Global Wealth Migration Trends in 2025: Where Millionaires Are Headed

The Henley Private Wealth Migration Report 2025 predicts 142,000 millionaires will relocate globally this year, rising to 165,000 in 2026. The UAE leads as the top destination with 9,800 inflows, followed by the US, Italy, and Switzerland. India’s net loss of 3,500 millionaires signals a slowing exodus, while the UK faces the largest outflow at 16,500. Investment migration programs, like the UAE’s Golden Visa and the US EB-5 program, remain popular, reflecting the elite’s preference for flexibility and global mobility.

A significant shift in wealth migration is forecast for 2025, with an estimated 142,000 millionaires expected to relocate to new countries. This figure is predicted to rise further to 165,000 in 2026, according to the Henley Private Wealth Migration Report 2025, released on June 24. The report, which tracks the movements of high-net-worth individuals (HNIs)—defined as those possessing over $1 million in liquid assets—highlights the evolving landscape of global private wealth flows.

India’s Wealth Exodus Slows

India is set to experience a net loss of 3,500 millionaires in 2025, but this marks a notable improvement compared to previous years. The report attributes this reduced outflow to factors such as return migration and shifting global tax policies, which are gradually reversing earlier trends. While India remains a net exporter of wealthy individuals, the pace of migration is moderating.

UAE Emerges as a Top Magnet for Wealth

The United Arab Emirates (UAE) has solidified its position as the most attractive destination for millionaire migrants in 2025, with a projected net inflow of 9,800 HNIs. This represents a substantial increase from the 6,700 wealthy individuals who moved there last year.

The United States ranks second, with an expected inflow of 7,500 millionaires. Italy and Switzerland follow with 2,200 and 1,500 HNIs, respectively. Saudi Arabia, meanwhile, stands out as a rising contender, forecasting an inflow of 2,400 wealthy individuals—a staggering eightfold increase from 2024.

Nine of the top ten destinations for millionaire migrants, including Australia, Singapore, and Portugal, operate structured investment migration programs. These programs enable investors to secure residency or citizenship in exchange for financial contributions, making them particularly appealing to the global elite.

UK Leads in Millionaire Departures

The United Kingdom is projected to witness the largest net outflow of millionaires globally, with 16,500 expected to leave in 2025. This represents a significant reversal from the years leading up to 2016 when the UK was a leading destination for wealthy individuals.

China follows closely with a forecast net loss of 7,800 millionaires, making it the second-largest exporter of wealth. Other countries in Asia experiencing notable outflows include India (3,500) and South Korea (2,400).

Several European nations are also grappling with net exits of HNIs, including France (-800), Spain (-500), Germany (-400), Norway (-150), Ireland (-100), and Sweden (-50).

Why the UAE and US Are Wealth Magnets

The UAE’s appeal lies in its combination of a welcoming immigration policy, zero income tax, world-class infrastructure, and political stability. The country’s long-term Golden Visa program, introduced in 2019 and expanded in 2022, offers five- and ten-year residency options that are increasingly popular among affluent investors.

“Many high-net-worth individuals are drawn to the UAE for its luxury lifestyle and the absence of personal income tax,” explained Nuri Katz, founder of investment advisory firm Apex Capital Partners.

In the United States, the EB-5 Immigrant Investor Program remains a key driver of wealthy migration. According to the report, the program has attracted over $50 billion in foreign investment and created thousands of jobs, making it a popular option for affluent migrants.

Investment Migration: A Growing but Limited Trend

Although structured investment migration programs often make headlines, they account for only 30% of HNIs seeking second residencies. The majority secure residency through other means, such as ancestry, family connections, retirement, work visas, or holding multiple citizenships by birthright.

Interestingly, many individuals counted as "migrating" may not physically relocate. “Several people are simply obtaining residency or citizenship papers in other countries without actually moving,” Katz noted.

Rising Demand for Second Residencies

The desire for second residencies continues to climb. Henley & Partners reported a 64% increase in applications for investment migration programs in the first quarter of 2025 compared to the same period in 2024. Enquiries also rose by 53%.

Portugal’s Golden Residence Permit Program remains a favorite among applicants, despite recent restrictions. Caribbean programs in Grenada, Antigua and Barbuda, and St. Kitts and Nevis are also in high demand, as is New Zealand’s Active Investor Plus Visa.

The report highlights a growing preference among wealthy individuals for flexible arrangements that allow them to live across multiple countries rather than committing to a single destination. This trend reflects the increasing mobility of global wealth and the evolving priorities of the world’s elite.

The global movement of millionaires in 2025 underscores shifting economic, social, and political dynamics. While countries like the UAE and the US remain magnets for wealth, others, such as the UK and China, are witnessing significant outflows. As high-net-worth individuals seek greater flexibility and security, the demand for second residencies and investment migration programs shows no signs of slowing down. These trends will undoubtedly continue to shape the global distribution of private wealth in the years to come.