In 2025, an estimated 142,000 millionaires (high-net-worth individuals, HNWIs, with liquid investable wealth of $1 million or more) are projected to relocate globally, marking the largest wealth migration ever recorded, according to the Henley Private Wealth Migration Report 2025. This movement is driven by factors such as economic stability, favorable tax policies, safety, quality of life, and investment opportunities. Below are the key destinations attracting millionaires and those experiencing significant outflows, based on available data and projections.
Top Destinations for Millionaires in 2025
- United Arab Emirates (UAE): The UAE remains the world’s top wealth magnet, with a projected net inflow of 9,800 millionaires in 2025, up from 6,700 in 2024. Its appeal lies in zero income tax, the Golden Visa program (offering 5- or 10-year residency), political stability, world-class infrastructure, and a luxurious lifestyle. The UAE attracts HNWIs from India, the Middle East, Russia, Africa, the UK, and Europe.
- United States: The U.S. is expected to welcome 7,500 millionaires in 2025, primarily through programs like the EB-5 Immigrant Investor Program, which has driven significant foreign direct investment. The U.S. hosts 37% of global millionaires and 34% of global liquid wealth, with cities like New York, San Francisco, and Los Angeles being key hubs.
- Italy: Italy is projected to see a net inflow of approximately 2,200 millionaires, drawn by its cultural heritage, favorable tax regimes, and premium real estate opportunities.
- Switzerland: With an estimated inflow of 1,500 millionaires, Switzerland attracts entrepreneurs due to its favorable tax system, safety, and high quality of life.
- Saudi Arabia: Emerging as a new wealth hub, Saudi Arabia is noted for increasing economic opportunities and low taxes, though specific inflow numbers for 2025 are not detailed.
- Singapore: While exact 2025 figures are not provided, Singapore consistently ranks high, with 3,500 millionaires expected in 2024. Its status as a financial hub, strong economy, and high living standards make it a top Asian destination, particularly for tech entrepreneurs.
- Canada: Canada is projected to attract 3,200 millionaires in 2024, with similar trends likely for 2025. Its safe environment, universal healthcare, and strong education system appeal to HNWIs from Europe and Asia.
- Australia: Australia expects 2,500 millionaires in 2024, with a points-based immigration system favoring wealthy individuals. Its low population density, safety, and high quality of life remain attractive.
- Greece: Greece is projected to see 1,200 millionaires, driven by its Golden Visa program, Mediterranean climate, and relatively low cost of living.
- Portugal: Portugal anticipates 800 millionaires, largely through its Golden Visa program, offering residency for real estate investment.
- Japan: Japan is expected to welcome 400 millionaires, boosted by Chinese HNWIs relocating to Tokyo post-Covid.
- New Zealand: New Zealand attracted 700 millionaires in 2023, with its investor visa programs, natural beauty, and political stability likely continuing to draw HNWIs in 2025.
Countries Losing Millionaires in 2025
- United Kingdom: The UK is projected to have the highest net outflow globally, with 10,800 millionaires leaving in 2024, a trend likely to continue into 2025. Factors include the end of the non-dom tax regime in 2025, a 40% estate duty on assets above GBP 325,000, post-Brexit economic challenges, and political instability.
- China: China is expected to lose 15,200 millionaires in 2024, with similar outflows likely in 2025. Economic uncertainty, regulatory crackdowns, and geopolitical tensions drive HNWIs to destinations like Singapore, the U.S., and the UAE.
- India: India anticipates a net loss of 4,300 millionaires in 2024, a reduction from 5,100 in 2023. Many seek better lifestyles, safety, and premium education/healthcare abroad, though they often retain business ties in India.
- South Korea: South Korea is projected to lose 1,200 millionaires in 2024, with outflows continuing due to regional threats and uncertainty over U.S. security policies.
- Russia: Russia’s outflow is expected to decrease to 1,000 millionaires in 2024, down from 8,500 in 2022, but sanctions and geopolitical issues persist as drivers.
- France: France is predicted to lose 800 millionaires in 2025, despite its cultural and lifestyle appeal, due to high taxes and economic challenges.
- Spain: Spain expects a net loss of 500 millionaires in 2025, possibly due to tax policies or economic factors.
- Germany: Germany is projected to lose 400 millionaires in 2025, despite a 15% HNWI population growth over the past decade.
- Brazil, South Africa, Taiwan, Vietnam, Nigeria: These countries see smaller outflows (e.g., 800 from Brazil, 600 from South Africa, 400 from Taiwan, 300 each from Vietnam and Nigeria in 2024), driven by political instability, economic challenges, or better opportunities abroad.
Key Trends and Implications
- Economic Impact: Migrating millionaires bring significant capital, with 20% being entrepreneurs who create jobs (60% for centi-millionaires and billionaires). They boost local economies through spending, investments, and foreign exchange revenue.
- Investment Migration Programs: Countries like the UAE, Portugal, Greece, and Malta attract HNWIs through residency-by-investment programs, offering visas or citizenship for economic contributions.
- Geopolitical Drivers: Political instability, tax changes (e.g., UK’s non-dom regime ending), and conflicts (e.g., Russia-Ukraine) push millionaires to “Safe Haven 8” jurisdictions like Malta, Monaco, Singapore, Switzerland, and the UAE.
- Criticism of “Exodus” Claims: The Tax Justice Network notes that millionaire migration (e.g., 9,500 from the UK in 2024) represents less than 1% of a country’s millionaire population, questioning media narratives of an “exodus.” Migration estimates may also rely on social media work location data rather than physical relocation.