A record 142,000 high-net-worth individuals (HNWIs) are
expected to relocate internationally in 2025, according to the Henley Private
Wealth Migration Report 2025. This marks the highest millionaire migration
recorded since Henley & Partners and New World Wealth began tracking trends
ten years ago.
The UK is forecast to see the largest net outflow of
millionaires globally, with 16,500 expected to leave this year. This figure is
more than double China’s projected outflow of 7,800, despite China having led
global millionaire departures for the past decade.
UAE Leads Millionaire Inflows Globally
In contrast, the United Arab Emirates is projected to
attract the highest number of incoming millionaires in 2025, with an estimated
net inflow of 9,800. The United States ranks second, expecting to receive 7,500
HNWIs. Saudi Arabia is also gaining momentum, with a forecast net gain of
2,400, driven by returning nationals and new investors.
@ZiaYusufUK former chairman and current Reform UK admin guy has just said 10% of millionaires have left the UK since the budget this is a lie.#politicslive #dogewatch pic.twitter.com/7BK0IsYRUw
— Mike H (@mikoh123) June 23, 2025
Europe Sees Millionaire Outflows Persist
Several European countries are experiencing similar trends
to the UK. France, Spain, and Germany are projected to lose 800, 500, and 400
millionaires, respectively. Ireland, Norway, and Sweden are also expected to
record smaller declines. On the other hand, Switzerland is projected to attract
3,000 HNWIs, while Italy, Portugal, and Greece are forecast to gain 3,600,
1,400, and 1,200, respectively.
You may find it interesting at FinanceMagnates.com: Europe’s
Shifting Landscape: A Triptych of Economic Challenges.
Monaco, Montenegro, Malta, and Latvia continue to attract
wealth, supported by investment migration programs and tax incentives. Outside
Europe, the UAE remains a top choice for UK, Indian, and Russian millionaires.
Thailand is also emerging as a regional hub for HNWIs from China, Vietnam, and
South Korea, while Japan and Hong Kong show moderate rebounds.
Africa Emerges as Wealth Destination
In North America and Oceania, traditional destinations like
Singapore, Australia, Canada, and New Zealand are forecast to see their lowest
inflows in years. Meanwhile, Costa Rica, Panama, and the Cayman Islands are
gaining traction. In Africa, Morocco, Mauritius, and Seychelles have joined the
list of inbound destinations.
“It is noticeable that most of these countries are either
popular destinations for migrating millionaires — such as Montenegro, the UAE,
Malta, the USA, and Costa Rica or emerging market tech hubs like China, India,
and Taiwan,” Andrew Amoils, Head of Research at New World Wealth, commented.
UK Wealth Exodus Linked to Taxes
The UK’s outflow is tied to recent tax reforms affecting
non-domiciled residents and wealth structures. Many wealthy individuals are
relocating to tax-friendly jurisdictions such as Dubai, Lisbon, and Zug.
Professor Trevor Williams noted that the UK is the only W10 country to see a 9%
decline in its millionaire population over the past decade, while the US
recorded a 78% increase.
Other notable outflows are expected from South Korea, with 2,400 departures, as well as from Vietnam, Pakistan, and Middle Eastern countries including Israel,
Lebanon, and Iran. Brazil is forecast to lose 1,200 HNWIs, with many heading to
the US and Europe.
This article was written by Tareq Sikder at www.financemagnates.com.
