In 2025, the undisputed capital of capital is the UAE. More surprising is where wealth is flowing next: Italy, Portugal, and Greece, not as tax havens, but as lifestyle-plus-exemption regime plays.
Less surprising are Switzerland, Singapore, and Saudi Arabia. They remain magnets for capital, now competing with places once seen as “second tier.”
The real outlier is the UK. We knew it was coming, but the pace matters: it’s bleeding millionaires faster than China, accelerating a trend visible since 2024.
Passport rankings add a paradox. Malta tops the Nomad Capitalist Index, while Central and Southern European passports outperform giants like the US, Canada, and Australia.
What does this mean?
The world is moving at two speeds. Freedom now depends less on countries per se and more on who you are and how you’re set up. One-size narratives are dead. Welcome to ’26.