A PRIVATE wealth report is showing that in 2026 a record 165,000 millionaires are expected to change their country of residence, up from 142,000 in 2025.
Interestingly, the Henley Private Wealth Migration Report 2026 shows that there is a fundamental shift in how wealthy individuals these days regard security, stability and where they want to build their lives.
Spain has emerged as one of the clear winners in this shift.
Andalucia, and specifically the Costa del Sol, is occupying an increasingly distinctive position.
The triangle formed by Marbella, Benahavís and Estepona is consolidating its status as one of the preferred destinations for international capital, offering a combination of market maturity, quality of life and legal certainty that very few places in the world can match.
Why the wealthy are no longer moving just for tax reasons
For decades, wealth migration was driven almost entirely by tax optimisation. But, the wealthy people of 2026 are also thinking about the market risk.
So, they diversify their countries of residence as part of a broader wealth strategy.
Some experts call this a sovereign portfolio, a geographical spread of residence and assets designed to protect against political instability or sudden legislative changes.
The triggers for this movement are concrete. In the United Kingdom, the definitive abolition of the non-dom tax regime has accelerated the departure of capital.
For many of these investors, an inheritance tax that can reach 40% is not simply a financial burden: it is an obstacle that is fundamentally incompatible with their plans for passing wealth to the next generation.
Across the Atlantic, political polarisation in the United States is pushing a growing number of high-net-worth individuals to look for a plan B in Europe, where institutional stability remains a genuine asset.
Because of these uncertainties, more than 1,200 advisory firms, family offices and specialist practices now facilitate these transitions.
Three reasons why international capital is choosing the Costa del Sol
Costa del sol offers a combination of factors that are genuinely difficult to find together anywhere else:
- Institutional stability and quality of life: Spain’s position within the European Union, its public safety record and a world-class infrastructure, including international schools, direct air connections to the main European capitals and a level of services comparable to any major city.
- Property as a wealth preservation asset: the super-luxury market on the Costa del Sol has shown a remarkable resilience through economic cycles. In locations such as Marbella’s Golden Mile, La Zagaleta and El Madroñal, properties are not just homes: they are assets that hold and grow in value over time. Our luxury property portfolio includes properties from 3 to over 10 million euros, with an international demand that very few markets can sustain as consistently.
- Demand that does not depend on artificial incentives: although Spain has abolished the Golden Visa for property investment and retains a wealth tax, buyer interest in the Costa del Sol has not diminished.
The top buyers of 2026 are not coming to retire
There is a stereotype worth setting aside. The Costa del Sol is far from being a retirement destination. According to the Knight Frank Wealth Report 2026, a record 47% of first-time private jet users are now under 45, a clear signal that global wealth is getting younger.
This profile does not just bring capital. It brings talent, business structures and networks that generate a multiplier effect on the local economy.
In the ultra-luxury segment, local knowledge makes the difference
Establishing yourself successfully in a market this specific and competitive does not come down to financial capacity alone. It comes down to local knowledge. In the ultra-luxury segment, the best properties rarely reach the open market: they are handled privately, between parties who know and trust each other.
At Terra Meridiana, we have been working in this market for decades, with the judgement and in-depth knowledge of the territory that it requires. If you are considering establishing your base on the Costa del Sol, or adding a prime property asset to your wealth strategy, we are here to help. Get in touch with our team for an initial conversation.
You can also visit Terra Meridiana website.
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