In 2025, a record 142,000 millionaires—high-net-worth individuals with at least $1 million in investable assets—relocated internationally, according to the Henley Private Wealth Migration Report 2025. This marks the highest level of wealth migration tracked over the past decade, with projections indicating the figure could climb to around 165,000 in 2026.
This surge reflects a broader “great wealth migration,” where affluent individuals increasingly view jurisdictional risks—such as tax changes, political instability, and regulatory shifts—on par with traditional financial risks. Rather than anchoring their wealth in a single traditional hub, many are building diversified “passport portfolios,” spreading residencies and assets across multiple countries for security, opportunity, and lifestyle advantages.
Top Destinations Attracting Millionaires
The United Arab Emirates (UAE) emerged as the clear leader in 2025, with a net inflow of approximately +9,800 millionaires and an associated wealth transfer of around $63 billion. Dubai and Abu Dhabi continue to draw global talent thanks to zero personal income tax, no capital gains or wealth taxes, the popular Golden Visa program, political stability, a business-friendly environment, and a high-end lifestyle that appeals to families and entrepreneurs from Europe, Russia, Asia, and beyond.
The United States followed closely, welcoming a net +7,500 millionaires (roughly $43.7 billion in wealth). Despite some domestic outflows, America remains a powerful magnet due to its robust economy, innovation ecosystems in tech and AI, diverse investment opportunities, and overall status as the world’s largest wealth hub.
Other notable gainers included:
- Italy: +3,600 millionaires (~$20.7 billion), boosted by flat-tax regimes and appealing quality of life for families seeking European roots.
- Switzerland: +3,000 (~$16.8 billion), retaining its appeal as a traditional safe haven with strong banking privacy and stability.
- Saudi Arabia: +2,400 (~$18.4 billion), rising rapidly amid economic reforms and efforts to attract returning nationals and foreign investors.
- Singapore: +1,600 (~$8.9 billion), valued for regulatory stability and sophisticated financial infrastructure.
Smaller but meaningful inflows were also seen in Portugal, Greece, Malta, Thailand, Costa Rica, and Montenegro, the latter posting the fastest millionaire population growth over the past decade at +124%, aided by affordable residency programs and lifestyle appeal.
Major Sources of Wealth Outflows
On the flip side, several countries experienced significant net losses. The United Kingdom recorded the largest outflow, with an estimated -16,500 millionaires departing, largely attributed to the 2025 changes to the non-dom tax regime and broader fiscal pressures.
China followed with substantial outflows (estimates ranging from -7,800 to higher figures in various analyses), while India also saw notable departures of around -3,500 millionaires. Other nations experiencing wealth flight included South Korea and certain traditional European centers.
A UBS survey of billionaire clients underscored the trend’s intensity: 36% had relocated at least once in 2025, with the figure rising to 44% among those under 54 years old. Another 9% were actively considering a move.
What’s Driving the Shift?
Several interconnected factors are fueling this mobility:
- Tax and Policy Changes: Low- or zero-tax jurisdictions like the UAE stand in sharp contrast to increasing fiscal pressures elsewhere, such as the UK’s non-dom reforms.
- Stability and Lifestyle: Safety, rule of law, quality of life, and access to golden visa or residency-by-investment programs remain powerful draws.
- Business and Investment Opportunities: Proximity to innovation hubs (e.g., the US), market access, and diversification away from geopolitical tensions or trade uncertainties.
- Diversification Mindset: Wealthy individuals are moving beyond reliance on classic safe havens like Switzerland or Hong Kong, instead creating multi-jurisdictional strategies that combine residencies in places like the UAE, Singapore, Portugal, and the US.
Knight Frank’s Wealth Report 2025 further highlights the US’s dominance in overall wealth creation (accounting for nearly 40% of the global ultra-wealthy population) while noting rising interest in mobility and lifestyle-driven decisions. Luxury real estate markets in destinations such as Dubai have boomed as a direct result of these inflows.
Looking Ahead
Wealth migration trends are dynamic and sensitive to elections, tax reforms, geopolitical events, and economic shifts. As 2026 unfolds, demand for residency and citizenship advisory services is expected to remain strong, particularly in Europe and the Middle East.
For the world’s rich, moving money and residency is no longer just about tax optimization—it’s about future-proofing against uncertainty while maximizing opportunities in a rapidly changing global landscape. Traditional hubs are adapting, but agile, welcoming destinations are clearly gaining ground in the competition for global capital and talent.
These patterns underscore a maturing era of wealth mobility, where smart jurisdictional choices are becoming as critical to long-term wealth preservation as investment strategy itself.
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