The UAE is expected to attract 9,800 new millionaires this year, retaining its crown as the world’s leading wealth magnet. According to the Henley Private Wealth Migration Report 2025, the estimated wealth of millionaires moving to the UAE this year is $63 billion, with the nation recording a 98 percent surge in millionaire growth over the last 10 years.
The second-largest wealth magnet in 2025 is the United States, which is expected to attract 7,500 new wealthy migrants. In third place comes Italy, with 3,600 new millionaires expected to move to it in 2025.
U.K. to lose 16,500 millionaires in 2025
A record-breaking 142,000 millionaires are projected to relocate internationally this year, with the U.K. expected to see the largest net outflow of high-net-worth individuals (HNWIs) by any country since Henley & Partners and New World Wealth began tracking millionaire migration 10 years ago.
The U.K. is forecast to lose a staggering 16,500 millionaires in 2025, more than double the anticipated 7,800 net outflow from China, ranked second this year after topping the millionaire-loser leaderboard every year over the past decade.
“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 U.K.’s economic competitiveness and investment appeal are significant,” said Dr. Juerg Steffen, CEO at Henley & Partners.
The U.K. is not alone in its struggles. For the first time, EU heavyweights France, Spain and Germany are expected to see net HNWI losses in 2025, with projected net outflows of –800, –500, and –400 millionaires, respectively. Ireland, Norway and Sweden are also beginning to see significant wealth losses, with many affluent Europeans relocating to more investor-friendly hubs on the continent.
Southern Europe stands out
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.
These moves across the EU are driven by favorable tax regimes, lifestyle appeal and active investment migration programs. Southern Europe is fast emerging as a new center of gravity for wealth migration in the region, with Monaco remaining popular, especially among ultra-HNWIs from the U.K., Africa and the Middle East.
“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,” said Andrew Amoils, head of research at New World Wealth.
Golden visa propels UAE to the top
Outside of Europe, strong demand from the U.K., India, Russia, Southeast Asia and Africa, facilitated by attractive golden visa options, has reinforced the UAE’s position as the world’s most sought-after wealth haven. Saudi Arabia is the biggest riser on this year’s inbound list, projected to see a net inflow of 2,400 new millionaires in 2025, with the Kingdom benefiting from a surge in returning nationals and international investors settling in Riyadh and Jeddah.
On the other hand, traditional destinations such as Singapore, Australia, Canada and New Zealand appear to be losing their appeal for wealthy entrepreneurs, with their lowest net inflows on record provisionally expected in 2025.
Meanwhile, Thailand is rapidly emerging as Southeast Asia’s new safe haven, with Bangkok positioning itself as a key rival to Singapore. Thailand’s vibrant capital is increasingly favored by HNWIs from China, Vietnam and South Korea, drawn by its international schools, growing financial services sector and high-end real estate offerings.
Read| Dubai ranks among top 20 cities for millionaires globally in 2025: Report
Tax-friendly policies drive HNWIs to Dubai
The U.K.’s sweeping tax reforms have pushed millionaires to relocate to tax-friendly jurisdictions such as the UAE, Monaco and Malta, as well as to lifestyle havens including Italy, Greece, Portugal and Switzerland. Many high-earning execs are settling in the expanding wealth hubs of Dubai, Florida, Milan, St. Julian’s, Lisbon, the Athenian Riviera, Zug and Lugano.
“Since 2014, the number of resident millionaires in the U.K. dropped by 9 percent compared with the W10’s global average growth of 40 percent. Over the same period, the U.S. saw a 78 percent increase in millionaires — the fastest wealth growth among the W10,” said Prof. Trevor Williams, chair and co-founder at FXGuard and former chief economist at Lloyds Bank Commercial Banking.
In Asia, South Korea is expected to see significant net outflows of HNWIs in 2025, more than double last year’s figure, following a period of economic and political turbulence. Vietnam is also beginning to see a worrying uptick in millionaire departures, and Pakistan continues to lose millionaires to the UAE.
Amid ongoing instability in the Middle East, Lebanon faces concerning losses, with many wealthy individuals relocating to Cyprus, Greece and the UAE. Iran is also losing HNWIs to the UAE.
