healthcare facilities. According to Wealth-X, more than 11,000 Canadians have a net worth of more than US$30 million, making it a top UHNW destination and one of the best countries to live for wealthy individuals. Canada’s robust and diverse economy makes it an appealing destination for entrepreneurs and investors, while its established immigration programmes enable UHNWIs to obtain residency by making significant investments in the country.
9. The United States
The US is one of the world’s top UHNW and billionaire countries, with more billionaires and UHNWIs than any other country in the world. The US remains the world’s largest economy, offering diverse opportunities across multiple industries, making it one of the primary destinations of choice for UHNWIs to start businesses or make significant investments. Of note is Silicon Valley, California, a global hub for technology and innovation that is where multiple UHNWIs and billionaires have made their fortunes. The US offers a high quality of life, fiscal and political security, and superb healthcare and education. Furthermore, its robust legal system also provides a secure environment for investments and wealth preservation.
Australia is an emerging UHNW country, with reports stating that UHNWIs’ net wealth now exceeds $863 billion and will surpass $1.1 trillion by 2026, with most ultra-wealth individuals concentrated in Sydney, Melbourne, Brisbane, and Perth. Private equity, venture capital, and technology drive growth in Australia; however, its diverse economy provides exciting investment opportunities across multiple sectors. Australia also offers desirable lifestyle opportunities, including stunning natural beauty and recreational opportunities, helping to make it one of the best countries to live in for wealthy individuals.