Millionaire Migration: Where Wealth Is Headed in 2025

Highlights

• UK set to lose 16,500 millionaires in 2025, its biggest wealth outflow on record.
• UAE, USA, and Italy top the list of countries attracting the most wealthy migrants.
• Southern Europe and Southeast Asia rise as new hubs for global high-net-worth migration

Breakdown by Region and Country

1. United Kingdom - Largest Wealth Exodus Globally

• Forecast to lose 16,500 HNWIs in 2025.
• Driven by post-Brexit tax reforms, political uncertainty, and stricter rules for non-domiciled residents.
• Many are relocating to UAE, Monaco, Malta, Switzerland, Greece, Italy, and Portugal.
• UK is the only W10 country to experience a net millionaire decline over the past decade (–9%).

2. China - Second Largest Outflow

• Expected to lose 7,800 millionaires, down from previous years.
• Despite booming tech hubs (Shenzhen, Hangzhou), HNWIs still seek diversification and political stability abroad.
  

3. India, Russia & South Africa - Outflows Slowing

• India - 3,500
• Russia - 1,500
• South Africa - 250
• Some outflows offset by return migration from UK and other regions.

4. Europe’s Wealth Hubs in Decline

Net Outflows:

• France - 800
• Spain - 500
• Germany - 400
• Ireland - 100
• Norway - 150
• Sweden - 50

Net Inflows

• Switzerland +3,000
• Italy +3,600
• Portugal +1,400
• Greece +1,200
• Monaco +200

Fast-Growth Market

• Montenegro +150 (124% millionaire growth since 2014)
• Malta +500 (87% growth, though future may be affected by EU legal rulings)
• Latvia +100 (70% growth since 2014)

5. Middle East - Wealth Magnet

• UAE +9,800 (World’s top destination)
• Saudi Arabia +2,400 (Surge of returning nationals and foreign investors)
• Israel –350
• Iran –200
• Lebanon –200

6. Asia - A Mixed Picture

Net Inflows

• USA +7,500
• Singapore +1,600
• Japan +600
• Hong Kong +800
• Thailand +450 (emerging rival to Singapore)

Net Outflows:

• South Korea - 2,400 (doubling from 2024 due to political and economic instability)
• Vietnam - 300
• Pakistan - 100
• Taiwan - 100 (tensions with China and property constraints)

7. Americas - Winners and Losers

Net Inflows:

• USA +7,500
• Costa Rica +350
• Panama +300
• Cayman Islands +200
• Bermuda +50

Net Outflows

• Brazil - 1,200
• Colombia -150

8. Africa - Modest but Strategic Gains

Net Inflows

• Morocco +100
• Mauritius +100
• Seychelles +50

Summary

2025 is set to be a watershed year for global wealth migration, with a record-breaking 142,000 millionaires projected to relocate internationally. The UK tops the global outflow list, losing - 16,500 HNWIs, driven by tax reform and post-Brexit policy shifts. In contrast, the UAE leads global inflows with +9,800, followed by the USA (+7,500) and Italy (+3,600).

Europe is undergoing a realignment with traditional wealth hubs like France, Germany, and Spain seeing losses, while southern Europe emerges as a new magnet for high-net-worth migration thanks to attractive tax incentives and lifestyle appeal.

Asia remains a complex frontier, balancing opportunity and geopolitical risk. Singapore and Japan continue to attract wealthy individuals, while South Korea and Taiwan experience rising outflows.

In the Americas and Africa, smaller jurisdictions are gaining momentum by positioning themselves as lifestyle and tax-friendly havens, while BRICS nations are experiencing lower outflows compared to previous years, suggesting signs of domestic recovery and renewed optimism.

The broader message? Millionaire migration is not just about taxes, it’s about opportunity, stability, and the power to shape personal and generational legacy.

‍