A historic shift is underway among the world’s wealthiest individuals, with a record number of millionaires opting to migrate in search of better financial opportunities and greater stability.
This year, approximately 142,000 millionaires are planning to relocate, a number expected to rise to 165,000 next year, reports Henley Private Wealth Migration Report 2025.
This movement, dubbed the ‘great wealth migration’ is being driven by the recent geopolitical instability, macroeconomic challenges, and shifting sociopolitical landscape.
Where are the millionaires going?
While traditional destinations like Switzerland, the United States, and the United Arab Emirates (UAE) remain popular among affluent people, one lesser-known eastern European nation — Montenegro has emerged as the world’s fastest-growing millionaire hub.
Over the past decade, its millionaire population has surged by 124% to 2,800 individuals, said to Fortune the report.
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This rapid growth is attributed to several key factors:
- Fiscal flexibility: Montenegro’s low-tax regime, with flat income taxes and no inheritance or gift tax, has made it highly attractive for wealth preservation.
- Lifestyle appeal: The country offers luxury real estate offerings, and an appealing Mediterranean lifestyle.
- Golden Passport program: The Balkan nation’s former investment-for-citizenship program, which has since been terminated, played a significant role in attracting a crowd of affluent individuals and families.
Other top destinations for relocation
The UAE continues to attract high-net-worth individuals, projected to net about 9,800 millionaires this year, which is the most in any country.
The nation is appealing because of its political stability, business-friendly environment and its own Golden Visa program, Fortune reported.
Wealth value in U.S. dollars
Other nations such as Malta, and Poland are also experiencing sizable increases in millionaire growth.
Wealth is migrating out of Western Europe
In contrast to the surge in millionaires relocating to places like Montenegro and the UAE, many established European nations are experiencing a significant outflow of their wealthiest citizens.
This year marks the first time in a decade that a European country, the United Kingdom (UK) is leading the world in millionaire departures.
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An estimated 16,500 millionaires, representing around $91.8 billion in wealth are expected to leave the British Isles this year. This decline is linked to the fallout from Brexit, political uncertainty, and recent changes to non-domicile tax rules.
Millionaire outflows by country
Source: Henley & Partners
“Despite this outbound wave, the UK remains a desirable destination for high-net-worth individuals—particularly Americans disenchanted with the current Trump administration,” wrote Henley & Partners CEO Juerg Steffen. “Yet without a viable entry pathway, the country is unable to offset the outflow, leaving a growing imbalance between incoming and outgoing wealth.”
Other major European economies like France, Spain, and Germany are also showing worrying signs of wealth migration.
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This trend suggests a broader erosion of confidence among Europe’s wealthy elite, with potential long-term consequences for regional financial stability and innovation, Fortune reported.