High-net-worth (HNW) migration is a growing global trend as wealth continues to shift across borders. So far, 2025 is shaping up to be a step change year for high-net-worth migration, with a new study by residency-by-investment firm Henley & Partners estimating a record-breaking 142,000 of the world’s wealthiest to be on the move with an increase to 165,000 forecasted in 2026. But where are they going and why?
At a glance:
- A record 142,000 HNWIs (high-net-worth individuals)—defined as having liquid investable wealth of $1 million or more—will acquire residency or citizenship status in another country this year.
- The UAE is the most sought-after wealth haven with 9,800 HNWIs projected to move to the area in 2025.
- Saudi Arabia is the world’s fastest growing wealth magnet, projected to welcome more than 2,400 inbound millionaires in 2025, an eight-fold increase from last year, thanks to a surge of returning Saudi nationals and international appeal of increasingly cosmopolitan Riyadh and Jeddah.
- The United Kingdom faces the largest single-year exodus of wealth ever recorded, with 16,500 of the country’s richest seeking residency overseas
- China, India, Russia and France feature on the list of the world’s biggest losers of domestic super-rich.
In 2025, a record-breaking 142,000 millionaires are projected to relocate internationally, in the largest voluntary transfer of private capital.
Add us as a preferred source to see more super-prime intelligence in Google.
An even higher number is forecasted in 2026 with decisions to relocate primarily driven by geopolitical tensions and increasing global tax competition.
The common denominators that consistently attract global wealth are countries that offer low taxes, a high quality of life, and political stability – all lucrative when it comes to preserving and creating wealth.
Wealth attraction clearly pays dividends; where capital flows, increased investment and job creation follows with countries playing a strategic game of inveigling the world’s richest through favourable taxation systems, streamlined paths to residency, easy access to wealth creation, exceptional lifestyles and luxury real estate.
As geopolitical tensions continue to escalate into next year and beyond, wealth-migration-as-trend is set to accelerate. Its trajectory will be shaped by how effectively nations address the complex mix of economic, political, and lifestyle factors that drive decisions.
Show me the money: the world’s biggest losers and winners
The United Kingdom is the world’s biggest loser when it comes to UHNW drain – dubbed ‘Wexit’ – followed by the second largest loser China, India, South Korea and Russia, all experiencing a wealth exodus. France, Brazil, and India will also witness a wealth drain in 2025.
A cautionary tale for top-tier countries, the United Kingdom’s dramatic fall from grace with its super rich, a familiar tale woven over the past five years. 10,800 HNWIs were lost in 2024 swelling to 16,500 millionaires in 2025 – the highest single year recorded.
Henley & Partners cites the catalysts as predatory political crosswinds sounded by the Brexit knell and compounded by the closure of the Tier 1 Investor Visa, hikes on capital gains and inheritance taxes, as well as declining economic confidence. Changes to non-dom tax regimes set out by the Labour government took effect from 6 April, 2025.
Reflecting the data, Henley & Partners reported a 183% rise in applications from UK-based super rich for tax-friendly, alternative residence and citizenship programs globally.
Topping bucket list locations and tax jurisdictions for the world’s wealthy is the UAE followed by the United States, Italy and Switzerland, reveals Henley & Partners latest data, with Europe leading the way in wealth attraction.
Wealth migration also impacts individual economies at both community and national level with those migrating investing in or starting businesses in key sectors, creating local jobs and industries.
According to the report, 15% of those migrating are entrepreneurs or founders of companies, a number that jumps to 60% when discussing centi-millionaires and billionaires.
The Super Prime looks at the global wealth movement figures in more detail, and the key drivers behind millionaire migration in 2025 and beyond.
Top 10 countries for UHNW losses
| Rank | Country | Estimated UHNW Outflow |
|---|---|---|
| 1 | United Kingdom | 16,500 |
| 2 | China | 7,800 |
| 3 | India | 3,500 |
| 4 | South Korea | 2,400 |
| 5 | Russia | 1,500 |
| 6 | Brazil | 1,200 |
| 7 | France | 800 |
| 8 | Spain | 500 |
| 9 | Germany | 400 |
| 10 | Israel | 350 |
Top 10 countries for UHNW wins
| Rank | Country | Estimated UHNW Inflow |
|---|---|---|
| 1 | United Arab Emirates (UAE) | 9,800 |
| 2 | United States | 7,500 |
| 3 | Italy | 3,600 |
| 4 | Switzerland | 3,000 |
| 5 | Saudi Arabia | 2,400 |
| 6 | Singapore | 1,600 |
| 7 | Portugal | 1,400 |
| 8 | Greece | 1,200 |
| 9 | Canada | 1,000 |
| 10 | Australia | 1,000 |
UAE
The UAE is the world’s most sought-after ‘wealth magnet’ with a robust political and economic framework with which to inveigle big bank accounts and inbound investment.
9,800 HNWI worth an estimated 63.0 billion are set to move to the UAE. Business and taxation friendly, the emirates welcome wealth with open arms offering a nurturing environment for wealth preservation, growth and spending through zero income tax and golden visas.
Adding to the heady mix are high salaries, job opportunities, business-friendly policies and ultra-high-end lifestyles catered to by some of the world’s best hotels, retail and dining options with Dubai experiencing a real estate boom offering the glamorous heights of ultra-prime living.
USA
America’s top-tier cities have historically attracted super wealth with New York and San Francisco ranking as two of the world’s richest cities with the largest portion of billionaires choosing to put down roots in the US mega-cities.
Seeing a 78 per cent rise in millionaires over a 10-year period, the US is set to gain 7,500 of the world’s richest citizens in 2025 despite political and economic uncertainty.
Many of the world’s richest will be adding to New York’s current tally of 384,500 millionaires and 66 billionaires and Chicago – the fourth richest US city.
East Coast wealth magnets include Los Angeles, with the world’s super rich adding to the current UHNW tally of 220,600 millionaires and 45 billionaires and San Francisco’s wealth footprint of 342,400 millionaires and 82 billionaires.
Italy
An estimated 3,600 millionaires will choose Italy as a place of residence, with the country ranking third on the global list of inbound wealth migration and the most popular UHNW addresses in Europe.
Milan, in particular, is a magnet for wealth with its status as a global hub for finance, fashion and luxury lifestyles. At time of writing, the Italian city counts the largest number of expats in the southern European country.
Since 2017, Italy has played its hand in the game of favourable wealth taxation strategies with a lucrative flat tax scheme, dubbed the ‘CR7 rule’ (coined after footballer Cristiano Ronaldo), which allows non-domiciled residents to pay a fixed annual tax of €200,000 on income generated abroad, for a period of 15 years.
Family members joining them pay just €25,000. Italian-sourced income remains taxed under standard rules.
Switzerland
The second European country on Henley & Partners’ list and fourth globally, Switzerland will have a projected 600 UHNW less than Italy with a projected 3,000 millionaires relocating to the landlocked Alpine country – a historic cocoon for global wealth.
Its safe haven status, spectacular lifestyles and scenery, discreet banking systems and fertile taxation systems appeal to those with self-made and inherited wealth – especially families after access to premier education and healthcare.
Add to this a frothy mix of strong diplomatic, finance and banking sectors, prime real estate, natural beauty and large, multilingual expatriate communities in key hubs such as Geneva and Zurich and the world’s wealthy are in their Alpine element.
Saudi Arabia
Saudi Arabia is welcoming a surge in UHNW migration, with recent forecasts pinning the number of wealthy individuals to the Middle Eastern country at 2,400 – an approximate eightfold increase from the 300 expected in 2024- and rising to 8,800 relocating to the jurisdiction next year.
The Kingdom’s meteoric rise in millionaire migration marks the fastest growth of any jurisdiction worldwide. Attracting global wealth forms an integral part of its strategic pivot to position itself as a major global wealth hub and hotbed for talent and cultural, business and tech innovation.
Saudi Arabia’s ‘Vision 2030’ program is driving opportunities beyond oil, positioning the Middle Eastern country as a welcoming place in which to live and do business while appealing to high-end lifestyles.
The country is seeing significant investment in real estate, tech, tourism, culture, entertainment, fintech and hospitality adding sheen to the growing allure among wealthy expats on the move.
Under construction is Jeddah Tower – the world’s tallest skyscraper when complete alongside some of the world’s ultra-prime residences and communities primarily focused around the increasingly cosmopolitan cities of Riyadh and Jeddah.
Singapore
Singapore is further solidifying its reputation as a global wealth haven and Asia’s superhub for elite lifestyle. Henley & Partners estimate a net inflow of 1,600 millionaires in 2025 worth approximately US$ 8.9 billion
A regional financial hub and gateway to Asia, Singapore is one of the world’s richest cities, with a recent headcount of global super rich standing at 242,200 millionaires – a 62% increase over the past 10 years, and 30 billionaires.
The Asian powerhouse also topped a recent roundup of Asia’s best cities to relocate to in 2025 compiled by money transfer site Remitly, with pull factors such as healthcare, economic strength, safety, digital connectivity and family friendliness.
Singapore also topped estate agent Knight Frank’s Asia-Pacific region Quality of Life report. The young city-state is the single standout city to achieve a top five ranking across key metrics including: political stability, developed financial services, a skilled workforce, and high living standards with established healthcare and education systems.
At time of writing, Facebook co-founder Eduardo Saverin is Singapore’s wealthiest resident with a staggering net worth of USD$ 29 billion. The ultra-prime Nassim Road is considered Singapore’s most expensive area, with sprawling Good Class Bungalows trading for eight-figure sums.
The island city-state sates the appetites for all things luxury offering wealthy residences luxury lifestyle propped by high-end dining, fashion and super prime real estate.
Portugal
Portugal is welcoming the world’s high-net-worth with 1,400 of the world’s super rich expected to move to the southwestern Europe in 2025 bringing with them an estimated US$8.1 billion.
On offer for those with deep pockets is an ultra-luxury package deal of luxury properties, vibrant cities, rich culture, laidback lifestyles, superb gastronomy, incredible natural landscapes and year-round sunshine.
Outside of the vibrant, cosmopolitan cities of Lisbon and Porto, the Algarve’s ‘Golden Triangle’ is a honeypot for the world’s super rich who come here to enjoy seasonal and permanent luxury lifestyles and prime coastal real estate.
The upscale areas of Quinta do Lago, Vale do Lobo, and Vilamoura in particular draw in the world’s monied elite with a heady mix of sun-drenched, exclusive resorts, breathtaking beaches, and a vibrant expat social scene.
Serving the area’s yachting crowd is Vilamoura’s marina which is currently being revamped to accommodate superyachts.
Greece
The popular vacation hotspot is now becoming a viable and lucrative destination for high-net-worth migration, with 1,200 set to call Greece home over the next 12 months.
Although not immediately synonymous with global wealth, Greece is rising ranks among the UHNW through golden visas, competitive costs of living facilitates luxury living, postcard-perfect, sun-drenched lifestyles and prime real estate.
Serving up a rich palette sating upscale tastes, Greece offers breathtaking islands, natural beauty, world-class beaches, and thriving cities. Beyond the luxury lifestyles and Greece talks cold, hard cash; attractive incentives for wealthy expats include a flat tax scheme for ultra-high-net-worth individuals, a streamlined golden visa program, and a digital nomad visa for remote workers.
Luring the ultra-rich is the appealing flat tax of $105,000 per year (€100,000). This is on global income for individuals who transfer their tax residence to Greece, provided they invest in Greek assets with a minimum value of $525,150 (€500,000).
The super-rich are well served by some of the world’s most idyllic islands where wealth clusters on the upmarket islands of Santorini and Mykonos, known for vibrant lifestyles and luxury real estate.
Increasingly popular is Greece’s golden visa available through investment in real estate in several ways.
Canada
A traditional safe haven to park or build wealth, Canada’s millionaire headcount is set to rise by another 1,000 this year which is a significant decrease of 69% pushing the North American country out of the coveted ‘Safe 8’ list.
At time of writing, the ‘Safe 8’ countries are: Switzerland, Singapore, the UAE, Australia, Malta, Mauritius, Monaco, and New Zealand.
Influencing factors driving a decline in Canada’s desirability among the world’s 0.1% and the slow outbound trickle of domestic UHNWI includes spiralling costs of living, high personal income tax rates, stagnant growth and loss of confidence in political and economic policies.
Despite the plummet in inbound wealth migration, Canada is frequently voted one of the best countries in the world to live in with exceptional standards of living, clean environment, low crime rate, and outstanding infrastructure, healthcare and education. It’s considered a buffer for global headwinds with a strong and stable political system.
Where will the global elite bound for Canada be putting down roots? According to this year’s Henley & Partners’ wealthiest cities report, Vancouver ranked 41 out of 50 for having the most centi-millionaires.
The report’s data found Vancouver is home to 72 centi-millionaires and six billionaires.
Toronto ranked 19th with a total of 192 centi-millionaires and 18 billionaires.
Australia
When it comes to the millionaire exodus, Down Under comes up top, ranking tenth on the list of the most desirable countries for migratory wealth.
Australia consistently attracts sizable numbers of millionaires every year, mainly from Asia and Africa, but more recently from high-income countries attracted to the lifestyles and seeking far-removed refuge from global conflicts.
The next twelve months are projected to see 1,000 of the world’s richest packing their bags, heading to cosmopolitan hotspots Sydney, Perth and Melbourne.
Large inflows are linked to Australia’s points-based immigration system which favours wealthy individuals and structured investment migration programs.
Other traditional pull factors include high-end lifestyles, favourable climate, excellent healthcare and education systems, a robust and dynamic economy, high levels of personal safety and security, and relative immunity from current global geopolitical uncertainty.
Being part of the Asia Pacific region also means Australia is aligned with some of the world’s fastest growing economies.
