Where Millionaires Are Moving: Top Destinations
Understand the global shifts of wealth. See which destinations attract millionaires and the key factors driving their relocation.
The global movement of millionaires is a significant economic and social phenomenon. High-net-worth individuals (HNWIs), defined as those with liquid investable assets of USD 1 million or more, seek new residences in different countries. Their relocation decisions reflect shifts in economic opportunities, political stability, and lifestyle preferences. This article explores the current landscape of millionaire migration, highlighting patterns, popular destinations, and attractive characteristics.
Global Migration Trends
The global migration of millionaires has intensified, with a notable increase in individuals relocating. In 2023, approximately 120,000 millionaires moved to new countries, a number projected to reach 142,000 in 2025. This rising mobility is influenced by factors like economic security and personal safety. Millionaires seek stable economies and secure environments to protect and grow their wealth, especially amidst geopolitical uncertainties and social unrest.
A significant driver is the desire for financial diversification and tax optimization. Individuals seek jurisdictions with favorable tax policies, such as zero income tax or no estate duties, to minimize tax burdens. Lifestyle preferences, including access to high-quality healthcare, education, and cultural experiences, also play a substantial role. Improved global connectivity and remote work facilitate these international moves, allowing HNWIs to maintain business interests across borders.
Top Destination Countries
Several countries consistently attract a substantial net inflow of millionaires, becoming leading global destinations for wealth migration. The United Arab Emirates (UAE) is projected to welcome 9,800 millionaires in 2025, appealing due to favorable tax policies, a luxurious lifestyle, and strategic location. The United States also remains a significant destination, anticipated to gain 7,500 millionaires in 2025, drawn by its robust economic structure and world-class healthcare.
Singapore continues as a preferred location, with a projected net inflow of 1,600 millionaires in 2025. Canada and Australia also attract wealthy migrants, each expected to welcome around 1,000 millionaires in 2025, offering a high quality of life and political stability. In Europe, Italy, Switzerland, Greece, and Portugal are seeing increased inflows. Italy is projected to attract 3,600 millionaires and Switzerland 3,000 in 2025, often due to lifestyle appeal and investment migration programs. Saudi Arabia is also emerging as a notable destination, with a projected net inflow of 2,400 millionaires in 2025.
Defining Features of Popular Destinations
Popular destinations for millionaire migrants share common characteristics. A stable political environment and robust economic growth are fundamental, providing a secure foundation for wealth preservation and investment opportunities. Many popular destinations offer favorable tax regimes, such as zero income tax or the absence of estate, inheritance, or capital gains taxes, which significantly impact financial planning.
These locations prioritize personal and financial safety, ensuring low crime rates and strong legal protections for assets. Access to high-quality healthcare and education is another common feature, providing reassurance for families considering relocation. Beyond financial and security considerations, these destinations often boast desirable lifestyle amenities, including cultural attractions, natural beauty, and a high standard of living. Opportunities for business and investment, coupled with transparent regulatory frameworks, further enhance their appeal.
Understanding the Data
Data on millionaire migration is primarily collected and analyzed by specialized wealth intelligence firms, such as New World Wealth, in partnership with advisory firms like Henley & Partners. These entities track global wealth migration trends between countries and cities. Their methodologies involve monitoring a large database of high-net-worth individuals, which may exceed 150,000 profiles.
Data collection also incorporates statistics from various sources, including investment migration programs like “Golden Visas” or “residence by investment” schemes offered by over sixty countries, which grant residency rights for monetary investment. Researchers consult public records such as property registers, company registers indicating changes in directors’ residences, and tax data. While these reports provide valuable insights, some methodologies, such as reliance on social media data, have faced scrutiny regarding their ability to reflect actual physical migration accurately.