An IMGW News Report
Once a magnet for the affluent, Singapore is poised to see its millionaire inflows halve in 2025, reflecting a shifting landscape of global wealth migration.
According to the latest Henley Private Wealth Migration Report, the city-state is projected to attract a net 1,600 millionaires next year – down sharply from 3,500 in 2024 – even as a record 142,000 wealthy individuals worldwide are expected to relocate. The decline underscores a broader waning of enthusiasm for traditional destinations such as Australia, Canada and New Zealand, all forecast to see their lowest net inflows in years.
“The United Arab Emirates remains the world’s most popular destination, expecting a record net inflow of 9,800 millionaires in 2025, thanks to its generous golden visa regime”
Thailand, meanwhile, is emerging as South-east Asia’s rising star, with an anticipated net influx of 450 millionaires. Bangkok, long overshadowed by Singapore, has become increasingly appealing to high-net-worth individuals from China, Vietnam and South Korea, drawn by its expanding financial services sector, international schools and upmarket property market.
Yet Singapore retains some formidable advantages. As Dr Parag Khanna, chief executive of the analytics firm AlphaGeo, observed, the country offers a rare combination of political stability, sophisticated regulation and favourable tax policy. “In a world where uncertainty seems the only certainty, Singapore’s predictability is gold,” he said.
China, the traditional source of large-scale wealth outflows, is also undergoing a notable shift. For the first time in years, the exodus of Chinese millionaires is decelerating. Net departures are expected to fall to 7,800 in 2025, as the country’s post-pandemic recovery, regulatory clarity and booming tech hubs in Shenzhen and Hangzhou restore confidence. Hong Kong, which haemorrhaged wealth during the political upheavals of 2019–22, is forecast to attract 800 millionaires – many from the Greater Bay Area’s booming technology firms.
Europe, however, is confronting a different narrative. Britain is set for the largest net loss of millionaires – some 16,500 – driven by sweeping tax reforms and a growing perception that more opportunity lies offshore. The United Arab Emirates remains the world’s most popular destination, expecting a record net inflow of 9,800 millionaires in 2025, thanks to its generous golden visa regime.
For the global elite, the search for stability, favourable tax treatment and a desirable lifestyle is increasingly propelling them beyond the old havens.
