Latest news with #DrJuergSteffen
Associated Press
13 hours ago
- Business
- Associated Press
Millionaires on the Move: UK Braces for Historic Wealth Flight as Global Migration Peaks
LONDON, June 24, 2025 /PRNewswire/ -- A record-breaking 142,000 millionaires are projected to relocate this year, with the UK expected to see the largest net outflow of high-net-worth individuals by any country since international investment migration advisory firm Henley & Partners and global wealth intelligence firm New World Wealth began tracking millionaire migration 10 years ago. According to the Henley Private Wealth Migration Report 2025, the UK is forecast to lose a staggering –16,500 millionaires in 2025 — more than double the anticipated –7,800 net outflow from China, ranked 2nd this year after topping the millionaire-loser leaderboard for the past decade. In stark contrast, the UAE retains its crown as the world's leading wealth magnet, with a record net inflow of +9,800 relocating millionaires expected this year — over 2,000 more than the US in 2nd place. +7,500 new wealthy migrants are forecast to make America home by year-end. Dr. Juerg Steffen, CEO at Henley & Partners, says '2025 marks a pivotal moment. 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.' For the first time, EU heavyweights France, Spain, and Germany are also expected to see net HNWI losses in 2025 — with projected net outflows of –800, –500, and –400 millionaires, respectively. Ireland (–100), Norway (–150), and Sweden (–50) are beginning to see significant wealth losses too, with many affluent Europeans relocating to more investor-friendly hubs on the continent. Global winners: Where the wealth is heading Key beneficiaries of this trend are Switzerland, set to attract a net gain of +3,000 migrating millionaires this year, while Italy, Portugal, and Greece are also forecast to see record inflows of +3,600, +1,400 and +1,200, respectively — driven by favorable tax regimes, lifestyle appeal, and active investment migration programs. Outside of Europe, Saudi Arabia is the biggest riser on this year's inbound list, projected to see a net inflow of +2,400 new millionaires. Traditional destinations such as Singapore ( +1,600 ), Australia (+1,000), Canada (+1,000), and New Zealand (+150) appear to be losing their appeal, with their lowest net inflows on record provisionally expected in 2025. Thailand (+450) is rapidly emerging as Southeast Asia's new safe haven, with Bangkok positioning itself as a key rival to Singapore. Hong Kong ( +800 ) and Japan (+600) are forecast to enjoy higher HNWI inflows this year, while Central American and Caribbean jurisdictions — including Costa Rica ( +350 ), Panama (+300), the Cayman Islands (+200), and Bermuda (+50) — are all set to attract record numbers of wealthy migrants to their shores. Three African nations — Morocco (+100), Mauritius (+100), and the Seychelles (+50) — make it onto the inbound millionaire migration rankings for 2025. Global losers: Where the wealth is leaving In Asia, South Korea is expected to see significant net outflows of HNWIs ( –2,400 ), more than double last year's figure. Vietnam (–300) is also beginning to see a worrying uptick in millionaire departures, and Pakistan (–100) continues to lose millionaires to the UAE. Taiwan (–100) presents a mixed picture: while its tech-driven economy remains robust with +65% millionaire growth over the past decade, growing tensions with China and a lack of luxury real estate options appear to be unsettling some of its wealthiest residents. Despite ongoing instability in the Middle East, Israel is expected to show relatively modest outflows ( –350 ), primarily to the US, while Lebanon (–200) faces concerning losses, with many wealthy individuals relocating to Cyprus, Greece, and the UAE. Iran (–200) is also losing HNWIs to the UAE. In Latin America, Brazil ( –1,200 ) and Colombia (–150) are both expected to see sizeable wealth drains, while the other BRICS nations — China ( –7,800 ), India (–3,500), Russia (–1,500), and South Africa (–250) — are all on track to record their lowest net millionaire losses since Covid. Read the Full Release View original content: SOURCE Henley & Partners
Yahoo
14 hours ago
- Business
- Yahoo
Millionaires on the Move: UK Braces for Historic Wealth Flight as Global Migration Peaks
LONDON, June 24, 2025 /CNW/ -- A record-breaking 142,000 millionaires are projected to relocate this year, with the UK expected to see the largest net outflow of high-net-worth individuals by any country since international investment migration advisory firm Henley & Partners and global wealth intelligence firm New World Wealth began tracking millionaire migration 10 years ago. According to the Henley Private Wealth Migration Report 2025, the UK is forecast to lose a staggering –16,500 millionaires in 2025 — more than double the anticipated –7,800 net outflow from China, ranked 2nd this year after topping the millionaire-loser leaderboard for the past decade. In stark contrast, the UAE retains its crown as the world's leading wealth magnet, with a record net inflow of +9,800 relocating millionaires expected this year — over 2,000 more than the US in 2nd place. +7,500 new wealthy migrants are forecast to make America home by year-end. Dr. Juerg Steffen, CEO at Henley & Partners, says "2025 marks a pivotal moment. 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." For the first time, EU heavyweights France, Spain, and Germany are also expected to see net HNWI losses in 2025 — with projected net outflows of –800, –500, and –400 millionaires, respectively. Ireland (–100), Norway (–150), and Sweden (–50) are beginning to see significant wealth losses too, with many affluent Europeans relocating to more investor-friendly hubs on the continent. Global winners: Where the wealth is heading Key beneficiaries of this trend are Switzerland, set to attract a net gain of +3,000 migrating millionaires this year, while Italy, Portugal, and Greece are also forecast to see record inflows of +3,600, +1,400 and +1,200, respectively — driven by favorable tax regimes, lifestyle appeal, and active investment migration programs. Outside of Europe, Saudi Arabia is the biggest riser on this year's inbound list, projected to see a net inflow of +2,400 new millionaires. Traditional destinations such as Singapore (+1,600), Australia (+1,000), Canada (+1,000), and New Zealand (+150) appear to be losing their appeal, with their lowest net inflows on record provisionally expected in 2025. Thailand (+450) is rapidly emerging as Southeast Asia's new safe haven, with Bangkok positioning itself as a key rival to Singapore. Hong Kong (+800) and Japan (+600) are forecast to enjoy higher HNWI inflows this year, while Central American and Caribbean jurisdictions — including Costa Rica (+350), Panama (+300), the Cayman Islands (+200), and Bermuda (+50) — are all set to attract record numbers of wealthy migrants to their shores. Three African nations — Morocco (+100), Mauritius (+100), and the Seychelles (+50) — make it onto the inbound millionaire migration rankings for 2025. Global losers: Where the wealth is leaving In Asia, South Korea is expected to see significant net outflows of HNWIs (–2,400), more than double last year's figure. Vietnam (–300) is also beginning to see a worrying uptick in millionaire departures, and Pakistan (–100) continues to lose millionaires to the UAE. Taiwan (–100) presents a mixed picture: while its tech-driven economy remains robust with +65% millionaire growth over the past decade, growing tensions with China and a lack of luxury real estate options appear to be unsettling some of its wealthiest residents. Despite ongoing instability in the Middle East, Israel is expected to show relatively modest outflows (–350), primarily to the US, while Lebanon (–200) faces concerning losses, with many wealthy individuals relocating to Cyprus, Greece, and the UAE. Iran (–200) is also losing HNWIs to the UAE. In Latin America, Brazil (–1,200) and Colombia (–150) are both expected to see sizeable wealth drains, while the other BRICS nations — China (–7,800), India (–3,500), Russia (–1,500), and South Africa (–250) — are all on track to record their lowest net millionaire losses since Covid. Read the Full Release View original content: SOURCE Henley & Partners View original content:
The Independent
14 hours ago
- Business
- The Independent
Millionaires to flee UK in record numbers
An estimated 142,000 millionaires are set to relocate to a new country this year, with the UK set to lose a record 16,500 in the coming 12 months. With a decade of poor economy performance and sweeping tax reforms introduced by the Conservative and Labour government, affluent individuals are seeking tax-friendly jurisdictions like the UAE, Monaco and Malta. According to the latest Henley Private Wealth Migration Report, the UK is set to lose twice as many high net worth individuals as China, and ten times as many as Russia. Dr Juerg Steffen, CEO at Henley & Partners, said: '2025 marks a pivotal moment. 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.' Plans to axe the non-dom status were suggested by the previous Tory government but were announced by the Treasury in April, meaning that overseas earnings for wealthy people living in the UK will be taxed. Under new rules put forward by chancellor Rachel Reeves, wealthy foreigners who have lived in Britain for more than four years will pay UK income and capital gains taxes. If they remain in the country for at least 10 years, their worldwide assets would be subject to inheritance tax at 40 per cent. Meanwhile, Nigel Farage's Reform party have announced plans to introduce a 'Robin Hood tax', which would allow wealthy people to pay a one-off fee of £250,000 to attract the wealthy back to the UK. Professor Trevor Williams, chair and co-founder at FXGuard and former chief economist at Lloyds Bank Commercial Banking, says the UK's economy has performed poorly over the past decade, and is the only nation in the world's 10 wealthiest countries (W10) that has seen negative millionaire growth. 'Since 2014, the number of resident millionaires in the UK dropped by -9 per cent compared with the W10's global average growth of +40 per cent. Over the same period, the US saw a 78 per cent increase in millionaires — the fastest wealth growth among the W10.' The UK is not the only European country to see a reduction in its millionaires, with France, Spain and Germany expected to see an exodus of 800, 500 and 400 respectively. Meanwhile, Switzerland, Italy, Portugal and Greece are set to attract record numbers of affluent individuals, largely driven by favourable tax regimes, lifestyle appeal and active investment migration programmes. Andrew Amoils, Head of Research at New World Wealth, said: 'If one reviews the fastest growing wealth markets in the world over the past decade, 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. 'This demonstrates the importance of millionaire migration in driving new wealth formation in a country.' Attractive golden visa options has ensured that the UAE remains the world's most sought-after destination for millionaires, with Saudi Arabia also on the rise.
Yahoo
14 hours ago
- Business
- Yahoo
UK set to ‘lose more millionaires' than any other country
The UK will lose more millionaires than any country in the world this year, a fresh study has claimed, as a combination of punitive tax hikes on wealth and a stubbornly stagnant economy continue to push some of the richest residents abroad. According to Henley & Partners' annual Wealth Migration Report, the UK will haemorrhage 16,500 millionaires over the course of 2025, more than double the 7,800 forecast to quit second-placed China, which until this year had topped report's exit leader board for 10 straight years. The finding is a steep jump from last year's study produced by the specialist advisory firm, which forecast the UK would lose 9,500 dollar millionaires in 2024, defined by its authors as anyone with over $1m (£740,500) in liquid investable assets. The United Arab Emirates is predicted to gain the most high-net-worth individuals (HNWIs) this year – luring in an additional 9,800 overall – while the United States and Italy round off the top three countries, attracting 7,500 and 3,600 respectively. Henley & Partners chief executive Dr Juerg Steffen said the findings marked a 'pivotal moment' for global wealth migration, which was likely to have stark implications for Britain and Europe's appeal to the world's most moneyed inhabitants. 'For the first time in a decade of tracking, a European country leads the world in millionaire outflows,' he said. '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 appealare significant.' The paper will pile further scrutiny on a continuing narrative that the UK is struggling to retain its richest residents, who are swapping Britain for other jurisdictions with more vibrant economies or lower taxes. The Henley & Partners study also found Britain is poised to lose the highest combined estimated wealth of migrating millionaires, which David Lesperance, founding partner of Lesperance & Associates, said was the most damning economic factor in the data. 'The greater the net worth, the higher the annual tax contribution – along with other economic benefits like employment, consumer spending, investment capital, charitable contribution, VAT, property tax et cetera – that these Golden Geese contribute,' he said. 'When looking at loss of annual tax revenue and other economic benefits when a taxpayer leaves, it is a question of the quantity of their former contribution… that needs to be considered.' The government announced a flurry of tax rises in the Autumn Budget, including a hike on capital gains tax, the abolition of the so-called non-dom regime as well as the imposition of VAT on private school fees, which wealth advisers have warned are expediting departures of millionaires and billionaires. The Chancellor's decision both to abolish the centuries-old non-dom regime and end former non-doms' exemption from inheritance tax on foreign-held trusts has triggered a particularly overt backlash. Some studies have estimated that over a quarter of non-doms could eventually leave because of the twin changes. Several high-profile wealthy foreigners have already left, including City grandee Richard Gnodde and Aston Villa co-owner Nassef Sawiris. City AM understands the Treasury was considering a shortlist of options to dial down more aggressive elements of the policy in an attempt to stem the flow of super-rich emigration, with one option on the table purported to be a reversal of the contentious change to taxing foreign trusts. Nigel Farage's Reform UK has also unveiled its own effort to coax international investors to the UK. Announced on Monday, the contentious scheme – dubbed the 'Robin Hood' tax – would charge wealthy foreigners £250,000 for the right to become tax resident in Britain for a decade without their foreign assets being subject to UK taxes. Proceeds from the levy would then go directly into the bank accounts of the 2.5m lowest-paid Brits in employment.
Yahoo
15 hours ago
- Business
- Yahoo
UK forecast to suffer world's biggest exodus of millionaires in 2025
Britain is on course to lose more millionaires than any other country in the word this year as the wealth exodus picks up pace, it was claimed today. The annual Wealth Migration Report from Henley & Partners, a firm that advises affluent clients considering relocating, said high tax rates, particularly the abolition of the non dom regime, combined with sluggish economic growth were the biggest factors driving rich people away. Henley & Partners estimate that 16,500 dollar millionaires - many from London - will quit the UK this year, putting it at the head of the global league table for the first time. That is more than double the 7,800 forecast to leave second-placed China, which previously topped the leader board for a decade. Last year's study estimated the UK would lose 9,500 people with at least $1 million in investable wealth in 2024. The United Arab Emirates is expected to see the biggest influx of millionaires with 9,800 overall in 2025, followed by the USA and Italy with 7,500 and 3,600 respectively. Henley & Partners chief executive Dr Juerg Steffen said:'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.' The outflow accelerated last year when Rachel Reeves confirmed the abolition of non dom regime that allowed wealthy foreigners to live in the UK without having to pay tax on their overseas income and assets. There was particular alarm that some overseas assets would become liable for Britain's 40% inheritance tax (IHT) for the first time. The Treasury is now reportedly looking at a possible U-turn on some of the more punitive aspects of the policy, including a reversal over IHT in order to stem the flow. Reform Party leader Nigel Farage has also unveiled this week his own suggested scheme under which wealthy foreigner would be charged £250,000 for the right to be tax resident in the UK for a decade without their foreign assets being subject to UK tax. Proceeds would be paid directly into the bank accounts of the 2.5m lowest-paid working British people. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
