A surge in global wealth migration seems to be colliding with an overlooked but increasingly decisive factor: the soaring cost of private healthcare.
Henley & Partners, an investment migration firm, said its client data and new cost comparisons from a global health index show wealthy families are no longer choosing where to live solely on tax or lifestyle, but are increasingly factoring in the long-term cost of private healthcare.
The firm said in a press release this month that it has received applications from 92 nationalities in 2025, supporting clients across more than 50 residence and citizenship programs.
Applications jumped 43% year-over-year in the first three quarters of 2025 compared with the same period in 2024, it said.
“Global mobility is becoming a core risk-management strategy for wealthy families,” said Christian H. Kaelin, the firm’s chairman. Clients “are scrutinizing not only access to residence and citizenship, but also the real cost of sustaining that lifestyle — especially the price of reliable private healthcare.”
“Destinations that look attractive on paper can become far less so once true healthcare exposure is understood,” he added.
Where healthcare is most — and least — affordable
Henley & Partners cited the SIP Health Cost Index 2025, from the SIP Medical Family Office in Switzerland, a global benchmark released earlier this month, which ranks 50 countries by the true cost of private healthcare using international private medical insurance (IPMI) premiums as of August 2025.
The findings are stark:
- The United States has the most expensive private healthcare market in the world, it found, with an average annual IPMI cost of $17,968 per person.
- Hong Kong and Singapore follow closely, the report said, with $16,175 and $14,231 in average healthcare costs, respectively.
- China, Thailand, and Taiwan now all rank among the top 12 most expensive markets, driven by demand for premium hospitals and rising inpatient costs, the report said.
In Europe, the UK ($11,726) and Greece ($9,654) sit at the pricier end due in part to insurance taxes, it said. while Switzerland ranks mid-table at $8,912. The UAE ranks 10th globally, with an average of $9,680.
Some of the mid-range markets include South Africa, Saudi Arabia, and Monaco, which range from roughly $7,100 to $7,600.
Hidden cost shocks
Kevin Bürchler, CEO of SIP Medical Family Office, which is behind the SIP Health Cost Index 2025, said inflation in private healthcare “is rising worldwide, but the pace and pattern differ dramatically.”
Speaking to Business Insider, he pointed to “value” destinations such as Italy, Portugal, and Austria, which offer lower costs and proximity to top-tier medical hubs like Switzerland and Germany.
While ultra-high-net-worth individuals can absorb steep premiums, the cost gap matters for affluent families, especially those planning toward retirement, he said.
“It can make a significant difference whether you pay $30,000 plus for private health insurance versus $10,000,” or whether “a doctor consultation costs $500 or $50,” he added.
Growing demand for healthcare resilience
That pressure, among other factors, is reshaping behavior, especially among Americans.
“US citizens were 5% of our client base in 2018, whereas today they comprise 40%,” Basil Mohr-Elzeki, managing partner at Henley & Partners North America, told Business Insider — a shift he described as part of a broader hedge that includes healthcare resilience.
He said healthcare costs are explicitly cited in at least 15% of client decisions, making it a top-five factor behind geopolitical risk, global mobility, legacy planning, and tax optimization.
Interest is rising in Portugal, Italy, Greece, Malta, and in cost-effective Latin American options such as Panama and Costa Rica, he said, adding that Turkey also attracts clients for affordable private medical tourism.
Mohr-Elzeki said many aging clients are increasingly seeking alternative healthcare options abroad — not only because of the cost, but also to access different medical opinions and treatments outside the US system, which he said, while “top-tier,” may have a “commercial bias.”
Henley & Partners said the SIP Index is helping clients “avoid hidden high-cost traps” as healthcare becomes a central part of global mobility planning.
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