Millionaires leaving their home countries 

The world's wealthiest individuals are on the move, with a new report forecasting that 142,000 millionaires globally will relocate to a new country in 2025.

According to the Henley Private Wealth Migration Report 2025, these are the top 15 most popular destinations for individuals with at least $1 million in liquid assets:

• United Arab Emirates
• United States
• Italy
• Switzerland
• Saudi Arabia
• Singapore
• Portugal
• Greece
• Canada
• Australia
• Hong Kong (SAR, China)
• Japan
• Malta
• Thailand
• Costa Rica

Migration consulting firm Henley & Partners found that an estimated 9,800 high-net-worth individuals will move to the United Arab Emirates this year, bringing an estimated $63 billion in assets.

"The UAE's appeal rests on multiple factors beyond its welcoming immigration policy. Zero income tax, world-class infrastructure, political stability, and a regulatory framework that treats capital as partner rather than prey have created a compelling proposition," Henley & Partners CEO Juerg Steffen wrote in the report.

He also cited the 2019 Golden Visa program, which offers five-year renewable visas for 1 million UAE dirhams (15.46 million Philippine pesos) for property investments and 10-year options for business ventures.

Following the UAE, the United States is expected to welcome 7,500 millionaires and billionaires, translating to $43.7 billion in cash assets.

In 2025, Americans are driving the demand for investment migration, accounting for more than 30% of applications handled by Henley & Partners, Steffen said.

What's in other top countries

Italy and Switzerland are the preferred European destinations for wealthy individuals. Some 3,600 millionaires are projected to move to Italy, bringing an estimated $20.7 billion, while 3,000 are expected to relocate to Switzerland, bringing $16.8 billion.

Greece is another European nation with a high inflow of high-net-worth individuals, estimated at 1,200 with an average of $7.7 billion.

However, the report's methodology notes that the estimated wealth of migrating millionaires does not necessarily mean all of their liquid assets will move with them.

Saudi Arabia is also looking to welcome 2,400 wealthy individuals this year, possibly bringing in $18.4 billion.

In Southeast Asia, Singapore has the highest influx of rich immigrants with an estimated 1,600 individuals relocating with $8.9 billion in liquid assets. This is followed by Thailand with 450 high-net-worth individuals.

AlphaGeo CEO Parag Khanna said Singapore remains a strong contender due to "a stable political environment, a sophisticated and well-regulated financial sector, attractive tax policies and high standard of living."

One of the primary reasons for the high positive inflow in these countries is structured investment migration programs, which provide concrete mechanisms facilitating relocation rather than just motivations alone.

The report also described Switzerland, Singapore, the UAE, Malta, Monaco, New Zealand, Australia and Mauritius as the "Safe Haven 8," defined as countries with high levels of safety and security that are minimally affected by global political and economic challenges.

What millionaire migration means

Henley & Partners said tracking the international movement of wealthy individuals is important as they serve as a "vital source of foreign export revenue."

About 15% of high-net-worth individuals are entrepreneurs and company founders who tend to start businesses in their new country, promoting job creation.

The report said the jobs are concentrated in high-value sectors linked to accommodation and lifestyle industries, such as luxury hotels, fine dining, high-end retail, fashion, prime real estate and technology.

It also cited gains in local stock markets through increased equity investments, as well as growth in the middle class driven by a "positive spillover effect" from the job opportunities created by incoming millionaires.

"If a country is losing large numbers of millionaires to migration, this often signals deeper underlying issues, as millionaires are typically among the first to relocate when conditions deteriorate. Such outflows can also be a warning sign for future economic challenges," the report said.

Common reasons for millionaire migration include safety and security, financial concerns, taxes, retirement, work and business opportunities, lifestyle (i.e., climate, nature and scenery), education, healthcare and overall standard of living.

The top driver cited, however, is tax differentials between countries. According to the report, the top destinations often do not impose estate duties or have low to negligible estate tax rates.

While some countries are gaining wealthy individuals, others are significantly losing them. These include:

• United Kingdom - 16,500 ($91.8 billion)
• China - 7,800 ($55.9 billion)
• India - 3,500 ($26.2 billion)
• South Korea - 2,400 ($15.2 billion)
• Russian Federation - 1,500 ($14.7 billion)
• Brazil - 1,200 ($8.4 billion)
• France - 800 ($4.4 billion)
• Spain - 500 ($3.1 billion)

The UK's millionaire outflow is largely driven by Brexit, wrote Misha Glenny, rector of the Institute for Human Sciences in Vienna.

"The UK’s economy is too small to compete with the financial firepower and trade leverage that the EU, China and the USA possess," he said.

Due to Brexit, the economy has lost about 32 billion pounds per annum, which is 4% according to the Bank of England's assessment, Glenny said.

While China may see a large number of wealthy nationals leaving the country in 2025, Steffen said this is actually the lowest level over the years. The trend may be influenced by the rise of Shenzhen and Hangzhou as tech powerhouses, coupled with growth in finance, healthcare and entertainment, he added.

"This could be a sign that China’s post-pandemic recovery, coupled with regulatory clarity and new incentives for domestic investment, is restoring some confidence among the country’s elite," Khanna said.

Henley & Partners releases a report on wealth migration annually. It has also forecast more millionaires and billionaires migrating in 2026, estimated at 165,000.