Latest news with #HenleyPrivateWealthMigrationReport
Yahoo
4 days ago
- Business
- Yahoo
142,000 millionaires are uprooting in 2025—forget Switzerland, they're flocking to this eastern European nation
Millionaires are packing their bags in droves in hopes of finding more secure places for their money as the global economy is riddled by ongoing armed conflict and trade wars. It's being dubbed the 'great wealth migration.' And countries like Montenegro, UAE, and Malta are seeing significant growth in the number of millionaires within their borders as a result. A historic shift is underway among the world's wealthiest. This year, some 142,000 millionaires are planning to relocate—leaving behind familiar luxuries like London penthouses and French estates in favor of greater opportunities and financial stability abroad. While longstanding favorites like Switzerland, the United States, and the United Arab Emirates (UAE) continue to attract their share of affluent individuals, one lesser-known eastern European nation has just been crowned the world's fastest growing millionaire hub. Nested between the blue-watered Adriatic Sea and the towering Dinaric Alps, Montenegro has experienced a 124% increase in the number of millionaires within its borders over the last decade, according to the Henley Private Wealth Migration Report 2025. And while its surging population of 2,800 millionaires is still dwarfed by many other countries, the Balkan nation attracted a wave of interest thanks in part to its former investment-for-citizenship program (often known as a 'golden passport'). Overall, Montenegro remains especially attractive due to its European proximity and fiscal flexibility, according to Henley & Partners' group head of private clients Dominic Volek. Plus, the views are unbeatable. 'Montenegro's low-tax regime, with flat income taxes and no inheritance or gift tax, has made it particularly attractive for wealth preservation,' Volek told Fortune. '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.' A standout time for millionaire migration Next year is expected to bring an even greater number of millionaires on the move—about 165,000 are anticipated to migrate to greener pastures around the world, according to the report. Recent geopolitical instability, macroeconomic headwinds, and sociopolitical fragmentation have only accelerated the ultra-rich desire to migrate, Volek said. So much so that some individuals have begun calling it the 'great wealth migration.' 'As major powers become more directly entangled, global investors are increasingly factoring political risk into domicile and portfolio decisions,' Volek said. The UAE has succeeded in attracting high-net-worth migrants in particular because the country is politically stable and business-friendly. The nation also has a Golden Visa program, which has helped it stand out as a popular destination for the wealthy. In fact, the country is expected to net about 9,800 millionaires this year—the most of any other country. Wealth is migrating out of Western Europe While European nations like Montenegro, Malta, and Poland are experiencing sizable increases in millionaire growth, other parts of the continent are reeling from their wealthy citizens packing up and leaving. In fact, this year marks the first time in a decade that a European country leads the world in millionaire outflows, with the UK topping the list. Some 16,500 millionaires are expected to leave the British Isles this year, totalling about $91.8 billion worth. This translates to a 9% reduction in the UK's millionaire population over the last decade, in part thanks to fallout from Brexit, political uncertainty, and non-domicile tax changes. 'Despite this outbound wave, the UK remains a desirable destination for high-net-worth individuals—particularly Americans disenchanted with the current Trump administration,' wrote Henley & Partners CEO Juerg Steffen in conjunction with the report release. 'Yet without a viable entry pathway, the country is unable to offset the outflow, leaving a growing imbalance between incoming and outgoing wealth.' Fellow European powerhouses—including France, Spain, and Germany—also have worrying wealth-migration signs, Volek said. He explained that between 2023 and 2024, there was a 114% increase in enquiries for alternative residence and citizenship options among German millionaires, he said. 'This trend suggests a broader erosion of confidence among Europe's wealthy elite, with potential long-term consequences for regional financial stability and innovation,' Volek said. This story was originally featured on
Yahoo
25-07-2025
- Business
- Yahoo
UK set to lose 16,500 millionaires this year as non-dom status ends
The UK is expected to suffer the largest outflow of millionaires globally in 2025, according to data from Henley & Partners, marking a bleak reversal for a country once seen as a magnet for global wealth. The Henley Private Wealth Migration Report 2025 forecasts a net loss of 16,500 high-net-worth individuals (HNWIs) from the UK this year, the highest such outflow ever recorded by the firm in the past decade of tracking global wealth migration trends. For the first time, Britain surpasses China, which has consistently topped the list for millionaire departures over the past 10 years. With a decade of poor economic performance and tax reforms introduced by the Conservative and Labour governments, affluent individuals seek tax-friendly jurisdictions such as the UAE, Monaco and Malta. 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. Read more: Bank of England governor warns Labour against watering down financial rules '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.' In April, the Treasury confirmed plans to abolish the longstanding non-domicile regime, a move widely seen as a trigger for an accelerating outflow of wealthy residents. Under measures announced by chancellor Rachel Reeves, foreigners who have resided in the UK for more than four years will become liable for full UK income and capital gains tax. Those remaining in the UK beyond a decade could face a 40% inheritance tax on their global assets. Reeves has also refused to rule out a wealth tax. The policy shift has prompted high-profile departures. French pharmaceutical heiress Anne Beaufour and boxing promoter Eddie Hearn are reported to have recently relocated, while steel magnate Lakshmi Mittal is also believed to be weighing a move abroad. According to Henley's data, London alone lost 11,300 dollar millionaires in 2024. While the UK faces the steepest losses, the trend is not isolated. France, Spain and Germany are also forecast to see net outflows of 800, 500, and 400 millionaires this year, suggesting a wider disillusionment with Western Europe among the global wealthy. Read more: UK's rising debt cost puts Reeves and tax rises in spotlight In contrast, southern Europe is gaining traction as a wealth destination. Italy is projected to add 3,600 millionaires in 2025, supported by its favourable tax regime and lifestyle appeal. Portugal and Greece are set to gain 1,400 and 1,200 millionaires, respectively. The UAE remains the top global draw, with an anticipated inflow of 9,800 HNWIs this year. The US follows with a projected gain of 7,500, while Switzerland continues to attract affluent individuals, adding an estimated 3,000. Countries such as Thailand and Montenegro are also growing in appeal. In an apparent response to the wealth flight, UK ministers are said to be weighing the reintroduction of a revamped 'golden visa' scheme. As first reported by Bloomberg, the proposal would target wealthy individuals willing to invest in priority sectors such as AI, clean energy, and biotechnology, a move aimed at reversing the country's diminishing allure among global 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
India.com
16-07-2025
- Business
- India.com
Why Are India's Billionaires Leaving The Country? A Look At The Hidden Exodus
New Delhi: The skyline of India's economic rise has a silhouette. Skyscrapers, unicorn startups and billion-dollar IPOs. But if you look closer, there is a silent migration unfolding behind the shine. India is now home to more millionaires than ever before, but thousands are quietly packing up and moving out. In 2025 alone, an estimated 3,500 Indian millionaires are expected to leave the country, according to the latest Henley Private Wealth Migration Report. In 2023, the figure was 5,100. In 2024, it dipped to 4,300. But India still tops the global list when it comes to the number of high-net-worth individuals relocating. Apart from being people, they are portable fortunes. About $26.2 billion worth of personal wealth is expected to be moved out of the country along with them. A New Home in the Sands Top destination? The United Arab Emirates (UAE). Nearly 9,800 millionaires from across the world are expected to move to the UAE this year alone. With zero income tax, luxurious lifestyle offerings and long-term visa perks, it has become the gold standard for wealth havens. The rich from India, the United Kingdom, Russia, Southeast Asia and Africa are all finding a new address in the Emirates. The United States, too, remains a popular magnet, expecting to draw 7,500 millionaires this year. Portugal, Singapore and Saudi Arabia are rising stars in this elite migration map. Why Are India's Rich Fleeing? The exodus of wealth is for merely for lifestyle upgrades. It is a complex blend of tax anxiety, regulatory heat and the lure of global mobility. Several factors are driving the trend: 1. The Tax Squeeze: India's tax net has tightened significantly. In just the first quarter of this year, the Central Board of Direct Taxes (CBDT) collected Rs 20,000 crore (nearly double last year's figure) in arrears. That includes Rs 17,244 crore in corporate tax and Rs 2,714 crore in personal income tax. The target for the year? Rs 1.96 lakh crore. Back in 2019-20, the total outstanding demand was Rs 10 lakh crore. It now stands at Rs 42 lakh crore. 2. A Cleaner, Stricter Economy: India's informal economy is shrinking. Transactions once done in cash and outside scrutiny are now being dragged into the formal net. UPI has revolutionised payments. In 2024-25, UPI clocked 185.8 billion transactions worth Rs 261 lakh crore – up 41% from last year. 3. Crackdown on Crypto: Crypto once offered a shadow zone for wealth. That is changing fast. India now treats cryptocurrencies as Virtual Digital Assets under strict financial laws. They are taxed, tracked and monitored under the Prevention of Money Laundering Act (PMLA). For India's ultra-rich, this means fewer loopholes and more reasons to shift their portfolios abroad. 4. Lifestyle, Education, Healthcare and Passport Power: Wealthy families, apart from low taxes, want better life, world-class education, top-tier healthcare and visa-free travel. These are on every millionaire's checklist. Indian passports, though improving, still fall short of European or Caribbean ones. Many seek investment-based residency or citizenship programmes abroad. Programmes such as the UAE's Golden Visa, Portugal's residency-to-citizenship plan and the US EB-5 route offer appealing pathways. The Trump Card Adding intrigue to this year's millionaire migration story is the controversial Trump Card. Priced at $5 million, it promises U.S. permanent residency as a 'premium' alternative to the Green Card. Though not officially approved, over 70,000 people have signed up at Promoters claim it could inject $1 trillion into the U.S. economy if it takes off. The card features President Donald Trump's image and signature. It is backed by conservative businessman John Lottnick and aims to appeal to global investors looking for elite American access. Portugal's Golden Path Portugal remains a steady favourite. Its Golden Visa programme offers access to the Schengen zone and a path to citizenship in just five years. Though direct real estate investment is now off the table, new routes remain open. Indian millionaires with global plans find the programme flexible and appealing. The Bigger Picture Despite the outward flow, India's pool of millionaires is expanding. Between 2014 and 2024, their numbers grew by 72%, thanks to stock market gains, startup windfalls and generational wealth growth. But their outbound shift still signals a deeper concern. A survey by Kotak Private and EY found that 22% of ultra-rich Indians are actively planning to relocate. Their reasons span wealth preservation, family safety, education and long-term planning. Estate structuring is easier abroad. So is tax optimisation. UAE, Singapore and Portugal, they all have become quiet magnets. And India, while on the rise, continues to lose some of its richest minds and wallets to foreign shores.
The Herald Scotland
25-06-2025
- Entertainment
- The Herald Scotland
Venice: my part in ruining the wedding of a tech billionaire
Alas, it has not been that way for the Sanchez-Bezos party. Since Venice emerged as the location, protesters have made it their life's work to be as big a pain in the posteriore as possible. Their latest threat was to jam the area around one party venue with activists riding inflatable crocodiles. Not only has this forced the rewrite of a classic nursery rhyme ('If you see an inflatable crocodile, don't forget to scream!'), it has meant yet another revision to the couple's plans. 'Bezos is on the run,' said one protester. 'This is a crazy victory for a small group of people with no money who went up against one of the richest men on the planet.' Venice protest (Image: Getty) A resident told the Wall Street Journal: 'It's absurd to treat this city like it's Disneyland. The message this wedding sends is that rich people can do whatever they want. We shouldn't kneel before wealth like this.' Quite right, except it is not that simple. Not all rich people are condemned equally. Remember the wedding of George Clooney and Amal Alamuddin in Venice in September 2014? Scotland couldn't go because we were busy with that referendum thing, but we sent a gravy boat from John Lewis and wished the happy couple well. In Venice there were no protests, no giant banners unfurled, everything was sweetness and light for the Hollywood actor and his human rights lawyer partner. Read More: They were the right sort of rich, you see. It can be a tricky business sorting out which camp you are in, so I wouldn't be surprised if Ms Sanchez is puzzling over the rules. For instance, you can start off 'bad rich' and end up 'good rich', like Carnegie. Or you could be relatively skint but people think you are filthy rich and despise you accordingly (the Mitfords). Royal wealth is invisible and must not be criticised because, well, they do so much for the country, don't they (don't they?). Venice (Image: PA) Inherited, self-made, found, stolen: it's all money, money, money in the end. The rich have it and want to keep it, regardless of any upheaval they might have to go through. As reported in the Times on Tuesday, Britain will say cheerio this year to a record 16,500 millionaires (up from 10,800 in 2024), due to tax rises and the weak economy. It is not just the UK. The Henley Private Wealth Migration Report says 142,000 people worldwide with liquid assets of $1 million plus (£740,000) will pack their LV bags and go somewhere more wealth-friendly. This matters because they take their money with them. Dr Juerg Steffen of Henley & Partners, which commissioned the report, called the UK a 'cautionary tale in this new era of wealth migration'. By his reckoning, £66 billion in investable assets had walked out the door. Imagine what that could do for the NHS, or child poverty. Such redistribution sounds the stuff of make-believe, but not so fast. Nigel Farage, leader of Reform and the man some are tipping as the next British PM, has also been pondering the question of wealth. For a one-off fee of £250,000, says Farage, a rich person could buy a special 'Britannia card' that spares them from having to pay UK tax on their overseas earnings. The money raised from the 'tens of thousands' who would take up the offer would then go to the poorest 2.5 million. Straight into their bank accounts, bish, bash bosh. The Chancellor, Rachel Reeves, described Farage's Robin Hood-style plan as 'a massive tax cut for foreign billionaires'. Others said it would mean savage cuts to public spending and punishing tax rises to make up for what was lost to the public purse. Farage refused to answer questions on any of this at the media launch, insisting he wasn't clever enough, and anyway the criticism sounded like 'completely off the wall nonsense'. Now there's a title for the manifesto when the time comes. So far, we have dealt with the conventionally wealthy, but fortunes come in many forms. You might have little in the bank but live in a lovely place that others spend a fortune to visit. In Scotland, that could mean Edinburgh, Skye, somewhere on the North Coast 500, Glasgow - you name it, others want a piece of it, so why shouldn't locals recoup some of the costs? As a tourist you accept that, up to a point. Bezos has reportedly donated a million euros to local causes in Venice. Plus, he is spending up to ten times as much on goods and services while he is there. That's a pretty good payday for most people. But no, we are supposed to be horrified at the vulgar excess of it all and the strain being placed on an already fragile environment. For Venice today, read Edinburgh or Skye tomorrow. Anyone would think Venice was some heavenly wilderness barely touched by human presence. That's not how I remember it. Gorgeous, yes, impressive certainly, but a place that had been relying for too long on maximising the tourist buck. Venice should be saying thanks to the new Mr and Mrs Bezos, and in fairness, some are. Every visitor who ever put a sweaty paw on the ancient walls, or walked the city's alleyways, or bought an over-priced meal, has put a strain on Venice, not all of it made up by spending. It is a city that belongs to the world. Not one couple or one generation or one wealth bracket, but the world. So act accordingly. And if you get a minute Lauren, drop us a line to say how it went. On an e-card, of course. Alison Rowat is a Herald feature writer and columnist
Time of India
24-06-2025
- Business
- Time of India
Millionaires may exit UK in record numbers after non-dom tax shake-up
The United Kingdom is expected to see a record outflow of wealthy residents in 2025, with 16,500 millionaires projected to leave the country. The migration is being linked to recent changes in tax and visa policies, according to the latest Henley Private Wealth Migration Report. The report estimates that these departing individuals collectively hold £66 billion in investable assets. The shift follows the UK government's decision to abolish the long-standing non-domicile (non-dom) tax regime in April and introduce a stricter residence-based tax system. 'This unprecedented outflow follows an already record-breaking year in 2024, when 10,800 affluent residents departed in search of greener pastures — compounding the mounting capital drain that began with Brexit,' said Dr. Juerg Steffen, CEO of Henley & Partners, the firm behind the study. Before 2016, the UK typically gained more millionaires through migration than it lost. But this trend has reversed following two major policy moves: the closure of the Tier 1 investor visa in 2022 and the overhaul of non-dom tax rules in 2024. These changes, followed by Labour's proposed revisions to inheritance tax, have accelerated the exit. (Join our ETNRI WhatsApp channel for all the latest updates) Under the new rules, wealthy foreigners who have lived in the UK for more than four years are subject to UK income and capital gains taxes on their global earnings. Their worldwide assets also fall under the UK's inheritance tax, which is charged at 40%. Live Events You Might Also Like: UK's Farage promises non-doms protection from tax on overseas assets The migration report shows that the UK is projected to lose more high net worth individuals than China or Russia in 2025. While Britain remains attractive to some foreign investors, including Americans seeking to relocate, the inflows have not matched the rate of departures. Henley & Partners reported a 183% increase in the number of British nationals applying for residence or citizenship abroad through the firm in the first quarter of 2025 compared to the same period last year. Among the top destinations for departing UK millionaires are the United Arab Emirates, the United States, Italy, and Switzerland. The UAE is forecast to receive the highest net inflow of millionaires globally this year, with 9,800 expected arrivals. Prominent names reported to have left the UK include heiress Anne Beaufour, investor Max Gottschalk, JC Flowers' Tim Hanford, and boxing promoter Eddie Hearn. Steel magnate Lakshmi Mittal is also said to be considering relocation. You Might Also Like: UK may rethink non-dom inheritance tax as wealthy foreigners exit Meanwhile, some EU countries such as France, Spain, and Germany are also facing similar trends, with expected net losses of high net worth individuals this year.
