A record 142,000 high-net-worth individuals (HNWIs) are expected to relocate internationally in 2025, according to the Henley Private Wealth Migration Report 2025. This marks the highest millionaire migration recorded since Henley & Partners and New World Wealth began tracking trends ten years ago.

The UK is forecast to see the largest net outflow of millionaires globally, with 16,500 expected to leave this year. This figure is more than double China’s projected outflow of 7,800, despite China having led global millionaire departures for the past decade.

UAE Leads Millionaire Inflows Globally

In contrast, the United Arab Emirates is projected to attract the highest number of incoming millionaires in 2025, with an estimated net inflow of 9,800. The United States ranks second, expecting to receive 7,500 HNWIs. Saudi Arabia is also gaining momentum, with a forecast net gain of 2,400, driven by returning nationals and new investors.

Europe Sees Millionaire Outflows Persist

Several European countries are experiencing similar trends to the UK. France, Spain, and Germany are projected to lose 800, 500, and 400 millionaires, respectively. Ireland, Norway, and Sweden are also expected to record smaller declines. On the other hand, Switzerland is projected to attract 3,000 HNWIs, while Italy, Portugal, and Greece are forecast to gain 3,600, 1,400, and 1,200, respectively.

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Monaco, Montenegro, Malta, and Latvia continue to attract wealth, supported by investment migration programs and tax incentives. Outside Europe, the UAE remains a top choice for UK, Indian, and Russian millionaires. Thailand is also emerging as a regional hub for HNWIs from China, Vietnam, and South Korea, while Japan and Hong Kong show moderate rebounds.

Africa Emerges as Wealth Destination

In North America and Oceania, traditional destinations like Singapore, Australia, Canada, and New Zealand are forecast to see their lowest inflows in years. Meanwhile, Costa Rica, Panama, and the Cayman Islands are gaining traction. In Africa, Morocco, Mauritius, and Seychelles have joined the list of inbound destinations.

“It is noticeable that most of these countries are either popular destinations for migrating millionaires—such as Montenegro, the UAE, Malta, the USA, and Costa Rica or emerging market tech hubs like China, India, and Taiwan,” commented Andrew Amoils, Head of Research at New World Wealth.

UK Wealth Exodus Linked to Taxes

The UK’s outflow is tied to recent tax reforms affecting non-domiciled residents and wealth structures. Many wealthy individuals are relocating to tax-friendly jurisdictions such as Dubai, Lisbon, and Zug. Professor Trevor Williams noted that the UK is the only W10 country to see a 9% decline in its millionaire population over the past decade, while the US recorded a 78% increase.

Other notable outflows are expected from South Korea, with 2,400 departures, as well as from Vietnam, Pakistan, and Middle Eastern countries including Israel, Lebanon, and Iran. Brazil is forecast to lose 1,200 HNWIs, with many heading to the US and Europe.