As global wealth becomes increasingly mobile and governance expectations evolve, families are adopting more diversified, multi-centre approaches to structuring, relocation and long-term planning.
In his contribution to the Private Client Adviser Outlook 2026, Markus Grossmann, Regional Managing Director, Asia / Middle East / Africa, discusses how shifting geopolitical and regulatory dynamics are driving sustained HNWI migration towards hubs such as Singapore, Dubai, Switzerland and Hong Kong. He explores how relocation decisions are reshaping trust structures, governance frameworks and family office strategies, highlighting the growing importance of multi-jurisdictional resilience, professionalisation and next-generation involvement in shaping the future of global private wealth.
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How do you expect global HNWI migration patterns to shift in 2026—who is leaving, who is arriving, and which jurisdictions (Australia, UK, Singapore, Dubai, others) are likely to see the most movement? What impact will this have on client structures, tax residency, and long-term planning?
Mobility has become a defining feature of wealth planning. Families are increasingly making decisions that balance lifestyle, governance, and succession priorities alongside tax considerations. In our daily conversations with clients and advisers, we see a clear trend: relocation and diversification have become central to long-term strategies.
Who is moving and why?
Families are leaving jurisdictions where complexity and uncertainty have increased. Hong Kong and the UK remain important financial centers, but many families now seek additional bases to mitigate risk. Singapore and Dubai stand out as preferred destinations. Singapore attracts entrepreneurial families who value its regulatory clarity and regional connectivity. Dubai appeals to globally mobile families drawn to its tax-neutral regime and cosmopolitan lifestyle. Switzerland continues to be a cornerstone for those prioritizing discretion and continuity, particularly for multi-generational planning.
Impact on structures and planning
Relocation is not simply a change of address. It often involves restructuring trusts, reviewing holding companies, and aligning governance frameworks with new reporting obligations. Families moving to Singapore frequently explore the Variable Capital Company regime and family office incentives.
Those relocating to Dubai focus on governance standards that meet international best practice while benefiting from its zero-income tax environment for individuals. Switzerland, while the jurisdiction does not offer its own trust law, provides Swiss Trusteeship services under foreign trust laws.
This approach combines Switzerland’s reputation for stability and discretion with robust governance standards, making it an attractive option for families seeking continuity and professional trusteeship. Our role is to ensure these transitions are seamless, compliant, and tailored to each family’s objectives.
Is the rapid expansion of family offices still accelerating, or are we now seeing the first signs of a plateau? What factors will determine whether new family offices continue to emerge or whether consolidation and professionalisation become the dominant themes?
The family office sector is entering a new phase of expansion. Jurisdictions that combine stability, sophistication, and adaptability are best positioned to lead. Singapore, Dubai, Hong Kong, and Switzerland each offer distinct advantages, and different client profiles gravitate toward different centers.
Singapore: Stability and Substance
Singapore has become the preferred destination for families seeking a well-regulated environment with strong governance standards. Its transparent legal system and incentives for family offices make it highly attractive. For Asian entrepreneurs and next-generation wealth holders, Singapore offers proximity to growth markets and a mature advisory ecosystem. Rising compliance requirements mean family offices here must be well-resourced and professionally managed.
Dubai: Flexibility and Lifestyle
Dubai’s rise has been remarkable. Families relocating here often cite its tax-neutral regime, ease of doing business, and lifestyle advantages. The DIFC Family Wealth Centre reinforces Dubai’s ambition to become a global hub. For clients who value speed and connectivity, Dubai is a compelling choice. Governance standards continue to evolve, and ensuring structures meet international norms is an area where we provide ongoing support.
Hong Kong: Strategic but Selective
Hong Kong remains relevant for families with deep ties to Mainland China. Its common law system and established financial infrastructure offer clear advantages. Yet, political sensitivities mean Hong Kong is now part of a broader multi-jurisdictional strategy rather than the sole base. Families often maintain Hong Kong structures for China-facing investments while establishing family offices in Singapore or Dubai for diversification.
Switzerland: Trusteeship and Tradition
Switzerland stands apart for its reputation in wealth preservation. While it does not have its own trust law, Swiss Trusteeship under foreign trust laws offers families stability, discretion, and governance excellence. This model allows families to benefit from Switzerland’s mature advisory ecosystem and professional trusteeship services, making it a cornerstone for multi-generational planning. For families prioritizing continuity and conservative strategies, Switzerland remains a preferred jurisdiction.
Trident’s View
Mobility and diversification will remain defining themes in 2026. Families are building resilience through multi-jurisdictional strategies. Our role is to guide them through this complexity, ensuring structures are robust, compliant, and aligned with their long-term aspirations. Singapore, Dubai, Hong Kong, and Switzerland each offer unique strengths, and the key to success lies in matching these strengths to the needs of each family. We also see the next generation playing a more active role in these decisions, bringing fresh perspectives on governance, sustainability, and innovation.