In 2025, the world is witnessing a record-breaking wave of high-net-worth individual (HNWI) migration. According to the latest Henley Private Wealth Migration Report, an estimated 142,000 millionaires are expected to relocate this year—a figure projected to rise to 165,000 by 2026. This movement reflects growing disparities in global tax regimes, regulatory shifts, and changing preferences among the wealthy for safety, opportunity, and financial efficiency.
Top Gaining Destinations
United Arab Emirates (UAE) is leading the global ranking with a projected net inflow of 9,800 millionaires in 2025. This marks a significant increase over previous years and reinforces Dubai and Abu Dhabi’s appeal as tax-free jurisdictions with political stability, investor-friendly golden visa programmes, and strategic positioning.
The United States is expected to welcome 7,500 millionaires, driven by its economic strength, robust property markets, and proposed new visa options to attract foreign investors and entrepreneurs.
Italy is projected to gain 3,600 millionaires, thanks to its flat tax regime for new residents and lifestyle appeal. Switzerland follows closely with a net inflow of 3,000 millionaires, cementing its status as a long-standing safe haven for wealth preservation.
Saudi Arabia is rapidly becoming a rising destination for wealthy migrants, with a forecast of 2,400 millionaires relocating there in 2025. This growth is attributed to ongoing economic reforms, infrastructure investments, and pro-investor policy developments under its Vision 2030 plan.
Other notable inflow destinations include:
- Singapore: +1,600
- Portugal: +1,400
- Greece: +1,200
- Canada: +1,000
- Australia: +1,000
- Hong Kong: +800
- Japan: +600
These countries continue to attract HNWIs through a combination of residency incentives, economic stability, and quality of life.
The Wealth Exodus – Countries with Net Outflows
Europe, by contrast, is facing a growing wealth outflow—a trend that some commentators have dubbed “Wexit” (Wealth Exit).
The United Kingdom is expected to experience the largest net loss, with 16,500 millionaires projected to leave in 2025. This marks the highest outflow in the country’s history. Much of the migration is attributed to tax reforms introduced in 2024, including the removal of non-domiciled tax status and increases in capital gains and inheritance tax exposure. The total capital expected to leave the UK is estimated at £66 billion (USD 92 billion) in investable assets.
Other European countries experiencing net millionaire outflows include:
- France: –800
- Spain: –500
- Germany: –400
These losses reflect the continued pressure of high taxation, political uncertainty, and regulatory burdens on the wealthy, prompting a shift toward more tax-neutral or investor-friendly jurisdictions.
Broader Implications
This large-scale migration of millionaires has wide-reaching economic consequences. Countries gaining HNWIs often benefit from increased investment in real estate, startups, family offices, and philanthropy. Conversely, nations experiencing a net outflow may see reduced capital availability, slower economic growth in financial services, and lower tax revenues.
Wealth migration also signals a rebalancing of global power centers. Traditional Western economies are being challenged by rising wealth hubs in Asia, the Middle East, and parts of Southern Europe. Countries that design attractive, stable, and efficient tax and immigration frameworks are better positioned to capture long-term economic benefits.
Looking Ahead
As the global economy evolves, so too will the policies that govern wealth movement. The intense competition among countries to attract HNWIs will likely accelerate, with more governments implementing golden visa programmes, flat tax systems, and regulatory reforms to enhance their attractiveness.
The 2025 report clearly shows that tax policy, lifestyle, and stability continue to be critical factors influencing where the world’s wealthy choose to reside and invest.
If you would like to learn more about international relocation strategies, wealth structuring, or tax advisory solutions tailored for high-net-worth individuals and family offices, feel free to contact us. Our team will be happy to provide insights and professional guidance.