An IMGW News Report
A projected 142,000 millionaires are expected to relocate internationally in 2025—a record since Henley & Partners and New World Wealth began tracking such movements a decade ago. Britain is forecast to experience the sharpest net outflow of high-net-worth individuals (HNWIs) ever recorded by any country in that period.
“This marks a turning point. It’s the first time in a decade that a European country leads the global millionaire outflow ranking”
According to the Henley Private Wealth Migration Report 2025, published today, the UK is set to lose a net 16,500 millionaires this year – more than double the 7,800 expected to leave China, which until now had topped the global wealth departure list every year since 2014. In stark contrast, the UAE continues to cement its position as the world’s top wealth magnet, projected to attract a record net inflow of 9,800 millionaires in 2025 – well ahead of the United States, forecast to gain 7,500.
Dr Juerg Steffen, CEO of Henley & Partners, says the figures reflect more than fiscal trends. “This marks a turning point. It’s the first time in a decade that a European country leads the global millionaire outflow ranking. The numbers signal a shift in sentiment among the wealthy—towards jurisdictions promising greater opportunity, security, and personal liberty. The long-term consequences for Britain’s global competitiveness and investment appeal are not to be underestimated.”
Europe’s Wealth Hubs in Retreat
The UK is not alone in its woes. France (–800), Spain (–500), and Germany (–400) are all set to see net HNWI departures this year. Further afield, Ireland (–100), Norway (–150), and Sweden (–50) are also seeing notable declines. A wave of affluent Europeans is decamping to more investor-friendly jurisdictions.
“Many HNWIs are likely to hedge, awaiting the geopolitical fallout before making relocation decisions.”
Misha Glenny,
Rector of the Institute for Human Sciences and a former BBC journalist
Among the biggest beneficiaries is Switzerland, predicted to attract 3,000 millionaires in 2025. Southern Europe is also on the up: Italy (+3,600), Portugal (+1,400), and Greece (+1,200) are registering record inflows, lured by competitive tax regimes, lifestyle appeal, and proactive investment migration policies. Monaco (+200) remains a magnet for ultra-HNWIs, particularly from the UK, Africa, and the Gulf.
Smaller jurisdictions are also punching above their weight. Montenegro (+150) has seen millionaire numbers soar by 124% over the past decade, fuelled in part by its (now-shelved) citizenship by investment scheme and EU accession prospects. Malta (+500), with 87% growth, continues to attract interest, though its trajectory may shift following the April ECJ ruling challenging its citizenship-by-naturalisation programme. Latvia is also on the rise, with 70% growth over the past decade and another 100 HNWIs expected in 2025.
Andrew Amoils, Head of Research at New World Wealth, notes, “The fastest-growing wealth markets are either destinations for millionaire migrants – like the UAE, Costa Rica, and Malta – or rising tech economies like China, India, and Taiwan. Migration plays a pivotal role in driving new wealth.”
Global Wealth Hotspots
Outside Europe, the UAE dominates, buoyed by demand from HNWIs in the UK, India, Russia, Southeast Asia, and Africa, all drawn by favourable residency programmes. Saudi Arabia, with a forecast net gain of 2,400 millionaires, is the biggest climber, benefitting from both returning nationals and foreign investors establishing themselves in Riyadh and Jeddah.
Commenting in the report, Misha Glenny, Rector of the Institute for Human Sciences and a former BBC journalist, observes that President Trump’s decision to bomb Iranian nuclear sites has introduced considerable global uncertainty. “Many HNWIs are likely to hedge, awaiting the geopolitical fallout before making relocation decisions.”
“The resulting ‘WEXIT’ (wealth exit) has seen HNWIs decamp to tax-friendlier climes such as the UAE, Monaco, Malta, and southern Europe”
Elsewhere, traditional favourites are seeing waning appeal. Singapore (+1,600), Australia (+1,000), Canada (+1,000), and New Zealand (+150) are all registering historically low net inflows. Thailand (+450) is emerging as a new regional hub, with Bangkok attracting HNWIs from China, Vietnam, and South Korea thanks to strong international schooling, a maturing financial sector, and high-end real estate.
Hong Kong (+800) is recovering, with executives from Shenzhen’s booming tech firms now basing themselves in the city. Japan (+600) continues to benefit from perceptions of safety and political stability.
In the Americas, Costa Rica (+350), Panama (+300), and the Cayman Islands (+200) are attracting significant inflows, joined by Bermuda (+50). Africa is also registering gains: Morocco (+100), Mauritius (+100), and the Seychelles (+50) feature on this year’s top inbound list.
Wealth on the Run
The UK’s transformation from wealth hub to exit point is stark. Since the 2016 Brexit vote, Britain has consistently lost millionaires. The October 2024 budget introduced punitive capital gains and inheritance taxes, while new rules targeting non-doms and family offices came into force in April 2025. The resulting ‘WEXIT’ (wealth exit) has seen HNWIs decamp to tax-friendlier climes such as the UAE, Monaco, Malta, and southern Europe.
Prof. Trevor Williams, Chair of FXGuard and former Chief Economist at Lloyds Bank, says, “The UK is the only W10 country to register negative millionaire growth over the past decade, with numbers down 9%, compared to a global W10 average rise of 40%. The US, by contrast, saw a 78% increase.”
“Asia is the world’s economic engine and the epicentre of rising private wealth”
Dr Parag Khanna, author and CEO of AlphaGeo
Elsewhere in Asia, South Korea is facing a net loss of 2,400 millionaires – more than double last year’s figure – amid domestic instability. Vietnam (–300) and Pakistan (–100) continue to lose wealth to the UAE. Taiwan (–100) shows cracks despite its booming tech sector and +65% millionaire growth over the past 10 years, with geopolitical tension weighing on sentiment.
Israel (–350) is seeing modest outflows, mainly to the US, while Lebanon (–200) and Iran (–200) continue to bleed wealth to Cyprus, Greece, and the UAE.
BRICS: Recovery in Motion — Except Brazil
Among BRICS economies, China (–7,800), India (–3,500), Russia (–1,500), and South Africa (–250) are all on track for their lowest net millionaire losses since the pandemic. India and South Africa are seeing partial rebounds from UK-based returnees. China’s surging tech and entertainment sectors are encouraging wealth retention in cities like Shenzhen and Hangzhou.
In Latin America, Brazil (–1,200) leads regional outflows, trailed by Colombia (–150). Many departing millionaires are headed to the US – especially Florida – along with Portugal, Panama, and Costa Rica.
As Dr Parag Khanna, author and CEO of AlphaGeo, writes in the report, “Asia is the world’s economic engine and the epicentre of rising private wealth. Singapore and Japan are consolidating their status as global havens, while China and India continue to straddle opportunity and risk. South Korea and Taiwan are a reminder that geopolitics remains the greatest disruptor of all. In 2025, Asia will remain the gravitational centre of global wealth movement.”
