SINGAPORE, 26 June 2025: 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 on Tuesday, 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.
Henley & Partners CEO Dr Juerg Steffen 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 favourable tax regimes, lifestyle appeal, and active investment migration programs. Southern Europe is fast emerging as a new centre 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 programme (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 naturalisation 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.
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.
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 a new safe haven
Thailand (+450) is rapidly emerging as Southeast Asia’s new safe haven, with Bangkok positioning itself as a key rival to Singapore. Thailand’s capital is increasingly favoured 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.
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.
About Henley & Partners
Henley & Partners is the global leader in residence and citizenship by investment. Each year, hundreds of wealthy individuals and their advisors rely on our expertise and experience in this area. The firm’s highly qualified professionals work together as one team in over 60 offices worldwide.
I doubt Thailand will benefit. Their tax system is not attractive and their infrastructure is completely broken. Also very little spoken English.