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Hindustan Times
a day 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."
Time Out
23-07-2025
- Time Out
World's most powerful passports 2025: SA climbs the passport ranks
The South African passport is back in the game — climbing two spots to 48th in the latest Henley Passport Index, with visa-free (or visa-on-arrival) access to 103 destinations. It's a modest win. But in a world where passport power signals global standing, economic muscle and strategic diplomacy, it's not just about where we can go, it's also about how open we are in return. The Passport Indexis based on data from the International Air Transport Association (IATA) – seen as the largest, most accurate travel information database, together with Henley & Partners' research team. Here are the Top 10 Most Powerful Passports in 2025 Visa-free access by passport holders, according to the latest Henley Passport Index: Singapore – 193 destinations Japan, South Korea – 190 Denmark, Finland, France, Germany, Ireland, Italy, Spain – 189 Austria, Belgium, Luxembourg, Netherlands, Norway, Portugal, Sweden – 188 Greece, New Zealand, Switzerland – 187 United Kingdom – 186 Australia, Czechia, Hungary, Malta, Poland – 185 Canada, Estonia, UAE – 184 Croatia, Latvia, Slovakia, Slovenia – 183 Iceland, Lithuania, United States – 182 Key passport ranking facts for 2025: South Africans can now travel visa-free to 103 destinations, up from 104 in May, and moving the passport up two places in the global ranking. We're now tied with countries like Georgia and Azerbaijan — but still lagging behind top African nations like Seychelles (26th) and Mauritius (30th). At the top of the 2025 Henley Passport Index is Singapore with access to 193 countries, followed closely by Japan and South Korea (190). The United States continues its decline, now tied at 10th place with only 182 destinations accessible — fewer than a year ago. The average number of destinations accessible visa-free globally has nearly doubled since 2006, from 58 to 109. Top 5 most powerful African passports in 2025, ranked according to the latest Henley Passport Index: Seychelles – Ranked 26th globally, with visa-free or visa-on-arrival access to 156 destinations. Mauritius – 30th globally, access to 149 destinations. South Africa – 49th globally, with 104 destinations (and recently up from 50th). Botswana – 60th globally, access to 91 destinations. Namibia – 65th globally, with 81 destinations. Why South Africa's Passport Still Has Work to Do South Africa's passport has seen a slight rebound in 2025 — a positive sign after a decade marked by stagnation and sporadic declines. But the gap between us and the mobility elite is vast: Singaporeans can visit 90 more destinations without a visa than South Africans. That's not just a travel perk — it's a reflection of deep diplomatic capital, trade partnerships, and reciprocal agreements. Dr Juerg Steffen, CEO of Henley & Partners, puts it plainly: 'Your passport is no longer just a travel document — it's a reflection of your country's diplomatic influence and international relationships.' South Africa's slow ascent highlights a broader reality: We haven't negotiated aggressively enough for more global mobility. And in an era where business, education, and even cultural exchange depend on fast, flexible travel, this limited access can hurt. But What About How Open We Are? Cue the Henley Openness Index, a lesser-known but increasingly important ranking that shows how many nationalities a country lets in without a prior visa. South Africa lands just outside the global Top 50 for openness at 57, allowing 86 nations visa-free access — respectable, but hardly revolutionary. We're more open than the US (which only allows 46 nationalities visa-free), but far behind destinations like Rwanda (198 visa-free) or the Seychelles (197 visa-free), which bodes well for tourism and attracting global investment. In contrast, China, long known for its strict entry policies, now allows visa-free access to 75 countries, up from fewer than 20 just five years ago. That move has helped it leap up 34 spots on the Passport Index since 2015, showing how openness and passport power are interlinked. Why This All Matters for Africa — and SA With the world's top destinations buckling under overtourism, eyes are turning to under-explored, high-potential regions and that spells opportunity for Africa - if we make it easier to visit. With overtourism straining iconic destinations like Venice, Paris and Bali, the world is starting to look elsewhere. Wide-open spaces, deep culture, unfiltered adventure, and serious bang-for-buck? Cape Town and South Africa as a whole has got it in spades. While countries like Kenya and Mauritius have rolled out visa-free or e-visa systems to welcome more travellers, South Africa has long lagged behind. But that may finally be changing. Enter: STAGES and MEETS — two new, fast-tracked digital visa categories launched in July 2025 that signal a long-overdue shift in how South Africa handles global travel and creative business. STAGES (Screen Talent and Global Entertainment Scheme) is built for international filmmakers and production teams. MEETS (Meetings, Events, Exhibitions and Tourism Scheme) targets global delegates and conference organisers. Both are fully online, promise rapid turnaround times, and are designed to unlock job creation and economic growth — especially in Cape Town, where a Netflix production reportedly pulled out last year due to visa delays, costing the city around R400 million. With STAGES, these roadblocks could soon be history as we push towards secure, yet welcoming openness. While our passport power is still middling, improved inbound access will only position South Africa as a competitive, desirable destination in a saturated global market. The reality? Passport power cuts both ways. And with reforms like STAGES and MEETS, South Africa is showing signs of playing the long game. In a multipolar world where travel freedom reflects national power, it's not just about how far we can go. It's also about how easy we make it for the world to come to us. We have the infrastructure. We have the story. Now we just need to drop more of the red tape.
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Business Standard
22-07-2025
- Business Standard
Indian passport climbs 8 spots to rank 77, visa-free access to 59 nations
The Indian passport has climbed eight places to the 77th spot globally in the latest Henley Passport Index 2025 released on Tuesday. Indian passport holders can now travel to 59 countries without needing to apply for a visa in advance. Last year, India had dropped five spots, but it has regained ground by adding just two more destinations to its list of visa-free or visa-on-arrival countries. According to the report, Singapore holds the distinction of being the world's most powerful passport, with visa-free access to 193 destinations out of 227 globally. The third place is occupied by seven European Union passports — Denmark, Finland, France, Germany, Ireland, Italy and Spain — with visa-free entry to 189 countries. Austria, Belgium, Luxembourg, the Netherlands, Norway, Portugal and Sweden jointly hold fourth place, with 188 destinations on their list. The fifth position is held by New Zealand, along with Greece and Switzerland. Henley & Partners' Chief Executive Officer Dr Juerg Steffen said the passport has become a measure of a country's diplomatic influence. 'Your passport is no longer just a travel document — it's a reflection of your country's diplomatic influence and international relationships. In an era of growing inequality and mounting geopolitical uncertainty, strategic mobility and citizenship planning are more critical than ever,' he said.
The Citizen
17-06-2025
- Business
- The Citizen
Average rent in Gauteng tops R9k: How do other provinces measure up?
Western Cape remains the most expensive province to rent in, while the Northern Cape has overtaken Gauteng in rental costs. Everyone needs a place to call home, but for many South Africans, owning one is out of reach. Renting becomes the next best option, unless you are staying with your parents. Still, even renting comes at a high price. For most, rent consumes a significant portion of their salary. According to the latest PayProp Rental Index, the average rent in Gauteng, South Africa's land of opportunities, now sits at R9 201. But Gauteng is not even the most expensive province to rent in. The province remains the country's most populated, with the highest population driven by the hope of better opportunities, whether it is landing a job, launching a business, or starting a new life. Cheapest province to rent a place The Index's findings are based on the first quarter of 2025, utilising transaction data from the R1.4 billion in rent that PayProp processes each month, along with credit scoring from Experian. North West, home to Sun City, retained its position as the cheapest province to rent a place in, at R7 153, which is an increase of R852 compared to the previous year. What is surprising is the share of tenants that are in arrears in the North West, as the percentage remains significantly high. Two quarters ago, North West was the second-highest province in the country, with 22.9% of its tenants being in arrears. In this quarter, the province has 18.6% of tenants in arrears. Most expensive province to rent a place As expected, the Western Cape remains the most expensive province in which to rent a place. The Index highlights that the province has had the highest rents in the country during the first quarter of 2024, but only average rental growth, just as it has for the past several years. 'The province experienced the highest growth in South Africa in the second and third quarters, and reached double digits in the fourth quarter,' reads the Index. It would cost you an average of R11 285 to rent a place in the Western Cape, which is R985 more than the previous year. Rent in the province is R1 704 more than the second most expensive province to rent in. '13.7% of Western Cape tenants were in arrears in Q1 2025, 0.5% more than the previous quarter. Tenants in arrears owe 60.2% of the average rent, once again the lowest in SA and down by 0.7% from the previous quarter.' ALSO READ: The ups and downs of Cape Why is the Western Cape loved? Johannesburg was once home to South Africa's wealthiest individuals. However, the tables have turned, with the country's most centi-millionaires now found in Cape Town. Henley & Partners' Centi-Millionaire Report for 2024 outlined that Cape Town has taken the crown due to high hopes of better governance, improved service delivery and greater safety. 'Other factors that come into play when these wealthy individuals make a decision to relocate include the economy, the tax environment, business and investment opportunities, and privacy and security,' read the report. The report listed Cape Town as the most loved holiday destination in the country, with more than 150 centi-millionaires owning second homes in the city. The Mother City is the only city that shows as the elites' favourite holiday destination in the country. Rent in Northern Cape Renting a property in the Northern Cape is more expensive than renting in Gauteng. The Index revealed that the average rent in the province is R9 581, while it is R9 201 to rent in Gauteng. Rent in the Northern Cape is now R307 more than a year earlier, and it remains the second highest in the country. 'The share of tenants in arrears fell to 18.9% in Q1 2025, 0.1% below the previous quarter and 1.9% lower than a year earlier. 'However, the amount they owe rose sharply, from 65.7% last quarter to 71.1% in the latest stats. Even so, this is still well below average.' ALSO READ: Are municipalities failing — or are residents just unable to pay? Why many are turning to off-grid living The fall of Gauteng Gauteng is the geographically smallest province in the country, and its average rent for the first quarter of 2025 increased by R258. The Index is of the view that unless rental growth in Gauteng turns around, it could easily lose its place on the podium this year. '15.6% of tenants owed rent, down from 16.3% in Q4 and the second-lowest share in SA. However, tenants in arrears owe an above-average 86.0% of rent. This is down compared to last quarter's 89.2%, but it is still the second-highest in SA.' The City of Gold has experienced deteriorating service delivery, rising crime rate, mismanagement of public funds, corruption, and collapsing infrastructure, among other issues. What about other provinces The fourth most expensive province to rent in is KwaZulu-Natal, with the average rent being R9 170, an increase of R400. 'The percentage of tenants in arrears in KZN is also unchanged since last quarter, at 19.4%. This is the third-highest percentage in SA, but still the lowest it has been in the province in over five years. 'On the other hand, tenants in arrears owe a below-average 73.5% of rent that has nevertheless risen from last quarter's 71.7%.' Sitting at number five is Limpopo. The average rent in Limpopo is R8 899, R872 more than a year previously. 17.1% of tenants owed rent in Q1, 0.1% more than the previous quarter and still the third lowest in the country. 'However, things have got worse for those already in financial difficulties. The average arrears percentage climbed from 71.8% in the fourth quarter of 2024 to 80.4% in the first quarter of 2025, meaning its tenants now owe the third-highest percentage of rent of any province.' ALSO READ: Warning for South Africans buying homes Mpumalanga, Free State and Eastern Cape According to the Index, Mpumalanga sits in sixth position, with average rent being R8 460, just R91 more than a year earlier. '20.1% of tenants in the province now owe their landlords rent, the second-highest percentage in SA and up from 19.6% last quarter.' The Free State sits in the seventh position, with an average of R7 453, an increase of R526 year-on-year, just enough to overtake Eastern Cape's position. '20.8% of tenants were behind on their rent in Q1, falling from 24.2% last quarter. It is still the highest in the country, but by a lot less than before.' Eastern Cape's average rent is R7 330, up by R309 compared to a year earlier, making it the province with the second-lowest rents in the country. 'The share of tenants in arrears in the Eastern Cape rose to 19.3% from 18.7% the previous quarter for the second-highest quarter-to-quarter increase in SA.' Income and risk The Index also focused on which income brackets are the highest risk. Of applicants earning R80 000 or more, a full 60.6% fall into the minimum risk category, while just 12.2% are classed as high risk. 'Meanwhile, in the lowest income bracket, only 23.0% have the combination of a high credit score and a clean payment history needed to qualify as minimum risk, while 37.0% are considered high risk.' When it comes to age, 20- to 29-year-olds are classified as minimum risk because most of them do not yet have a long credit history that would demonstrate low risk; however, they also have more disposable income left over after debt repayments and rent than any other age group. Meanwhile, 61.3% of individuals aged 60 and above were classified as being at minimum risk. NOW READ: More South Africans buying houses for less than R700k. Here's why
