Hundreds of millionaires are leaving their home countries — here's what's driving them
MANILA, Philippines — Where do the world’s richest go when they move? A new report reveals the top destinations for millionaire and billionaire migrants in 2025.
According to the Henley Private Wealth Migration Report 2025, there are around 142,000 millionaires globally forecast to migrate to a new country in 2025.
These are the top 15 most popular destinations for individuals with at least $1 million (P56.75 million) in liquid assets:
- United Arab Emirates
- United States of America
- Italy
- Switzerland
- Saudi Arabia
- Singapore
- Portugal
- Greece
- Canada
- Australia
- Hong Kong (SAR China)
- Japan
- Malta
- Thailand
- Costa Rica
Migration consulting firm Henley & Partners found that around 9,800 high-net-worth individuals will relocate to the United Arab Emirates this year. This is equal to an estimated $63 billion (P3.575 trillion).
“The UAE’s appeal rests on multiple factors beyond its welcoming immigration policy. Zero income tax, world-class infrastructure, political stability, and a regulatory framework that treats capital as partner rather than prey have created a compelling proposition,” Henley & Partners CEO Juerg Steffen wrote.
He also cited the 2019 Golden Visa program, which offers five-year renewable visas for AED 1 million (P15.46 million) for property investments and 10-year options for business ventures.
Following the United Arab Emirates is the United States, with an expected 7,500 millionaires and billionaires migrating to the country, which translates to $43.7 billion (P2.48 trillion) in cash assets.
In 2025, Americans are driving the demand for investment migration, accounting for over 30% of applications handled by Henley & Partners, according to Steffen.
What’s in other top countries
Meanwhile, Italy and Switzerland are the top European countries wealthy individuals today prefer to live in. Around 3,600 are projected to move to Italy, while 3,000 to Switzerland.
These millionaires and billionaires are estimated to bring in $20.7 billion (P1.175 trillion) and $16.8 billion (P953.80 billion) to each country, respectively.
Greece is another European nation with a high inflow of high-net-worth individuals, estimated at 1,200 with an average of $7.7 billion (P437.121 billion).
However, according to the report’s methodology, the estimated wealth of migrating millionaires does not necessarily mean all of their liquid assets will move with them.
Saudi Arabia is also looking to welcome 2,400 wealthy individuals this year, possibly bringing in $18.4 billion (P1.045 trillion).
In Southeast Asia, Singapore has the highest influx of rich immigrants with an estimated 1,600 individuals relocating with $8.9 billion (P505.039 billion) in liquid assets. This is followed by Thailand with 450 high-net-worth individuals.
AlphaGeo CEO Parag Khanna said Singapore remains a strong contender because of “a stable political environment, a sophisticated and well-regulated financial sector, attractive tax policies and high standard of living.”
One of the primary reasons for the high positive inflow in these countries is the structured investment migration programs, which provide concrete mechanisms facilitating relocation instead of motivations alone.
Safe countries. The report also described Switzerland, Singapore, UAE, Malta, Monaco, New Zealand, Australia and Mauritius as the “Safe Haven 8,” which they defined as a country with high levels of safety and security and that are minimally affected by global political and economic challenges.
What does it mean when millionaires migrate?
Henley & Partners said it is important to track the international movement of wealthy individuals across the globe as they serve as a “vital source of foreign export revenue.”
Around 15% of the high-net-worth individuals are entrepreneurs and company founders who have the tendency to start businesses in the country they migrate to, promoting job generation.
The report said the jobs are concentrated in high-value sectors linked to the accommodation and lifestyle industries, such as luxury hotels, fine dining, high-end retail, fashion, prime real estate and technology.
It also cited gains in local stock markets through increased equity investments, as well as growth in the middle class driven by a “positive spillover effect” from the job opportunities created by incoming millionaires.
“If a country is losing large numbers of millionaires to migration, this often signals deeper underlying issues, as millionaires are typically among the first to relocate when conditions deteriorate. Such outflows can also be a warning sign for future economic challenges,” the report said.
Among the common reasons why millionaires choose to migrate include safety and security, financial concerns, taxes, retirement, work and business opportunities, lifestyle (i.e., climate, nature and scenery), education, healthcare and overall standard of living.
The top driver cited, however, is the tax differentials between countries. According to the report, the top destinations often do not impose estate duties or have low to negligible estate tax rates.
Destinations losing millionaires
If there are countries gaining a higher number of wealthy individuals, there are those significantly losing. These are:
- United Kingdom - 16,500 ($91.8 billion)
- China - 7,800 ($55.9 billion)
- India - 3,500 ($26.2 billion)
- South Korea - 2,400 ($15.2 billion)
- Russian Federation - 1,500 ($14.7 billion)
- Brazil - 1,200 ($8.4 billion)
- France - 800 ($4.4 billion)
- Spain - 500 ($3.1 billion)
The UK’s millionaire outflow is largely driven by Brexit, wrote Misha Glenny, rector of the Institute for Human Sciences in Vienna.
“The UK’s economy is too small to compete with the financial firepower and trade leverage that the EU, China and the USA possess,” he said.
Due to Brexit, the economy has lost around 32 billion pounds per annum, which is 4% according to the Bank of England’s assessment, Glenny said.
While China may see a large number of wealthy nationals leaving the country in 2025, Steffen said this is actually the lowest level over the years. The trend may be influenced by the rise of Shenzhen and Hangzhou as tech powerhouses, coupled with growth in finance, healthcare and entertainment, he added.
“This could be a sign that China’s post-pandemic recovery, coupled with regulatory clarity and new incentives for domestic investment, is restoring some confidence among the country’s elite,” Khanna said.
Henley & Partners releases a report on wealth migration annually. It has also forecast more millionaires and billionaires migrating in 2026, estimated at 165,000.
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