Debate over California’s proposed billionaire wealth tax has reignited a perennial question among the wealthy: where is the most stable and predictable place to live, work and invest?

While much of the focus has been on movement from high tax US states such as California to lower tax alternatives like Texas or Florida, the discussion also raises a broader issue – whether other parts of the world and in particular the UK could once again position itself as an attractive destination for globally mobile wealth.

For advisers, the key issue is not simply whether wealth taxes drive moves, but how prospective movers would navigate move elsewhere and, in particular, the UK’s tax, immigration and property regimes in practice.