Billionaires worldwide are relocating more frequently, with key destinations like Switzerland, the UAE, Singapore, and the United States drawing significant numbers. However, a noteworthy trend has emerged, with Africa and the Middle East attracting a growing share of the $400 billion in wealth brought along by these ultra-rich migrants.

A report by UBS Group AG reveals that approximately one in every 15 of the world's 2,682 billionaires has relocated since 2020. The movement is driven by economic opportunities, tax benefits, political stability, and the appeal of emerging markets. As billionaires grow older and their families expand, priorities are shifting towards quality-of-life considerations and legal frameworks that facilitate smooth wealth transfer across generations.

The number of billionaires worldwide has surged by over 50% in the past decade, with their combined net worth soaring by 121% to an impressive $14 trillion. However, global wealth creation has decelerated since 2020, largely driven by a decline in Chinese billionaires' fortunes. Over the same period, their collective wealth has decreased by 5% annually, signalling a significant shift in the dynamics of global wealth accumulation.

Africa, home to some of the world's wealthiest individuals, has seen a growing trend of billionaires leaving the continent over the past two decades. The 2024 Africa Wealth Report reveals that out of 54 African-born billionaires in the world, including one of the world's richest, Elon Musk, only 21 of them still live on the continent. This marks a decline from the 23 who resided in Africa last year.

Africa's 'Big 5' wealth markets — South Africa, Egypt, Nigeria, Kenya, and Morocco — together account for 56% of the continent's millionaires and over 90% of its billionaires. This trend is expected to continue, with Africa and the Middle East emerging as attractive destinations for billionaires seeking economic opportunities, tax benefits, and political stability.

The implications of this trend are significant, with the influx of billionaire wealth expected to drive economic growth, create jobs, and stimulate innovation in Africa and the Middle East. As the global wealth landscape continues to evolve, it will be important to monitor the movement of billionaires and their wealth, and the impact it has on the regions they inhabit.

In conclusion, the growing trend of billionaire migration to Africa and the Middle East is a significant development in the global wealth landscape. As the ultra-rich continue to seek out economic opportunities, tax benefits, and political stability, these regions are poised to become increasingly important players in the global economy.