142,000 Millionaires Changing Their Residence This Year
16,500 Millionaires to Depart the UK in Largest Wealth Exodus Worldwide
The UAE has solidified its status as a prime destination for wealth, with an anticipated influx of a record 9,800 millionaires in 2023.
According to the “Wealth Migration 2025” report published by Henley & Partners in collaboration with New World Wealth, the significant movement of millionaires from the UK, India, Russia, Southeast Asia, and Africa, combined with attractive golden residency options, has reinforced the UAE’s position as a top global haven for affluent individuals.
The UAE outperforms the United States by more than 2,000 millionaires, with the US projected to welcome 7,500 new millionaires by year-end, placing it second on the list.
The number of millionaires residing in Dubai has doubled over the past decade, making it one of the fastest-growing wealth hubs globally, with estimates indicating 81,200 millionaires currently living there, along with 237 centi-millionaires (wealth exceeding hundreds of millions) and 20 billionaires, as noted in the 2024 report by New World Wealth and Henley & Partners.
The Henley report highlights that wealthy individuals are relocating to regions known for favorable tax environments, pointing to the UAE, Monaco, and Malta as examples, along with luxurious residential havens such as Italy, Greece, Portugal, Switzerland, and others.
Many high-earning executives are reportedly settling in burgeoning wealth centers like Dubai, Florida, Milan, St. Julian’s, Lisbon, Riviera Athens, Zug, and Lugano.
The report also indicates that Iran, Pakistan, and Lebanon continue to lose a significant number of millionaires.
Saudi Arabia has emerged as the largest beneficiary of millionaire migration this year, with expectations of attracting over 2,400 new millionaires in 2025.
Global Overview
Globally, it’s expected that 142,000 millionaires will change their residence this year, setting a new record.
Conversely, China is projected to see a loss of 7,800 millionaires, placing it second in the world for millionaire departures, following a decade of leading in millionaire losses.
Europe
According to the Henley report, the UK is experiencing the largest departure of wealthy individuals globally, with a projected loss of 16,500 millionaires this year due to comprehensive tax reforms, representing the largest net outflow of high-net-worth individuals from any country over the past decade.
The report notes that the UK is not the only European nation suffering; for the first time, major European economies like France, Spain, and Germany are also expected to experience net losses of wealthy residents in 2025, with estimates indicating that France could lose approximately 800 millionaires, Spain 500 millionaires, and Germany 400 millionaires.
Ireland, Norway, and Sweden are also beginning to witness significant wealth losses as many wealthy Europeans move towards more investor-friendly regions within the continent.
Switzerland is anticipated to be the major beneficiary, with an influx of over 3,000 migrant millionaires expected in 2025. Additionally, countries like Italy, Portugal, and Greece are also likely to see record arrivals fueled by favorable tax regimes, appealing lifestyle options, and active investment immigration programs.
Southern Europe is rapidly emerging as a new attraction for wealth migration, with Monaco continuing to be a popular destination (over 200 millionaires), particularly among affluent individuals from the UK, Africa, and the Middle East.
Traditional Destinations
Traditional hotspots like Singapore are reportedly losing their appeal for wealthy entrepreneurs, with projections indicating the lowest influx of millionaires ever in 2025.
Thailand is quickly emerging as a new safe haven in Southeast Asia, with Bangkok becoming a major competitor to Singapore.
The vibrant capital of Thailand is drawing increasing interest from wealthy individuals in China, Vietnam, and South Korea, thanks to its international schools, growing financial services sector, and luxury real estate offerings.
Hong Kong is experiencing a steady return of wealthy individuals from the rest of Asia following a challenging period of political instability, with many top executives from rapidly growing tech companies based in Shenzhen relocating to the city.
Similarly, Japan is seeing a rising number of high-net-worth individuals arriving, particularly from China, with over 600 millionaires attracted by its relative safety and political stability.
Stark Disparities
Dr. Jörg Steffen, CEO of Henley, stated that this stark contrast underscores the growing influence of strategic wealth migration on global economic power shifts. He noted that 2025 marks a pivotal moment, as, for the first time in a decade of tracking, a European country leads the world in millionaire losses, attributing this trend not solely to changes in tax systems.
Steffen believes this reflects a heightened awareness among the affluent that greater opportunities, freedom, and stability lie elsewhere, asserting that the long-term effects on Europe’s and the UK’s economic competitiveness and investment attractiveness will be profoundly significant.