This year, a record 142,000 millionaires are expected to relocate internationally, with the UK projected to experience the largest outflow of high-net-worth individuals (HNWIs) since Henley & Partners and New World Wealth began tracking millionaire migration a decade ago.
Dr. Juerg Steffen, CEO of Henley & Partners, notes that this trend underscores the growing significance of strategic wealth migration in shifting global economic power. “2025 will be a turning point. For the first time in ten years, a European country leads the world in millionaire outflows. This is not just about tax changes; it reflects a growing belief among the wealthy that better opportunities, freedom, and stability exist elsewhere. The long-term effects on Europe’s economic competitiveness and the UK’s investment appeal could be profound.”
Wealth Hubs in Europe: Retreat and Reinvention
The UK isn’t alone in facing these challenges. For the first time, major EU nations like France, Spain, and Germany are also expected to see net losses of HNWIs in 2025, with projected outflows of -800, -500, and -400 millionaires, respectively. Countries like Ireland, Norway, and Sweden are also experiencing notable wealth losses as affluent Europeans seek more favorable investment environments.
Switzerland stands to gain significantly, with an expected influx of +3,000 migrating millionaires this year. Italy, Portugal, and Greece are also set to see record gains of +3,600, +1,400, and +1,200 millionaires, respectively, driven by attractive tax policies and lifestyle options. Southern Europe is emerging as a new focal point for wealth migration, with Monaco remaining a favorite among ultra-HNWIs from the UK, Africa, and the Middle East.
Smaller European markets are gaining momentum as well. Montenegro leads with a remarkable 124% increase in resident millionaires over the past decade, driven by its citizenship by investment program, low taxes, and stunning coastline. Malta follows with an 87% growth rate, although recent legal challenges might affect its trajectory. Latvia also shows promise, with a 70% increase in millionaires since 2014.
Andrew Amoils, Head of Research at New World Wealth, highlights that many of the fastest-growing wealth markets are popular destinations for migrating millionaires, including Montenegro, the UAE, and the USA. This trend underscores the importance of millionaire migration in fostering new wealth creation.
Shifting Preferences in Traditional Destinations
Traditional havens like Singapore, Australia, and Canada appear to be losing their appeal, with expected net inflows at historic lows in 2025. Conversely, Thailand is emerging as Southeast Asia’s new safe haven, with Bangkok attracting HNWIs from China, Vietnam, and South Korea, drawn by its international schools and real estate options.
Hong Kong is also experiencing an uptick in millionaire migration from other Asian countries after a period of political uncertainty. Meanwhile, Central American and Caribbean nations like Costa Rica, Panama, and the Cayman Islands are poised to welcome record numbers of wealthy migrants.
The UK: A Net Exporter of Wealth
Since the Brexit vote in 2016, the UK has shifted from attracting millionaires to losing them, with a projected outflow of -16,500 HNWIs in 2025. This trend is partly fueled by new tax reforms, including hikes in capital gains and inheritance taxes. Wealthy individuals are relocating to tax-friendly regions like the UAE and Monaco, as well as lifestyle havens in Italy, Greece, and Switzerland.
Prof. Trevor Williams, Chair and Co-founder at FXGuard, notes that the UK’s economy has lagged, being the only country in the W10 (the world’s ten wealthiest nations) to see negative millionaire growth. Since 2014, the number of resident millionaires in the UK has dropped by 9%, while the US has seen a 78% increase.
In Asia, South Korea is expected to see significant net outflows of HNWIs in 2025, with more than double the departures compared to last year. Vietnam is also witnessing a concerning rise in millionaire departures, while Pakistan continues to lose wealth to the UAE.
Despite ongoing challenges in the Middle East, Israel is expected to experience modest outflows, primarily to the US, while Lebanon faces substantial losses as wealthy individuals move to Cyprus, Greece, and the UAE.
