By Funds Society
Publication Date: 2025-11-19 19:41:00
Throughout 2025, 142,000 millionaires will change countries. This figure represents the largest global movement of high-net-worth individuals recorded in recent history. According to the Henley Private Wealth Migration Report 2025The United Kingdom tops the list of countries with the largest net loss of millionaires, with a projected 16,500 departures, far surpassing China, which, for the first time in ten years, falls to second place with 7,800.
This phenomenon, which reflects a profound change in the mobility trends of global elites, is driven by tax changes, perceptions of political stability and new investment opportunities in other destinations. “2025 marks a turning point. For the first time in a decade, a European country is leading the millionaire exodus. It is not just about taxes, but a deeper perception that opportunity, freedom and stability are found in other parts of the world,” he says Dr. Jürg SteffenCEO of Henley & Partners.
Key trends
In addition to the United Kingdom, France, Spainand Germany It will also experience net losses of high net worth individuals in 2025, with projected departures of 800, 500 and 400 millionaires, respectively. Other countries like Ireland, Norwayand Sweden They are starting to show similar signs. On the contrary, Swiss is consolidating its position as one of Europe’s leading heritage paradises, with a net influx of 3,000 millionaires, while Italy, Portugaland Greece They are expected to experience record arrivals, driven by favorable tax regimes, high quality of life and active investment migration programs. Meanwhile, MonacoWith more than 200 new millionaires, it continues to attract the ultra-rich, particularly from the UK, Africa and the Middle East.
On the global stage, the United Arab Emirates once again ranks as the most popular destination, with an estimated net influx of 9,800 millionaires. He is followed by USA (+7,500) and Saudi Arabia (+2,400), the latter on the rise thanks to the arrival of international investors and the return of national investors.
In Asia, Thailand is starting to challenge Singaporethe domain of, with bangkok emerging as a new regional financial center. Hong Kong and Japan are also showing rebounds, while Taiwan and South Korea They face significant capital outflows due to geopolitical tensions and economic factors.
In the Americas, flows to Costa Rica, Panamaand the Cayman Islands stand out, while Brazil leads the exodus of wealth in Latin America with a net departure of 1,200 millionaires, followed by Colombia (–150). He US, Portugaland Costa Rica They are among the top destinations for wealthy Latin Americans.
The British case: from wealth magnet to “WEXIT”
from the Brexit referendum in 2016, the United Kingdom It has gone from being a destination for millionaires to a net exporter of wealth. The projected departure of 16,500 millionaires in 2025 is largely attributed to tax reforms introduced in the October 2024 budget, which significantly increased capital gains and inheritance taxes and altered tax benefits for non-domiciled residents.
This massive departure has been called “GO OUT” (wealth exit) and is driving many wealthy people to move to more favorable jurisdictions, such as Dubai, Monaco, Malta, Swiss, Italy, Greeceand Portugal.
“The UK has been the only country among the world’s top 10 economies to have recorded a decline in millionaires since 2014, with a fall of 9%, compared to an average growth of 40% in the rest of the group,” explains Professor Trevor Williamsformer chief economist at Lloyds Bank.
The future of wealth: Asia at the center of the council
Despite the challenges, Asia It continues to be the economic engine of the world. While Porcelain and India Although they continue to show net outflows, they are also showing signs of stabilization, driven by their technology and entertainment sectors. At the same time, Singapore and Japan are consolidating their role as new centers of wealth, while South Korea and Taiwan illustrate how geopolitical tensions can influence the residency decisions of the ultra-rich.
“The wealth landscape in Asia is a mix of ambition and caution. Asia will remain at the center of global wealth trends in 2025,” he concludes Dr Parag Khannaauthor and founder of AlfaGeo.