An IMGlobalWealth.com News Report
A record 142,000 millionaires are expected to relocate in 2025, according to Henley & Partners’ Private Wealth Migration Report 2025. The movement – popularly called the “great wealth migration” – signals a major reshaping of global affluence amid political instability, rising taxes, and shifting lifestyle priorities.
Europe’s Changing Wealth Geography
While Switzerland, the United States, and the United Arab Emirates (UAE) remain top destinations for high-net-worth individuals, a quieter success story is unfolding in the Balkans. Montenegro, long overshadowed by its Mediterranean neighbours, has recorded a 124% surge in its millionaire population over the past decade, reaching roughly 2,800 individuals in 2025. Its flat-tax system, lack of inheritance and gift taxes, and former investment-for-citizenship programme have helped cement its reputation as Europe’s newest millionaire magnet.
Henley’s data show the UAE leading global inflows with 9,800 millionaires, followed by the United States with 7,500. By contrast, the United Kingdom faces the steepest wealth flight worldwide, projected to lose 16,500 millionaires – representing nearly USD 91.8 billion in assets – due largely to the abolition of the non-dom tax regime and tighter inheritance rules.
The Financial Times, citing UBS Wealth Management, corroborates the trend, projecting a 17 % decline in the UK’s millionaire population by 2028 – from 3.06 million to 2.54 million – marking a structural erosion of Britain’s wealth base. (FT)
“The millionaire migration may be smaller than headlines suggest, but the symbolism is enormous: in a fracturing world, money continues to move faster than politics can keep up”
Wealth on the Move: The World’s Top 14 Millionaire Outflows in 2025
The 2025 Henley Private Wealth Migration Report, supported by data from Visual Capitalist, Bloomberg, and the Financial Times, reveals the United Kingdom leading global millionaire outflows with 16,500 high-net-worth individuals expected to relocate this year – an estimated $91.8 billion in investable assets. China and India follow, driven by capital diversification and tighter domestic regulations. Emerging economies such as Brazil, Russia, and Argentina also appear among the top 15 as political instability and tax reforms spur exits. Meanwhile, advanced markets like France, Germany, and Japan show only modest declines, reflecting steady but noticeable capital mobility. Together, these figures underline the growing fluidity of global wealth, as investors rebalance their portfolios and residences in search of fiscal stability and long-term security.
Diverging Narratives
However, independent analysts urge caution. The Tax Justice Network argues that such migration figures – roughly 0.2–0.3 % of the global millionaire population – are too small to justify talk of a mass exodus. Their review of the Henley methodology highlights reliance on proxies like LinkedIn, property transactions, and wealth-management datasets rather than verified tax records. (TJN)
New Wealth Havens: The Top 10 Millionaire Inflows of 2025
The global redistribution of wealth is producing clear winners. According to Henley & Partners, backed by figures from Visual Capitalist and the Migration Policy Institute, the United Arab Emirates tops the list with 9,800 new millionaires expected in 2025 – representing $63.3 billion in incoming capital. The United States and Singapore follow closely, reflecting their strong economies and investor-friendly frameworks. Meanwhile, Australia, Canada, and southern European nations such as Greece and Portugal continue to attract affluent migrants through golden visa programmes and stable political climates. Emerging destinations like Montenegro and Malta are also carving a niche among lifestyle-driven investors seeking security within the EU or its periphery. Together, these inflows illustrate a global shift towards jurisdictions offering a blend of fiscal advantage, safety, and quality of life.
Similarly, a Migration Policy Institute briefing notes that most millionaire relocations are less about tax avoidance and more about portfolio diversification, education, security, and lifestyle. It points to Portugal’s Golden Visa and Greece’s residency schemes as examples of migration driven by long-term quality-of-life considerations rather than immediate fiscal gain. (MigrationPolicy.org)
Even critics admit, however, that the general direction of wealth flow is clear. As Europe tightens tax rules and politics polarise, emerging jurisdictions from Montenegro to Malta and Poland are capturing a growing share of the world’s affluent.
The millionaire migration may be smaller than headlines suggest, but the symbolism is enormous: in a fracturing world, money continues to move faster than politics can keep up.
