Number of the day

69 

That’s how many countries are in President Trump’s latest tariff order, issued ahead of his 1 August deadline. The new US tariffs include 10% (Brazil, UK), 15% (Turkey, Norway), 25% (India), 30% (South Africa), 39% (Switzerland), and 41% (Syria). More deets below.

Migratory patterns

Sometimes geopolitics can give off epic David Attenborough vibes. Those pompous state visits? An intricate mating ritual. Border clashes? The alpha's fending off a younger rival.

So today? We look at the great migration of the ~142,000 uber-wealthy who’ll move abroad this year, driven by the winds of change, opportunity, and… just lower taxation. 

Here are three of the most popular destinations, according to the 2025 H&P Private Wealth Migration Report: 

1. 🇦🇪 UAE 

No surprises here. If the zero income tax wasn’t enough, the Emiratis also boast a stable (if not exactly free) political landscape, low crime, and a flourishing community of other cashed up emigres you might bump into getting a new drill down at the Home Depot: Pakistan’s three-time PM (Nawaz Sharif), Zimbabwe’s ex-first lady Grace Mugabe, Spain’s former king, and Thailand’s godfather Thaksin Shinawatra have all had pads there.

But as they’re wont to do, the Emiratis want more! So the Gulf state expanded its Golden Visa program in 2022 to make it easier for the rich to relocate.

But there are push factors, too: Russia’s latest invasion of a neighbour saw the Russian-speaking population in the UAE quintuple to ~100,000, using elite spots like Palm Jumeirah and Jumeirah Lakes Towers to evade Western sanctions or Putin’s conscription. 

2. 🇺🇸 USA 

High-profile Americans like fashion designer Tom Ford and TV host Ellen De Generis famously skipped town for the UK to avoid Trump 2.0, and they weren’t alone: citizenship inquiries from wealthy Americans reportedly doubled in early 2025, while Americans overtook folks from China to become London’s largest luxury property buyers.

But Uncle Sam clearly still has appeal if you can afford his investor visa ($800k+). And President Trump wants to ramp that up via his ‘Trump Card’, with a reported 70,000 folks already on the wait list for the $5M scheme (though the timeline is unclear).

Why? Folks cite familiar drivers including the country’s leading universities, business-friendly environment, and the inescapable allure of the American dream. And speaking of the dream…

3. 🇮🇹 Italy 

Let’s be real, does this one need an explanation? That quality of life, cuisine, climate, luxury sector, and an entire season of The White Lotus?! C’mon.

But Italy’s financial hub of Milan has also attracted high-net-worth foreigners thanks to a favourable tax regime for non-domiciled residents (ie, exemptions on overseas income earned by foreign-born local residents). 

But where are all these squillionaires coming from? 

1. 🇬🇧 UK 

The above report forecasts the UK as the top source, though determining why is always tricky — emigres don’t tend to give exit interviews, unless you’re billionaire Norwegian shipping magnate John Fredriksen, who wanted the entire world to know why he’s selling his $340M Chelsea manor and moving to the UAE: “Britain has gone to hell, like Norway.”

Way to flame two countries with one burn there, John! But the main reason he cites is clearly a common driver: the UK abolishing its own centuries-old ‘non-dom’ tax rules.

That’s a little different to the drivers we’re seeing in…

2. 🇨🇳 China 

Word is as many as 7,000 rich-listers plan to leave China this year, reflecting both:

• a) An uncertain politico-economic outlook, and

• b) The Communist Party’s occasional distrust towards the uber-wealthy.

But China’s sheer scale means its economy will likely produce many more than the 7,000 millionaires it loses this year. So, bon voyage? Meanwhile…

3. 🇮🇳 India 

We were surprised to find India losing millionaires given its recent break-neck growth. But the rich apparently want better quality of life and more permissive business environments.

Like China, however, India curbs wealth transfers abroad, though there are always loopholes: common methods include crypto, and overpaying for imports. Still, this year’s figures suggest India’s great squillionaire emigration might be slowing down.

Intrigue’s Take

We explored earlier this week how trust has become so footloose: break it, and it can quickly flee to YouTube or Scandinavia. But as if any confirmation was needed, this story is a reminder that cash is footloose, too. And when it comes to private wealth, that’s kinda the point: the allure of financial independence is being able to pack your bags on a whim.

As to where folks go? You might argue there’s now more appeal for some in authoritarian stability than democratic chaos: sure, the stakes are higher if you cross the wrong Emirati sheikh or Singaporean tycoon. But certain folks might prefer to run that risk than face protests outside the villa or high-taxin’ populists in the presidential palace.

Sound even smarter:

• There are questions around the methodology behind the above annual wealth migration report, which often ends up as fodder in debates around taxation.

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Meanwhile, elsewhere…

Extra Intrigue

Some recommendations for the weekend ahead:

• Read: As the EU moves to ban ‘forever chemicals’, one Swedish town realises it has the world’s worst case of contamination.

• Listen: It turns out Siberian mummies had sick tattoos! Listen to their ancient story.

• Watch: This newly released documentary follows the investigation into the deadly 2005 London bombings.

Map of the day

Ever thought the world was just one big joke? Well, folks in the 16th Century seemed to feel that way when they produced the above ‘Fool's Cap Map of the World’. Its origins and intended message have been lost to time, but one theory is the artwork was a commentary on the foolishness of anyone who thinks they’ve got the world figured out.

Friday Quiz

In light of the US president’s new tariff announcements above, we’ve got the perfect quiz!