The new geography of wealth is no longer simply about tax.
It is about optionality, security, political insurance and the right to move before one needs to. More than 140,000 millionaires relocated last year, according to New World Wealth, the highest number on record.
This year the figure is expected to reach 165,000.
Around them, a fast-growing advisory industry has emerged, helping wealthy families secure residency, citizenship and access across multiple jurisdictions.
Dubai, long the obvious answer for mobile capital, is no longer the only magnet.
Britons, Europeans and increasingly Americans are seeking second residencies and alternative passports, driven by politics, taxation and a shifting sense of where stability resides.
Governments, meanwhile, are becoming more ambivalent. Spain, Malta and Portugal have all tightened or revised their schemes.
The rich still want escape routes. The question now is which countries still want to sell them one.
