Latest news with #DominicVolek
Arab Times
3 days ago
- Business
- Arab Times
Global wealth migration surges: Over 140,000 millionaires set to relocate in 2025
LONDON, Aug 10: A global migration of the ultra-wealthy is reshaping the economic landscape, as over 142,000 millionaires are projected to relocate in 2025, marking a historic shift in high-net-worth movement patterns. Once-iconic centers of affluence like London and Paris are witnessing an exodus of millionaires, driven by escalating geopolitical tensions, trade wars, and macroeconomic instability. As the wealthy seek safer, more financially advantageous destinations, one Eastern European nation has quietly become the world's fastest-growing millionaire hub: Montenegro. According to the Henley Private Wealth Migration Report 2025, Montenegro has recorded a 124% increase in its millionaire population over the past decade. Although it currently hosts just 2,800 millionaires, the country has rapidly gained popularity thanks to a combination of fiscal incentives, investment opportunities, and an enviable Mediterranean lifestyle. Situated along the Adriatic Sea and framed by the Dinaric Alps, Montenegro's appeal lies not only in its natural beauty but in its flat income tax regime, absence of inheritance and gift taxes, and a now-suspended 'golden passport' program that once allowed investors to gain citizenship. 'Montenegro's low-tax regime, combined with luxury real estate options and a high quality of life, has made it an ideal destination for lifestyle-driven investors,' said Dominic Volek, Head of Private Clients at Henley & Partners. The year 2025 is on track to witness a record-breaking wave of millionaire relocations. An estimated 165,000 millionaires are expected to move abroad by next year. Experts cite ongoing global instability as a major motivator. 'As major powers become more entangled geopolitically, wealthy individuals are factoring political risk into their decisions on where to live and invest,' Volek added. While Montenegro is gaining traction, the United Arab Emirates (UAE) continues to lead in net millionaire inflows, expecting to attract 9,800 high-net-worth individuals this year alone—more than any other country. The UAE's political stability, business-friendly policies, and Golden Visa program are seen as key drivers of this trend. In contrast, many Western European nations are experiencing an outflow of wealth. The United Kingdom tops the list of millionaire departures for the first time in a decade, with 16,500 individuals expected to leave the country in 2025. That figure translates to a 9% decline in the UK's millionaire population over the past ten years. Analysts attribute the British exodus to factors such as Brexit-related uncertainty, changes to non-domicile tax laws, and a generally less welcoming climate for foreign capital. 'Despite this outbound wave, the UK still appeals to some high-net-worth individuals—particularly disillusioned Americans under the current Trump administration,' said Juerg Steffen, CEO of Henley & Partners. 'However, without clearer entry pathways, the country struggles to offset the outflow.' France, Spain, and Germany are also witnessing increased wealth migration. According to Volek, inquiries into alternative citizenship and residence options from German millionaires jumped 114% between 2023 and 2024, signaling a broader crisis of confidence among Europe's financial elite. This shift in millionaire demographics has deeper implications. As the wealthy relocate, regional investment trends, real estate markets, and even government tax revenues could be significantly affected. Experts warn that the long-term consequences of such migration could impact financial stability, innovation ecosystems, and economic development strategies, particularly in countries losing their wealthiest citizens. As this unprecedented migration unfolds, Montenegro's rise illustrates a changing global order—one where emerging markets and smaller states increasingly compete for the attention of the world's wealthiest, offering not just safety and profits, but a desirable lifestyle in uncertain times.
Hindustan Times
3 days ago
- Business
- Hindustan Times
This small nation is becoming the world's hottest millionaire magnet in 2025
Over 142,000 millionaires are expected to pack their bags and move away from their luxury penthouses in London or France. Dubbed the 'great wealth migration,' the world's rich are looking for a place to secure their money as growing conflict across the globe affects the economy. Montenegro has witnessed a 124% increase in the number of millionaires in the last 10 years.(Unsplash) The world's richest are on the move, swapping traditional havens like Switzerland, the US and the UAE for a surprising Eastern European hotspot. Now being called the world's fastest-growing millionaire hub, Montenegro has witnessed a 124% increase in the number of millionaires in the last 10 years, according to the Henley Private Wealth Migration Report 2025. With over 2,800 millionaires, the Balkan nation remains especially attractive due to its European proximity and fiscal flexibility, according to Henley & Partners' group head of private clients Dominic Volek. 'Montenegro's low-tax regime, with flat income taxes and no inheritance or gift tax, has made it particularly attractive for wealth preservation. Paired with its Adriatic coastline, luxury real estate offerings, and appealing Mediterranean lifestyle, the country has become a destination of choice for lifestyle-motivated investors," Volek told Fortune. Similarly, the UAE has emerged as a top destination for high-net-worth migrants, thanks to its political stability, business-friendly environment and attractive Golden Visa program. These factors have helped the nation stand out globally, with an expected net gain of around 9,800 millionaires this year, the highest of any country. Meanwhile, several European countries such as Montenegro, Malta, and Poland are seeing notable growth in their millionaire populations. However, other parts of the continent are experiencing the opposite trend, with wealthy residents moving abroad. For the first time in a decade, a European nation tops the global list for millionaire outflows, led by the UK.
Business Insider
03-08-2025
- Business
- Business Insider
Millionaire migration is booming — these are the top 10 countries attracting the world's wealthy in 2025
The world's richest people are on the move — and they're heading for safe havens with tax perks, top-tier schools, and investor-friendly policies. According to the Henley Private Wealth Migration Report 2025, roughly 142,000 millionaires are expected to relocate globally in 2025. The provisional net inflow figures are based on data and expert insights gathered between January and May, with final totals expected to be published next year once full-year data becomes available. The report — produced in partnership with global wealth intelligence firm New World Wealth — reveals the top destination countries attracting high-net-worth individuals and the vast sums of investable wealth they bring with them. The analysis draws on a blend of data sources, including property and company registries, LinkedIn activity, family office locations, and Henley & Partners' own client base, to track the global movement of over 150,000 HNWIs. To estimate the total wealth migrating to each country, analysts multiply the number of incoming millionaires by the average net worth of HNWIs relocating there — a figure that varies significantly between markets. "2025 marks a pivotal moment," Dominic Volek, the head of private clients at Henley & Partners, an investment migration consultancy, told Business Insider. "A record-breaking 142,000 millionaires are projected to relocate internationally, and for the first time in a decade of tracking, a European country — the UK — leads the world in millionaire outflows," he said. "It reflects a deepening perception among the wealthy that greater opportunity, freedom, and stability lie elsewhere." The top 10 countries gaining the most millionaires in 2025 UAE United States Italy Switzerland Saudi Arabia Singapore Portugal Greece Canada Australia The United Arab Emirates tops the list, set to gain a net 9,800 millionaires, followed by the United States with 7,500 and Italy with 3,600. These countries are among the 10 projected to welcome the highest numbers of HNWIs in 2025 — a trend that could reshape real estate markets, entrepreneurship, and job creation in their economies. Each of these countries offers a unique mix of tax incentives, lifestyle perks, and residency-by-investment pathways. "The UAE has evolved from a regional hub to a global wealth nexus through comprehensive policy innovation," said Volek. Its "zero income tax, world-class infrastructure, political stability, and regulatory framework," and its 2019 Golden Visa program — refined in 2022 — "have created a compelling proposition." The program offers five- and ten-year visa options tied to property and business investments, making it one of the most flexible globally. In the US, despite economic headwinds and growing political uncertainty, opportunity remains the key draw. "The USA is still attracting record numbers of HNWIs in 2025," Volek said, "with strong inflows coming from Asia, Latin America, and the UK." He described Florida as "especially popular" and Silicon Valley as keeping the world's top spot for wealthy tech entrepreneurs. He added that while some older millionaires are leaving for retirement-friendly destinations, inbound interest far outweighs outflows. Italy, now a rising star in wealth migration, is proving popular with HNWIs from France, the UK, and Switzerland. " Italy has relatively competitive tax rates when compared to other major countries in Europe," especially in estate duties — just 4% compared to over 30% in countries like France, Germany, and Spain. Switzerland, ever-popular with the ultrawealthy, is seeing new inflows from the UK and Scandinavia. "Zug, Geneva, and Lugano all remain very popular destinations," Volek noted, "whilst Zurich seems to be losing its appeal." Saudi Arabia, meanwhile, is the year's surprise breakout. The Gulf state is "boosted by strong inflows from the UK, North Africa, and the Middle East," particularly from Saudi-born HNWIs returning from the UK, Volek said. Singapore is seeing a smaller-than-usual inflow as wealthy expats increasingly opt for newer financial hubs. "Family office growth has slowed in Singapore over the past year," Volek said, adding that there is a trend of HNWIs leaving Singapore and moving to the UAE, especially in the financial services sector. Portugal and Greece continue their ascent, driven by lifestyle appeal, tax perks, and successful investment migration programs. "In Portugal, Lisbon and the Algarve are extremely popular," said Volek, while "the Athenian Riviera and the Greek Islands are tops in Greece." "Southern Europe is fast emerging as a new center of gravity for wealth migration in the region." Canada and Australia, while still in the top 10, are showing signs of saturation. These traditional safe havens are recording "the lowest inflows on record," said Volek. The UK and China are seeing the biggest millionaire outflows While some countries are booming, others are bleeding wealth. The UK is projected to see a net outflow of 16,500 millionaires — the largest of any country — followed by China and India, whose respective outflows stand at 7,800 and 3,500. " Several European countries are starting to lose large numbers of HNWIs to migration in 2025, led by the UK, France, and Spain," said Volek. "Also, Germany, Ireland, Norway, and Sweden are all beginning to see significant wealth outflows in 2025, which is a worrying sign for Europe in general." "Millionaires are typically among the first to relocate when conditions deteriorate," the New World Wealth report states — making migration flows a leading indicator of future economic risks. Why millionaire migration matters HNWIs don't just bring wealth — they often create it. Many are entrepreneurs or investors who inject capital into local markets, buy property, and fund startups. According to New World Wealth, about 15% of migrating millionaires are founders, with the figure rising to over 60% among centi-millionaires and billionaires. "If one reviews the world's fastest-growing wealth markets over the past decade, it is noticeable that most of these countries have investment migration pathways and have been heavily aided by inward wealth migration," Volek said. But long-term success goes beyond visas, according to Volek; it's the combination of favorable tax policy, political stability, strong institutions, and quality of life that helps nations truly attract and retain global wealth. And what Volek called the "great wealth migration" is set to "accelerate," he said. "Its trajectory will be shaped by how effectively nations address the complex mix of economic, political, and lifestyle factors that drive these decisions, with investment migration serving as one element in broader competitive strategies for attracting and retaining global wealth."
Economic Times
30-07-2025
- Business
- Economic Times
Buy a home, get a passport: Caribbean nations offer easy citizenship
Agencies Five Eastern Caribbean nations - Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and St Lucia, now offer citizenship to those who invest in real estate. Starting at $200,000, the Citizenship by Investment (CBI) programmes promise visa-free travel to as many as 150 countries, including the UK (excluding Dominica) and the EU's Schengen area, as per a report by BBC . Alongside travel benefits, the absence of taxes like inheritance, capital gains and, in some cases, income tax, makes the schemes appealing to high-net-worth individuals. Citizenship can be gained without giving up existing nationality. American demand drives property sales surge In Antigua, estate agencies are seeing a notable uptick in demand. 'Up to 70% of all buyers right now are wanting citizenship, and the vast majority are from the US,' said Nadia Dyson, owner of the real estate firm Luxury Locations to BBC. 'This time last year, it was all lifestyle buyers and a few CBI. Now they're all saying 'I want a house with citizenship'. We've never sold so many before.'Some buyers are choosing to relocate, despite no residency requirement. Others are treating the second passport as a fallback plan. From travel freedom to political backup As per the report, investment migration firm Henley & Partners said that US citizens now make up the majority of applicants across the Caribbean CBI schemes. Ukraine, Turkey, Nigeria and China also rank high.'Around 10-15% actually relocate. For most it's an insurance policy against whatever they're concerned about. Having a second citizenship is a good back-up plan,' said Dominic Volek of Henley & to him, some Americans prefer using a 'politically-benign passport' for business and security reasons. The first wave of US interest started after COVID-era travel restrictions, followed by renewed surges after the 2020 and 2024 elections. Controversy and criticism follow the windfall Not everyone has welcomed these schemes. Gisele Isaac, former Speaker of the House in Antigua, recalled early protests when the programme was introduced. 'There was a sense of nationalism; people felt we were selling our identity, so to speak, to people who knew nothing about us.'Neighbouring leaders like Prime Minister Ralph Gonsalves of St Vincent and the Grenadines have voiced opposition, saying citizenship should not be 'a commodity for sale.' International scrutiny and reforms underway The European Union is currently evaluating whether these schemes pose risks to its visa-free agreement with the Caribbean nations. A European Commission spokesperson said an ongoing review will determine if the programmes constitute "an abuse" of visa privileges or lead to security response, the five island nations have agreed to six new principles with the United States, including enhanced due diligence, mandatory interviews, regular audits, and removing loopholes that previously allowed rejected applicants to reapply leaders insist the programmes are tightly managed and vital for economic stability. Dominica's Prime Minister Roosevelt Skerrit described the system as 'sound and transparent', and said over $1 billion had been raised since 1993. Funds were used to finance a modern hospital and national Antigua, Prime Minister Gaston Browne said passport revenue helped pull the country from 'the brink of bankruptcy'. St Lucia's Prime Minister Philip J Pierre assured that the island applies 'the highest standards of security'. Citizenship without moving in Aside from buying property, citizenship routes include contributions to government funds. These range from $200,000 for a single applicant in Dominica to $250,000 for families in Dominica and St Kitts. In Antigua, applicants may also donate $260,000 to the University of the West Indies. (Join our ETNRI WhatsApp channel for all the latest updates) Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Jane St: How an options trader smelt a rat when others raised a toast Regulators promote exchanges; can they stifle one? Watch IEX TCS job cuts may not stop at 12,000; its bench policy threatens more From near bankruptcy to blockbuster drug: How Khorakiwala turned around Wockhardt Stock Radar: SBI Life rebounds after testing 50-DEMA; could hit fresh record highs above Rs 2,000 – check target & stop loss These 10 banking stocks can give more than 25% returns in 1 year, according to analysts Two Trades for Today: A metals stock for an over 6% gain, a large-cap chemicals maker for about 7% upmove F&O Radar| Deploy Broken Wing in LIC Housing Finance to benefit from bearish outlook
Indian Express
29-07-2025
- Business
- Indian Express
Buy a beach house, get a passport: Why Americans are flocking to these 5 Caribbean nations
In the Eastern Caribbean, house-hunting now often comes with a surprising bonus: a second passport. Five island nations — Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and St Lucia, offer citizenship by investment (CBI) schemes starting at $200,000, a perk that's attracting growing numbers of US buyers amid political and social turmoil back home. These Caribbean passports grant visa-free access to as many as 150 countries, including Europe's Schengen zone and, for most of these nations, the UK. For the wealthy, there's also the appeal of zero capital gains, inheritance, or, in some cases, income tax. In Antigua, demand is booming. 'Up to 70 per cent of buyers now want citizenship, mostly Americans,' said Nadia Dyson of Luxury Locations, BBC reported. 'This time last year, they were lifestyle buyers. Now it's all about the passport.' While there's no residency requirement, some US citizens are opting to move full-time. According to Henley & Partners, US applicants now dominate the Caribbean CBI landscape, a sharp change from pre-pandemic years. The firm, which advises on global citizenship, said applications rose 12 per cent since late 2024, with many Americans viewing CBI as a political insurance policy. 'Only 10–15 per cent relocate. Most want a back-up passport,' said Henley's Dominic Volek, BBC reported. 'Some US clients even prefer to travel on less politically charged passports.' The surge began during COVID-19 lockdowns, when mobility was restricted, and grew after the 2020 and 2024 US elections. 'We had zero US offices before. Now we have eight,' Volek added. Buyers like Robert Taylor from Canada, who invested in Antigua ahead of a price hike, pointed that CBI helps secure future mobility and business opportunities. 'It's beautiful, the people are friendly, and the weather's perfect,' he said, BBC reported. Still, CBI programmes remain controversial. As per BBC, critics argue they commodify citizenship and open doors for abuse. Caribbean leaders like St Vincent's PM Ralph Gonsalves have called them unethical, while the EU and US have raised red flags over potential tax evasion and security concerns. EU authorities are reviewing whether these schemes could threaten the bloc's visa-free agreements with participating nations. In response, the Caribbean countries have pledged tighter controls — including regional oversight, stricter vetting, and mandatory applicant interviews. Caribbean leaders, however, insist these programmes are vital for survival. CBI funds, now accounting for 10–30 per cent of GDP in these nations, have paid for hospitals, disaster relief, and even pension schemes. Antigua's PM Gaston Browne said the money had saved his country from economic collapse. In Dominica, the government said CBI revenues have exceeded $1 billion since 1993, helping to modernise critical infrastructure. As per a report by BBC, journalist Andre Huie in St Kitts said, 'The public supports CBI because they see the tangible benefits.' Still, with global scrutiny mounting, Caribbean nations now face the delicate task of proving that these golden passports are not for sale to just anyone — without shutting off a crucial financial lifeline.
