Throughout 2025, 142,000 millionaires will change countries. This figure represents the largest global movement of high-net-worth individuals recorded in recent history. According to the Henley Private Wealth Migration Report 2025, the United Kingdom tops the list of countries with the highest net loss of millionaires, with a projected 16,500 departures-far surpassing China, which, for the frist time in ten years, falls to second place with 7,800.
This phenomenon, which reflects a profound shift in global elite mobility trends, is driven by tax changes, perceptions of political stability, and new investment opportunities in other destinations. “2025 marks a turning point.For the first time in a decade, a European country leads the millionaire exodus. This is not just about taxes, but about a deeper perception that opportunities, freedom, and stability lie elsewhere in the world,” says Dr.Juerg Steffen, CEO of Henley & Partners.
Key Trends
In addition to the United Kingdom, France, Spain, and Germany will also experience net losses of high-net-worth individuals in 2025, with projected outflows of 800, 500, and 400 millionaires, respectively. other countries such as Ireland,Norway,and Sweden are beginning to show similar signs. By contrast, Switzerland is solidifying its position as one of the main wealth havens in Europe, with a net inflow of 3,000 millionaires, while Italy, Portugal, and Greece are set to experience record arrivals-driven by favorable tax regimes, high quality of life, and active investment migration programs. Simultaneously occurring, Monaco, with more than 200 new millionaires, continues to attract the ultra-wealthy, notably from the UK, Africa, and the Middle East.
On the global stage, the United Arab Emirates once again ranks as the most popular destination, with an estimated net inflow of 9,800 millionaires. It is followed by the United States (+7,500) and Saudi Arabia (+2,400), the latter on the rise thanks to the arrival of international investors and the return of nationals.
In Asia,Thailand is beginning to challenge **Singapor
Wealth Exodus from the UK and the Rise of Asia in 2025
The United Kingdom is projected to experience a important outflow of high-net-worth individuals (HNWIs) in 2025,becoming a net exporter of wealth. A report estimates that 16,500 millionaires are expected to leave the country this year,largely due to tax reforms implemented in the October 2024 budget. https://www.henleyglobal.com/news/uk-set-to-lose-16500-millionaires-in-2025-as-wealth-exit-gathers-pace These reforms included increases to capital gains taxes and inheritance taxes, as well as changes to the tax benefits previously available to non-domiciled residents.
This trend, dubbed “WEXIT” (wealth exit), is driving affluent individuals to relocate to jurisdictions with more favorable tax environments, including Dubai, Monaco, Malta, Switzerland, Italy, greece, and Portugal. https://www.reuters.com/world/europe/uks-wealth-exit-accelerates-tax-hike-prompts-millionaire-outflow-2024-12-12/
The UK has been an outlier among the world’s top 10 economies, experiencing a 9% decline in its millionaire population as 2014, while the other nine nations saw an average growth of 40% during the same period. https://www.henleyglobal.com/news/uk-set-to-lose-16500-millionaires-in-2025-as-wealth-exit-gathers-pace “The UK has been the only country among the world’s top 10 economies to record a decline in millionaires as 2014, with a 9% drop, compared to an average growth of 40% across the rest of the group,” explains Prof. Trevor Williams, former chief economist at Lloyds Bank.
The Future of Wealth: Asia at the Center
Despite the challenges in the UK and other regions, Asia remains the primary engine of global economic growth and wealth creation. While China and India continue to experience net outflows of wealth, these trends are showing signs of stabilization, fueled by growth in their technology and entertainment sectors. https://www.henleyglobal.com/news/uks-wealth-exit-accelerates-tax-hike-prompts-millionaire-outflow-2024-12-12/
Singapore and Japan are increasingly solidifying their positions as key wealth hubs,attracting HNWIs. South korea and Taiwan demonstrate how geopolitical factors can substantially influence residency decisions among the ultra-wealthy.
“The wealth landscape in Asia is a mix of ambition and caution. Asia will remain at the heart of global wealth trends in 2025,” concludes Dr. Parag Khanna,author and founder of AlphaGeo. https://www.alphageo.co/