USA
Millionaires on the Move: UAE Gains, UK Braces for Historic Wealth Flight: A record-breaking 142,000 millionaires are projected to relocate internationally this year, with the UK expected to see the largest net outflow of high-net-worth individuals (HNWIs) by any country since international investment migration advisory firm Henley & Partners and global wealth intelligence firm New World Wealth began tracking millionaire migration 10 years ago.
According to the Henley Private Wealth Migration Report 2025 published today, the UK is forecast to lose a staggering –16,500 millionaires in 2025 — more than double the anticipated –7,800 net outflow from China, ranked 2nd this year after topping the millionaire-loser leaderboard every year over the past decade. In stark contrast, the UAE retains its crown as the world’s leading wealth magnet, with a record net inflow of +9,800 relocating millionaires expected this year — over 2,000 more than the US in 2nd place. +7,500 new wealthy migrants are expected to make America home by year-end.
Dr. Juerg Steffen, CEO at Henley & Partners, says this sharp divergence highlights the rising influence of strategic wealth migration on global economic power shifts. “2025 marks a pivotal moment. For the first time in a decade of tracking, a European country leads the world in millionaire outflows. 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.”
Europe’s wealth hubs in retreat — and reinvention
The UK is not alone in its struggles. For the first time, EU heavyweights France, Spain, and Germany are expected to see net HNWI losses in 2025 — with projected net outflows of –800, –500, and –400 millionaires, respectively. Ireland (–100), Norway (–150), and Sweden (–50) are also beginning to see significant wealth losses, with many affluent Europeans relocating to more investor-friendly hubs on the continent.
Key beneficiaries of this trend are Switzerland, set to attract a net gain of +3,000 migrating millionaires this year, while Italy, Portugal, and Greece are also forecast to see record inflows of +3,600, +1,400 and +1,200, respectively — 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 in the region, with Monaco (+200) remaining popular, especially among ultra- HNWIs from the UK, Africa, and the Middle East.
Europe’s smaller markets are also gaining strong momentum. Montenegro (+150) tops global millionaire growth over the past decade with a remarkable 124% increase in resident millionaires, driven in part by its citizenship by investment program (operational from 2019 to 2022), low taxes, Adriatic coastline, and EU accession prospects. Malta (+500) follows with 87% growth, though its trajectory may be impacted by April’s European Court of Justice ruling against its citizenship by naturalization process. Latvia is also on the rise, with 70% millionaire growth between 2014 and 2024, and a projected net inflow of another +100 HNWIs this year.
Andrew Amoils, Head of Research at New World Wealth, says “If one reviews the fastest growing wealth markets in the world over the past decade, it is noticeable that most of these countries are either popular destinations for migrating millionaires — such as Montenegro, the UAE, Malta, the USA, and Costa Rica — or emerging market tech hubs like China, India, and Taiwan. This demonstrates the importance of millionaire migration in driving new wealth formation in a country.”
Global winners: Where the wealth is heading
Outside of Europe, strong demand from the UK, India, Russia, Southeast Asia, and Africa, facilitated by attractive golden visa options, has reinforced the UAE’s position as the world’s most sought-after wealth haven (+9,800). Saudi Arabia is the biggest riser on this year’s inbound list, projected to see a net inflow of +2,400 new millionaires in 2025, with the kingdom benefiting from a surge in returning nationals and international investors settling in Riyadh and Jeddah.
As Misha Glenny, Rector at the Institute for Human Sciences in Vienna and an award-winning former BBC journalist, points out in the Henley Private Wealth Migration Report 2025, “President Trump’s decision to bomb Iran’s nuclear facilities before toying with the idea in public of regime change has thrown the whole pack of cards up into the air. Many will now likely hedge while waiting to see what the short-term and mid-term fall out of these developments are.”
Traditional destinations such as Singapore (+1,600), Australia (+1,000), Canada (+1,000), and New Zealand (+150) appear to be losing 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. Thailand’s vibrant capital is increasingly favored by HNWIs from China, Vietnam, and South Korea, drawn by its international schools, growing financial services sector, and high-end real estate offerings.
Hong Kong (SAR China) (+800) is starting to see steady inflows from the rest of Asia following a challenging period of political uncertainty. Many top-earning executives from fast-growing hi-tech companies in Shenzhen are now basing themselves in the city-state. Likewise, Japan (+600) is seeing a higher HNWI influx, particularly from China, due to its relative security and political stability.
Central American and Caribbean jurisdictions — including Costa Rica (+350), Panama (+300), the Cayman Islands (+200), and Bermuda (+50) — are all set to attract record numbers of wealthy migrants to their shores, and three African nations — Morocco (+100), Mauritius (+100), and the Seychelles (+50) — make it onto the inbound millionaire migration rankings for 2025.
Global losers: Where the wealth is leaving
Since the 2016 Brexit vote, the UK has shifted from being a net magnet for millionaires to a net exporter, with a record –16,500 HNWIs expected to leave in 2025. The latest surge is driven in part by sweeping tax reforms. The October 2024 budget introduced sharp hikes in capital gains and inheritance taxes, while new rules targeting non-domiciled residents and family wealth structures — enacted by the former Conservative government — came into effect in April, sparking what some are calling a “WEXIT” (wealth exit). Affluent individuals are relocating to tax-friendly jurisdictions such as the UAE, Monaco, and Malta, as well as to lifestyle havens including Italy, Greece, Portugal, and Switzerland. Many high-earning execs are settling in the expanding wealth hubs of Dubai, Florida, Milan, St. Julian’s, Lisbon, the Athenian Riviera, Zug, and Lugano.
Prof. Trevor Williams, Chair and Co-founder at FXGuard and former Chief Economist at Lloyds Bank Commercial Banking, says the UK’s economy has performed poorly over the past decade, and 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% compared with the W10’s global average growth of +40%. Over the same period, the US saw a 78% increase in millionaires — the fastest wealth growth among the W10.”
In Asia, South Korea is expected to see significant net outflows of HNWIs in 2025 (–2,400), more than double last year’s figure, following a period of economic and political turbulence. Vietnam (–300) is also beginning to see a worrying uptick in millionaire departures, and Pakistan (–100) continues to lose millionaires to the UAE. Taiwan (–100) presents a mixed picture: while its tech-driven economy remains robust with +65% millionaire growth over the past decade, growing tensions with China and a lack of luxury real estate options appear to be unsettling some of its wealthiest residents.
Despite ongoing instability in the Middle East, Israel is expected to show relatively modest outflows (–350), primarily to the US, while Lebanon (–200) faces concerning losses, with many wealthy individuals relocating to Cyprus, Greece, and the UAE. Iran (–200) is also losing HNWIs to the UAE.
BRICS bounces back bar Brazil
In Latin America, Brazil (–1,200) and Colombia (–150) are both expected to see sizeable wealth drains, with popular destinations for departing millionaires being 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 Covid. Outflows from India and South Africa are being offset in part by the return of HNWIs from the UK, while in China, the booming tech hubs of Shenzhen and Hangzhou — as well as rapid growth in the entertainment and hospitality sectors — are encouraging more affluent Chinese to stay.
As Dr. Parag Khanna, best-selling author and founder and CEO at AlphaGeo, notes in the Henley Private Wealth Migration Report 2025, Asia remains the world’s most powerful economic engine and a rising force in global private wealth. “Asia’s wealth landscape is a dynamic blend of ambition and caution. Singapore and Japan are solidifying their reputations as global wealth havens, while China and India are balancing domestic opportunity with the desire for diversification. South Korea and Taiwan remind us that geopolitics can quickly change the rules of the game. As 2025 unfolds, Asia is set to remain at the center of global wealth trends, shaped by economic dynamism, policy innovation, and the ever-present search for security and growth.”
