A monumental shift in global wealth is underway. A record-breaking 142,000 millionaires are projected to relocate internationally this year. This is the largest movement since Henley & Partners and New World Wealth started tracking millionaire migration. They began this work a decade ago. The Henley Private Wealth Migration Report 2025 provides a comprehensive overview of this unprecedented trend. It reveals significant implications for economies worldwide.
For the first time in a decade of tracking, a European country leads the world in millionaire outflows. The United Kingdom is forecast to lose a staggering 16,500 HNWIs in 2025. This figure is more than double the anticipated 7,800 net outflow from China. China ranks second this year. It has consistently topped the millionaire-loser leaderboard for the past decade.
Dr. Juerg Steffen, CEO at Henley & Partners, highlighted the magnitude of this shift. “2025 marks a pivotal moment,” he stated. “This isn’t just about changes to the tax regime. It reflects a deepening perception among the wealthy that greater opportunity, freedom, and stability lie elsewhere. The long-term implications for Europe and the UK’s economic competitiveness and investment appeal are significant.”
UNITED KINGDOM
The primary drivers for the UK’s “WEXIT” (wealth exit) include sweeping tax reforms. The October 2024 budget introduced sharp hikes in capital gains and inheritance taxes. New rules targeting non-domiciled residents came into effect in April. Rules regarding family wealth structures were enacted by the former Conservative government. These changes exacerbated the outflow. Affluent individuals are seeking tax-friendly jurisdictions and lifestyle havens.
Professor Trevor Williams, former Chief Economist at Lloyds Bank Commercial Banking, pointed out the UK’s poor economic performance over the past decade. It is the only nation in the W10 (the world’s 10 wealthiest countries) that has seen negative millionaire growth. “Since 2014, the number of resident millionaires in the UK dropped by –9%,” he noted, “compared with the W10’s global average growth of +40%.”
THE UAE: THE WORLD’S LEADING WEALTH MAGNET
In stark contrast to the UK’s struggles, the UAE continues its reign as the world’s leading wealth magnet. It expects a record net inflow of +9,800 relocating millionaires this year. The US is set to attract +7,500 new wealthy migrants. This is over 2,000 fewer than the UAE, placing the US second globally.
The UAE’s appeal is multi-faceted, driven by attractive “golden visa” options and a reputation for stability. Strong demand from the UK, India, Russia, Southeast Asia, and Africa has reinforced its position as a sought-after wealth haven.
Saudi Arabia is also a significant riser on the inbound list. It is projected to see a net inflow of +2,400 new millionaires in 2025. The kingdom benefits from a surge in returning nationals and international investors settling in Riyadh and Jeddah.
EUROPE’S SHIFTING WEALTH LANDSCAPE
The UK’s challenges are mirrored by some EU heavyweights. For the first time, France (–800), Spain (–500), and Germany (–400) are expected to experience net HNWI losses in 2025. Ireland (–100), Norway (–150), and Sweden (–50) are experiencing significant wealth losses. Many affluent Europeans are relocating within the continent.
Yet, Europe also features new magnets for wealth. Switzerland is set to attract a net gain of +3,000 migrating millionaires. Italy (+3,600), Portugal (+1,400), and Greece (+1,200) are forecast to see record inflows. This trend is driven by favorable tax regimes, lifestyle appeal, and active investment migration programs. Southern Europe is fast emerging as a new center of gravity for wealth migration. Monaco (+200) remains popular, especially among ultra-HNWIs from the UK, Africa, and the Middle East.
Smaller European markets are also gaining momentum. Montenegro (+150) tops global millionaire growth over the past decade with a remarkable 124% increase in resident millionaires. This is partly due to its citizenship by investment program (2019-2022), low taxes, and EU accession prospects. Malta (+500) follows with 87% growth, although its trajectory might be affected by an April European Court of Justice ruling. Latvia is also rising, with 70% millionaire growth and a projected net inflow of +100 HNWIs this year.
Andrew Amoils, Head of Research at New World Wealth, noted, “If one reviews the fastest growing wealth markets in the world over the past decade, it is noticeable that most of these countries attract migrating millionaires. These countries have become popular destinations. Many of these are emerging market tech hubs.” This highlights the importance of millionaire migration in driving new wealth formation.
GLOBAL WINNERS AND LOSERS: WHERE WEALTH IS HEADING AND LEAVING
Beyond Europe, traditional destinations like Singapore (+1,600), Australia (+1,000), Canada (+1,000), and New Zealand (+150) appear to be losing some of their appeal for wealthy entrepreneurs, with their lowest net inflows on record provisionally expected in 2025.
Thailand (+450) is rapidly emerging as Southeast Asia’s new safe haven, with Bangkok positioning itself as a key rival to Singapore. Hong Kong (SAR China) (+800) is seeing steady inflows, especially from fast-growing hi-tech companies in Shenzhen. Japan (+600) is also experiencing a higher HNWI influx, particularly from China, due to its relative security and political stability.
Central American and Caribbean jurisdictions like Costa Rica (+350), Panama (+300), the Cayman Islands (+200), and Bermuda (+50) are set to attract record numbers of wealthy migrants. Additionally, three African nations – Morocco (+100), Mauritius (+100), and the Seychelles (+50) – have made it onto the inbound millionaire migration rankings for 2025.
On the other side of the ledger, South Korea is expected to see significant net outflows (–2,400), more than double last year’s figure, following a period of economic and political turbulence. Vietnam (–300) and Pakistan (–100) also show worrying upticks in millionaire departures. Taiwan (–100), despite a robust tech-driven economy, faces growing tensions with China and a lack of luxury real estate, unsettling some of its wealthiest residents.
Despite regional instability, Israel is expected to show relatively modest outflows (–350), primarily to the US. However, Lebanon (–200) and Iran (–200) face concerning losses, with many wealthy individuals relocating to Cyprus, Greece, and the UAE.
BRICS NATIONS: A MIXED PICTURE
In Latin America, Brazil (–1,200) and Colombia (–150) are both expected to see sizeable wealth drains, with popular destinations including the US (especially Florida), Portugal, the Cayman Islands, Costa Rica, and Panama.
Among other BRICS nations, China (–7,800), India (–3,500), Russia (–1,500), and South Africa (–250) are all on track to record their lowest net millionaire losses since the Covid-19 pandemic. Outflows from India and South Africa are being partially offset by the return of HNWIs from the UK. In China, booming tech hubs like Shenzhen and Hangzhou, along with rapid growth in entertainment and hospitality, are encouraging more affluent Chinese to remain.
This “wake-up call” for nations losing wealth demands focus on creating environments where wealth creators can not only thrive financially but also find an unparalleled quality of life and a predictable, supportive ecosystem that encourages them to invest and contribute to national progress.
