NEW YORK, Dec. 5 (Xinhua) -- Billionaires are moving to new countries more frequently since the COVID-19 pandemic began, with top destinations including Switzerland, the UAE, Singapore and the United States, Bloomberg News reported Thursday, citing a report from UBS Group AG.
About one of every 15 of the world's 2,682 billionaires has relocated since 2020, with the Middle East and Africa region attracting the greatest share of the 400 billion U.S. dollars in capital they brought with them, according to the report.
As billionaires age and their families grow, they're increasingly concerned about quality of life issues, and are also seeking out jurisdictions where legal structures support wealth transfer, the USB report found.
"The shock of the pandemic put a premium on first-class health care, while young families increasingly value excellent education and a safe environment," said the report, which estimates that the number of billionaires' children has increased 56 percent to 6,441 in the past 10 years.
When it comes to billionaires' investment allocations, North America is the top choice both for the short- and medium-term, the report found. Among the reasons: technological innovations such as generative artificial intelligence and weight-loss drugs.
