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Mapped: Millionaire Wealth Flows in 2025
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Key Takeaways
- Due to wealth tax revisions, the UK is projected to see $91.8 billion in millionaire wealth outflows, outpacing China by nearly twofold.
- India is forecast to see the third-highest wealth outflows, at $26.2 billion.
- With $63 billion in net inflows, the UAE is set to see the highest influx in wealth globally thanks to zero tax on income and its favorable business climate.
Millionaire wealth moves across borders for several reasons, including business opportunity, taxation laws, and economic stability.
Together, relocating millionaires hold hundreds of billions of dollars each year. While the UAE has emerged as a hotspot for wealthy migrants, countries like the UK and China are forecast to lose thousands of millionaires in 2025.
This graphic shows net millionaire wealth inflows and outflows by country, based on projections from Henley & Partners.
The Top Countries by Millionaire Wealth Inflows
Below, we show the leading countries by net millionaire inflows, represented as those with at least $1 million in investable wealth in U.S. dollars.
| Rank | Top Inflows | Estimated Wealth of Migrating Millionaires |
|---|---|---|
| 1 | UAE | $63.0B |
| 2 | U.S. | $43.7B |
| 3 | Italy | $20.7B |
| 4 | Saudi Arabia | $18.4B |
| 5 | Switzerland | $16.8B |
| 6 | Monaco | $11.0B |
| 7 | Singapore | $8.9B |
| 8 | Portugal | $8.1B |
| 9 | Greece | $7.7B |
| 10 | Canada | $5.7B |
| 11 | Australia | $5.6B |
As we can see, the UAE leads globally, with the number of millionaires moving to the country up 90% over the past decade.
The country has been a magnet for attracting new residents thanks to having zero income tax, in addition to zero taxation on property and capital gains. Going further, 9,800 new millionaires are set to move to the country this year—up from 6,700 in 2024.
Coming in second is the U.S., home to the world’s largest millionaire population, with $43.7 billion in wealth flows.
The Top Countries by Millionaire Wealth Outflows
In comparison, here are the countries set to lose the most millionaire wealth overall:
| Rank | Top Outflows | Estimated Wealth of Migrating Millionaires |
|---|---|---|
| 1 | UK | -$91.8B |
| 2 | China | -$55.9B |
| 3 | India | -$26.2B |
| 4 | South Korea | -$15.2B |
| 5 | Russia | -$14.7B |
| 6 | Brazil | -$8.4B |
| 7 | France | -$4.4B |
| 8 | Spain | -$3.1B |
| 9 | Indonesia | -$3.0B |
| 10 | Lebanon | -$2.8B |
| 11 | Vietnam | -$2.8B |
This year, the UK is forecast to see an exodus of millionaires, together holding $91.8 billion in wealth.
In particular, higher capital gains tax and revisions to inheritance tax are projected to drive this shift. However, separate reports find that millionaires have not left in droves so far this year, as projected.
China follows next, with $55.9 billion while India is forecast to see $26.1 billion in net outflows, likely motivated in part by its high tax structure.
Learn More on the Voronoi App
To learn more about this topic, check out this graphic on billionaire migration over the past decade.