Filipino dollar millionaires reach 12,800 

About 50 dollar millionaires are projected to leave the Philippines this year.

Henley & Partners, in its 2025 Private Wealth Migration Report, stated the Philippines has 12,800 dollar millionaires, 70 centi-millionaires and 12 billionaires.

Scott Moore, managing director at Henley & Partners, noted that the country's economy is on an upward trajectory, with a 32% increase in its high-net-worth individual (HNWI) population over the past decade. This growth, particularly since 2024, is attributed to a burgeoning entrepreneurial class, maturing financial markets, and expanding real estate and services sectors.

Moore highlighted the Philippines' appeal as a business destination for foreigners due to its above-average gross domestic product (GDP) growth. Last year, the country's GDP grew by 5.7%, outpacing major economies despite falling short of government projections.

"Given that the Philippines is still a developing country, it presents huge opportunities for people to come and start businesses and capture success," Moore said in a press conference, adding that a high number of HNWIs in a country indicates a healthy economy.

However, Henley & Partners estimates a net outflow of 50 millionaires from the Philippines this year, meaning more are leaving than arriving. Moore explained that millionaires often relocate for a more suitable family environment, business expansion into new markets, or a more fiscally friendly setting.

Globally, the United Kingdom is expected to see the largest millionaire exodus, with 16,500 departures driven by post-Brexit policy changes and tax reforms. China is projected to lose 7,800 millionaires.

The Philippines' projected loss of 50 millionaires is relatively low compared to Southeast Asian neighbors like Vietnam and Indonesia, which are expected to see outflows of 300 and 250 millionaires, respectively.

In contrast, Singapore and Thailand are attracting an influx of millionaires. Singapore is projected to welcome 1,600 HNWIs, while Thailand expects 450. Moore attributed this to "government policy," citing Singapore's stability and attractive tax regimes for HNWIs, and Thailand's ease of entry via visa options and appealing tax incentives, alongside lifestyle benefits. Both countries also do not tax offshore income for foreign millionaires.

The United Arab Emirates is set for a record-high net inflow of 9,800 HNWIs in 2025 due to a strong wealth attraction strategy. The United States, despite political volatility, is expected to gain 7,500 wealthy individuals, thanks to its vibrant entrepreneurial ecosystem.

For the Philippines, Moore recommended an attractive tax regime to boost its appeal. "Thailand has very attractive tax for foreigners that are relocating there, and certainly would make the Philippines a very attractive place if they could look at mirroring some of those tax incentives," he said.

Moore also suggested improving the existing investor visa program, which currently requires a remittance of at least $75,000 with Board of Investments (BOI) endorsement. He told reporters this program should be streamlined and offer a remote application option.