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Japan among most appealing Asian nations for high net worth individuals
Asia is becoming a magnet for the migration of millionaires and billionaires around the world, with Japan expected to see 600 wealthy individuals moving to the country — many of them from China — according to an annual report from a U.K. migration consultancy firm.
Following domestic economic instability after the real estate market's 2020 collapse, and global geopolitical uncertainty, wealthy Chinese have sought to establish bases in other countries, with Japan as one of them .
Henley & Partners' analysis of country wealth flows, part of its Private Wealth Migration Report 2025 released Tuesday, showed China alongside the U.K., India, South Korea, Russia and Brazil as the countries with the biggest losses of millionaire headcount.
In the Asia-Pacific region, researchers placed Japan behind Hong Kong, which is estimated to attract 800 high net worth individuals (HNWI) in 2025, as well as Australia, set to greet 1,000, and Singapore, expected to welcome 1,600.
The standard of living, health care, and safety and security were among factors that made Japan attractive to wealthy Chinese expatriates, said Andrew Amoils, head of research at New World Wealth, which acted as a data intelligence partner for the study.
Tokyo, Osaka, Kyoto and Kobe are typically the main destinations for this demographic. 'Notably, Osaka–Kyoto–Kobe is the fastest growing part of Japan for HNWIs,' Amoils said, crediting the region's rapidly developing technology sector.
The recent strong performance of the Japanese stock market has made the country more compelling for entrepreneurs. But lifestyle and family considerations are also a factor.
'The University of Tokyo is widely seen as the best university in Asia,' Amoils said, explaining that schooling and education opportunities for expatriate children were among the considerations. The Times Higher Education Asia university rankings for 2025 placed the University of Tokyo fifth in the region.
But for the uber-wealthy, Japan does suffer from some drawbacks. Other favored choices Singapore and Hong Kong have low tax rates, which have long established them as attractive options for corporate headquarters and wealthy individuals.
In Japan, the highest earners are taxed at a rate of 45%. In Hong Kong, the highest tax rate is 17% while in Singapore, it's 24%.
But Hong Kong, which is classified as a 'special administrative region' under the control of mainland China, may be a more complex choice for Chinese HNWIs who want to shield their assets from the risk of political fallout.
While Japan may be steadily attracting more wealthy individuals, Japanese HNWIs were also looking to retire in other countries. Australia, Thailand, Malaysia and the U.S. were the most attractive choices for this demographic, Amoils said, noting that around 300 HNWIs were expected to leave Japan in 2025.
The wealthy migration report also showed Japan ranked fourth for its number of HNWIs, after the U.S., China and Germany.
As of December, Japan had 714,000 millionaires in dollar terms, down from 754,800 the year before, and 44 billionaires, up from 39 the previous year.
