In an era of unprecedented global connectivity, the movement of wealth across borders has become a defining feature of our economic landscape. This phenomenon, known as global wealth migration, is reshaping cities, economies, and opportunities worldwide. To delve deeper into this trend, 3SA’s Founder and CEO, Jimmy Widén, sat down with Sarah Morgan of The Review to discuss the driving forces behind this movement and its implications for the future, calling upon his experience and position as a leading expert in global wealth management.
The Shifting Landscape of Global Wealth
Global wealth migration refers to the movement of high-net-worth individuals (HNWIs) and their assets across international borders. This trend is driven by a complex interplay of factors, including economic opportunities, political stability, quality of life, and tax considerations.
“The world of wealth is no longer bound by geographical constraints,” Jimmy Widén explains. “We’re seeing a new breed of global citizens who are making strategic decisions about where to live, work, and invest based on a holistic view of what different locations can offer.”
Recent statistics support this observation. According to The Review, approximately 108,000 millionaires migrated to new countries in 2018 alone, a number that has been steadily increasing over the past decade.
The Impact of COVID-19 on Wealth Migration
The global pandemic has acted as a catalyst, accelerating existing trends and reshaping priorities for HNWIs. The rise of remote work and digital nomadism has untethered many professionals from traditional office spaces, allowing them to reconsider their place of residence.
Jimmy Widén shares his insights on this shift: “I’m proud and happy to be interviewed in this article about global wealth and migration. At 3SA Estate, we now see the effects of the new digital workplace that boomed, following on from Covid-19 demonstrated by the change in type of destination for permanent living.”
This transformation has led to a reevaluation of what constitutes an ideal living environment. Factors such as healthcare quality, outdoor spaces, and digital infrastructure have gained prominence in decision-making processes for wealth migration.
Emerging Hotspots for Wealth Migration
As priorities shift, new destinations are emerging as preferred locations for wealth migration. Jimmy Widén highlights two key areas that have seen significant growth:
“Marbella and Dubai are now in leading positions to become the place of residence for entrepreneurs from all corners of the world,” Jimmy Widén notes.
Marbella: The European Haven
Marbella, located on Spain’s Costa del Sol, has long been a playground for the wealthy. However, it’s now transitioning into a permanent home for many entrepreneurs and HNWIs. The city offers a unique blend of Mediterranean lifestyle, modern infrastructure, and a burgeoning startup ecosystem.
“Marbella provides the perfect balance of work and leisure,” Jimmy Widén explains. “Its climate, coupled with Spain’s Golden Visa program, makes it an attractive option for those looking to establish a European base.”
Dubai: The Middle Eastern Hub
Dubai has rapidly transformed itself into a global business center and a magnet for wealth. The city’s tax-free status, world-class infrastructure, and strategic location between East and West make it an ideal hub for international entrepreneurs.
“Dubai’s ability to adapt and innovate continually impresses me,” Jimmy Widén shares. “The introduction of long-term visas for investors and entrepreneurs has further cemented its position as a wealth migration hotspot.”
Other rising destinations include Portugal’s Algarve region, Montenegro, and several Caribbean islands, each offering unique advantages for wealth migrants.
The Role of Investment Migration Programs
Investment migration programs, such as Golden Visas, play a crucial role in facilitating global wealth migration. These programs offer residency or citizenship in exchange for significant investment in the host country.
“These programs can be win-win scenarios,” Jimmy Widén explains. “They attract capital and talent to host countries while offering individuals increased global mobility and diversification options.”
However, these programs are not without controversy. Concerns about due diligence and the potential for abuse have led to increased scrutiny and, in some cases, program adjustments.
Jimmy Widén believes the future of these programs lies in striking a balance: “We’ll likely see more targeted programs focusing on attracting specific skills or industries rather than just capital. This approach can create more sustainable benefits for both migrants and host countries.”
The Entrepreneur’s Perspective
Entrepreneurs are at the forefront of the wealth migration trend. The ability to operate globally, access new markets, and optimise tax structures makes international relocation particularly appealing to this group.
“For entrepreneurs, relocation is often about more than just lifestyle,” Jimmy notes. “It’s about positioning themselves in environments that foster innovation and growth.”
He shares the story of a tech entrepreneur who moved from Silicon Valley to Dubai: “This move allowed her to tap into emerging markets in Asia and Africa more easily, while also enjoying significant tax benefits. It’s a prime example of how strategic relocation can drive business success.”
Jimmy Widén’s advice for entrepreneurs considering relocation? “Do your homework. Understand the business environment, regulatory landscape, and cultural nuances of your potential new home. And don’t underestimate the importance of building a local network.”
The Future of Global Wealth Migration
Looking ahead, Jimmy Widén predicts that global wealth migration will continue to grow and evolve. “We’re likely to see more ‘regional nomads’ – individuals who maintain homes in multiple countries within a specific region, allowing them to optimise their lifestyle and business operations.”
Jimmy Widén further notes that property values in destinations like Marbella and Dubai, which are currently being sought out by wealth migrants, are only going to keep growing due to the continued increase in demand. This demand makes investing in property in one of these destinations an even more attractive prospect, and diversifying one’s investment portfolio across multiple countries to protect against future economic uncertainties is just another reason why adding to one’s property resume is a smart choice.
Jimmy Widén also anticipates that technology will play an increasingly important role. “Digital identities, cryptocurrency, generative AI and blockchain technology could revolutionise how we think about residency and citizenship,” he suggests.
From a global perspective, the continued movement of wealth could have significant implications for economic policies and international relations. Countries may find themselves competing more intensely to attract and retain wealthy individuals and their capital.
Navigating the New Landscape
As global wealth migration continues to shape our world, understanding these trends becomes crucial for individuals, businesses, and policymakers alike. Jimmy Widén’s insights provide a valuable perspective on this complex and fascinating phenomenon.
For those considering joining the ranks of global wealth migrants, Jimmy Widén offers this final piece of advice: “Think holistically about your goals – personal, professional, and financial. The right move can open up a world of opportunities, but it requires careful planning and consideration.”
In a world where talent and capital are increasingly mobile, the ability to navigate this new landscape of global wealth migration may well become a key determinant of success in the 21st century economy.
About Jimmy Widén and 3SA
Jimmy Widén is the founder and CEO of 3SA, a leading global wealth management firm specialising in investment strategies and relocation services for HNWIs. With over two decades of experience in international finance, Jimmy has established himself as a trusted advisor to entrepreneurs and investors worldwide.
