Wealth in Motion

The global landscape is shifting beneath our feet, and so is the profile of the world’s wealthiest. A new generation of UHNWIs - younger, increasingly female and globally mobile, now brings different values and expectations that transcend luxury. This generation is rewriting the consumption playbook, moving away from transactions to connections.

These structural shifts are reshaping how sectors like luxury retail and banking must think about client engagement, service delivery and thereby real estate, essentially from where they locate to how their spaces function. To navigate this change, organizations need a data driven approach strengthened by deep qualitative insight.

In this article we identify key insights on who these UNHWI’s are, where they live and what they expect. Such understanding can help inform decision making, not only in retail but also in financial services as these indicators are certainly impacting how both sectors need to reimagine their real estate.

The Great Wealth Transfer and The Emerging Wealth Centers

We are witnessing a generational wealth transfer.  A new generation of “globally mobile” Ultra-High-Net-Worth Individuals (UHNWIs) is emerging. By 2040, today’s Next Gens and Gen X will comprise 80% of the global UHNW population. This generational shift also brings a growing prominence of self-made, mission-driven female UHNWIs and necessitates a fundamental redefinition of wealth management.

While US remains the leader in absolute wealth expansion, trillions in assets are shifting geographically, generationally and behaviorally. APAC at $140 TR is already bigger than Western Europe at $104 TR and growing at a faster rate.

• The Gulf Magnet (Dubai and UAE): The US has been a key destination for millionaires, but more recently it is the UAE where there has been the greatest flow of wealth, with almost 10,000 millionaires with an estimated wealth of $63bn relocating in 2025 – this is not a one-off, over the past decade there has been a doubling of millionaires in UAE. The UAE model has demonstrated the power of sovereign policy to capture liquid capital.
• The UK Flow: London remains an indispensable destination and a premier global financial hub for the visiting wealthy. However, domestic policy and economic uncertainty are driving some attrition of resident wealthy, with the UK estimated to have recorded a net outflow of 16,500 millionaires in 2025. 
• The APAC Wealth Engine (China, India, SEA): Mainland China’s scale is undeniable, with growth concentrated in centers like Shenzhen and Hangzhou. India remains critical, identified as the primary driver of projected UHNWI growth rooted in driven by entrepreneurship in Delhi, capital markets in Mumbai, and AI-tech in Bengaluru. This dynamism extends to SEA, Malaysia and Indonesia albeit smaller in absolute terms. They provide collective momentum in APAC as a long-term engine of global ultra-wealth creation.
• The “Asian Tigers” (South Korea and Taiwan, China): Built on technologically advanced, export-oriented models, these economies are deeply intertwined with the global technology supply chain, making them sensitive to trade and sector earnings. Taiwan, China's wealth, for instance, is heavily underpinned by its world-class semiconductor industry.
• The City Hubs (Singapore and Hong Kong, China): Often framed as rivals, they maintain complementary functions. Singapore remains the most business-friendly city and a "Phygital" leader, while Hong Kong, China has reaffirmed its role as the primary financial window to mainland Chinese wealth.

Understanding the “New” Wealthy:

It is no surprise that these shifts are reshaping customer values, investment behaviors and priorities. Geographical and cultural factors are significantly influencing the expression of UHNWI expectations. While the fundamental expectation of exclusivity remains the same, the delivery style encompasses a wide spectrum from the heritage and craftsmanship valued in Europe to the opulence and status prioritized in the Middle East. Here are some key behavioral shifts we observe:

• The "Inner Circle" Effect: Hyper-personalization and bespoke access create a powerful sense of belonging to an ultra-elite inner circle.
• Co-Creation over Consumption: Providing truly customized services that move beyond simple monogramming to the level of co-creating.
• Frictionless Living: Seamless transactions that are efficient, and private, valuing a perfect synergy between digital and physical touchpoints.
• The Role of Physical Space: In-person (offline) connections but accompanied by technology that improves their overall experience. Physical spaces remain the key point of differentiation, offering exclusivity, intimacy, and specialness. They look for spaces that Surprise AND delight; ELEVATE and excite!

A premier example is the iconic AP House at Raffles Hotel in Singapore, where the environment transforms a transaction into a cultural experience. It is a particularly strong case study for understanding UHNWI behaviour and luxury retail transformation. Located in the historic Bar & Billiard Room of the Raffles Hotel, it functions more like a private residence or a high-end "embassy" than a traditional boutique.

1. The "Home Away from Home" Retail Model
Unlike a standard shop, AP House is designed to imagine how the brand's founders would live if they were traveling in the 21st century.

• The Living Room Concept: The 1,000-square-meter space prioritizes "comfort and human connection" over sales counters. It features a 5-meter-long communal dining table made of local Rain Tree wood and a marble bar that serves Swiss wines and artisanal coffee.
• The "Disconnect" Factor: The space is designed for guests to "relax, connect, or even disconnect," which aligns with the UHNWI trend of seeking "quiet luxury" and personalized sanctuaries rather than high-pressure sales environments.

2. The World’s First "AP Café"
The Singapore location is unique globally for debuting the AP Café, run in partnership with the Michelin-starred Burnt Ends.

• Culinary Fusion: The menu features "Swiss dishes with a Singaporean lens." Notable items include a Golden Röesti (topped with caviar and gold leaf) and a Chicken Rice Club Sandwich.
• Accessible Gateway: While the main House focuses on deep client relationships, the café serves as a more accessible entry point for newcomers to engage with the brand's universe in a relaxed setting.

Other iconic benchmarks include - Galleries Lafayette, Mumbai: Housed in heritage colonial buildings; Van Cleef & Arpels, Dubai: The first in the Middle East to feature the "Salon 1906" concept and Buccellati, Milan: A temple of cultural heritage that recently restored its upper floor to create a piano nobile.

Key Considerations to Play and Win:

1. Hyper-Local Accuracy: Adapting to each market’s culture, norms and expectations, and not applying a one size fits all model. It’s about meeting UHNWIs where they are and tailoring engagement, service and space design to what each location truly demands.
2. People-Centric Advisory: Evolve client interactions from being performance-centric to being people-centric, the client consultant relationship must evolve into a high-trust, multi-dimensional relationship anchored in the client's vision- Be a "Trusted Advisor".
3. Location Location Location!  Luxury retail corridors remain crucial for brand visibility, understanding what makes the right location and being able to secure appropriate space a decisive competitive advantage.
4. The "Phygital" Mandate: Build services that integrate human expertise with advanced digital acuity.
5. Experiential Real Estate: Reimagine spaces that “wow,” where interactions transcend transactions to become lasting cultural memories. In a world of digital noise, physical spaces that offer exclusivity, intimacy, and a sense of specialness remain the ultimate point of differentiation.

There is a decisive shift in where wealth is being created, stored and managed that is creating an ascent of new wealth hubs. Business cannot afford to ignore the importance of globally mobile millionaires and must understand their preferences and values to create successful future engagement strategies.