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Millionaires on the march: Which countries are losing their wealthy residents?
The Henley Private Wealth Migration Report 2025 says that at least 1.42 lakh millionaires around the world will relocate in 2025 – a number which will rise to 1.65 lakh by 2026. The report defined high-net-worth individuals (HNIs) as those who have over $1 million (Rs 8.6 crore) in liquid wealth. But where are these people going? Which countries are winning and which are losing? read more
Fireworks explode over the Burj Khalifa, the tallest building in the world, during the New Year's celebration in Dubai, United Arab Emirates. Reuters
The rich and powerful are on move.
Some countries are poised to win and others set to lose.
This is what a new report from Henley and Partners – which describes itself as the global leader in residence and citizenship by investment – shows.
But what do we know about the report? Which countries are losing their wealthy residents?
Let's take a closer look:
What do we know?
The data comes from the Henley Private Wealth Migration Report 2025.
It shows that, around the world, at least 1.42 lakh millionaires are set to relocate in 2025.
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That number is set to rise even higher to 1.65 lakh by 2026.
The report defined High-net-worth Individuals (HNIs) as those who have over $1 million (Rs 8.6 crore) in liquid wealth.
However, experts say realistically, those that have that much money in liquid wealth are worth at least ten times that much.
'2025 marks a pivotal moment,' Dr Juerg Steffen, CEO at Henley & Partners, was quoted as saying. 'For the first time in a decade of tracking, a European country leads the world in millionaire outflows. This isn't just about changes to the tax regime. It reflects a deepening perception among the wealthy that greater opportunity, freedom, and stability lie elsewhere. The long-term implications for Europe and the UK's economic competitiveness and investment appeal are significant.'
Which countries will gain the most?
Most millionaires, around 9,800, are set to head to the United Arab Emirates.
Around 6,700 millionaires headed to the Gulf nation last year.
The report said the UAE's golden visa programme, its zero income tax, world-class infrastructure, and political stability made it a top choice for the super-rich.
The United States, with around 7,500 millionaires slated to move there, comes in second.
Which makes sense given that Donald Trump and the Republicans – who absolutely love tax cuts – are in power.
Over 3,000 millionaires will be heading to Switzerland.
Around 2,400 millionaires are set to head to Saudi Arabia – a massive increase from just 300 millionaires who did so last year.
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Italy, Portugal, and Greece are also attractive destinations for HNIs with over 3,600, 1,400 and 1,200, set to relocate to these countries respectively.
'At stake is a profound shift in economic influence, as countries compete not just for talent but for the fortunes that follow it," the report states. 'With estimated collective investable wealth of around $63 billion, the UAE has evolved from regional hub to global wealth nexus through comprehensive policy innovation.'
Which countries will lose the most?
The UK will witness the most high-net worth individuals departing from its shores in 2025.
Around 16,500 HNWIs are expected to leave the UK this year.
This comes after the Labour government took office.
Professor Trevor Williams, chair and co-founder at FXGuard and former Chief Economist at Lloyds Bank Commercial Banking, sounded the alarm about the UK in the report.
'Since 2014, the number of resident millionaires in the UK dropped by –9% compared with the W10's global average growth of +40%. Over the same period, the US saw a 78% increase in millionaires — the fastest wealth growth among the W10.'
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But experts say rich people aren't really leaving the UK – rather they're just filing paperwork that lets them take their assets elsewhere.
China is set to lose around 7,800 millionaires in 2025.
This will come as a small relief to the country, which has seen the most millionaires leave every year for a decade.
India will witness 3,500 millionaires leave the country in 2025, while South Korea is set to lose 2,400 millionaires.
Russia and Brazil will see around 1,500 and 1,200 HNIs depart in 2025.
France, Spain, and Germany are set to see HNIs leave in droves – 800, 500 and 400 respectively.
The report quoted Dr Parag Khanna, best-selling author and founder and CEO at AlphaGeo, as saying, 'Asia's wealth landscape is a dynamic blend of ambition and caution. Singapore and Japan are solidifying their reputations as global wealth havens, while China and India are balancing domestic opportunity with the desire for diversification. South Korea and Taiwan remind us that geopolitics can quickly change the rules of the game. As 2025 unfolds, Asia is set to remain at the center of global wealth trends, shaped by economic dynamism, policy innovation, and the ever-present search for security and growth.'
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With inputs from agencies
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