The world’s wealthiest are on the move, and in 2025 they are heading to destinations promising stability, tax advantages and a high quality of life.
According to the Henley Private Wealth Migration Report 2025, a record-breaking 142,000 high net worth individuals (HNWIs) are expected to relocate globally this year, bringing billions in investable capital with them.
The United Arab Emirates leads the list, projected to gain a net 9,800 millionaires, followed by the United States with 7,500 and Italy with 3,600.
The UAE’s rise as a global wealth hub is no accident. With zero income tax, world class infrastructure, political stability and one of the most flexible residency by investment programs in the world, the Gulf state has evolved from a regional commercial center to a magnet for global wealth. Its Golden Visa program, launched in 2019 and refined in 2022, offers five and ten year residency options tied to property and business investments.
In the US, opportunity remains the prime draw despite political divisions and economic uncertainty. Florida continues to attract retirees and entrepreneurs alike, while Silicon Valley maintains its dominance in the tech sector. Italy, traditionally overlooked in the wealth migration race, is benefiting from relatively low estate taxes and lifestyle appeal, particularly among millionaires from France, the UK and Switzerland.
Other countries in the top 10 include Switzerland, Saudi Arabia, Singapore, Portugal, Greece, Canada and Australia, each offering a distinct blend of tax incentives, lifestyle perks and investment opportunities.
While some nations are seeing record inflows, others are experiencing historic outflows. The UK leads the world in net millionaire departures, with 16,500 expected to leave this year. China and India follow with projected outflows of 7,800 and 3,500 respectively. Analysts link the UK’s decline to political uncertainty, rising taxes and a perceived erosion of opportunity.
Why does this migration matter? HNWIs are more than just wealthy residents, they are often founders, investors and capital drivers. According to New World Wealth, 15 percent of migrating millionaires are entrepreneurs, while over 60 percent of centi millionaires and billionaires moving abroad are business leaders. Their relocation can reshape property markets, accelerate job creation and boost innovation in their new host countries.
“The trajectory of this great wealth migration will be shaped by how effectively nations balance tax competitiveness, political stability and quality of life,” said Dominic Volek, head of private clients at Henley & Partners. “Those that get it right will not only attract global wealth, they will retain it.”
If current trends hold, 2025 could mark a turning point in the global economic map, with Southern Europe and the Gulf emerging as the new centers of gravity for the world’s elite.
