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Countries Gaining and Losing Millionaires in 2025
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Key Takeaways
- This graphic breaks down millionaire migration in 2025, shedding light on the movement of wealth
- The UK is the biggest mover, losing 16,500 millionaires worth an estimated combined total of $91.8 billion
Countries that offer low taxes, a high quality of life, and political stability can attract high net worth individuals (HNWIs) and reap the benefits of increased investment and job creation.
To see which countries are gaining or losing the most HNWIs in 2025, we’ve visualized millionaire migration data for almost 60 major economies.
Data & Discussion
The data for this visualization comes from Henley & Partners. It ranks countries by projected net inflows and outflows of millionaires in 2025, giving a glimpse into where global wealth is concentrating or dispersing.
| Rank | Country | Millionaire Migration |
|---|---|---|
| 1 | UAE | 9,800 |
| 2 | U.S. | 7,500 |
| 3 | Italy | 3,600 |
| 4 | Switzerland | 3,000 |
| 5 | Saudi Arabia | 2,400 |
| 6 | Singapore | 1,600 |
| 7 | Portugal | 1,400 |
| 8 | Greece | 1,200 |
| 9 | Canada | 1,000 |
| 10 | Australia | 1,000 |
| 11 | Hong Kong | 800 |
| 12 | Japan | 600 |
| 13 | Malta | 500 |
| 14 | Thailand | 450 |
| 15 | Costa Rica | 350 |
| 16 | Panama | 300 |
| 17 | Cyprus | 250 |
| 18 | Monaco | 200 |
| 19 | Cayman Islands | 200 |
| 20 | New Zealand | 150 |
| 21 | Montenegro | 150 |
| 22 | Netherlands | 100 |
| 23 | Latvia | 100 |
| 24 | Morocco | 100 |
| 25 | Mauritius | 100 |
| 26 | Austria | 50 |
| 27 | Croatia | 50 |
| 28 | Bermuda | 50 |
| 29 | Belgium | 50 |
| 30 | Hungary | 50 |
| 31 | Seychelles | 50 |
| 32 | Sweden | -50 |
| 33 | Philippines | -50 |
| 34 | Angola | -50 |
| 35 | Türkiye | -100 |
| 36 | Taiwan | -100 |
| 37 | Ireland | -100 |
| 38 | Argentina | -100 |
| 39 | Pakistan | -100 |
| 40 | Egypt | -100 |
| 41 | Norway | -150 |
| 42 | Mexico | -150 |
| 43 | Colombia | -150 |
| 44 | Lebanon | -200 |
| 45 | Iran | -200 |
| 46 | Nigeria | -200 |
| 47 | Indonesia | -250 |
| 48 | South Africa | -250 |
| 49 | Vietnam | -300 |
| 50 | Israel | -350 |
| 51 | Germany | -400 |
| 52 | Spain | -500 |
| 53 | France | -800 |
| 54 | Brazil | -1,200 |
| 55 | Russia | -1,500 |
| 56 | S. Korea | -2,400 |
| 57 | India | -3,500 |
| 58 | China | -7,800 |
| 59 | UK | -16,500 |
Top Gainers in 2025
The United Arab Emirates leads with a net gain of 9,800 millionaires, cementing its appeal through low taxes, luxury lifestyle offerings, and economic openness.
The U.S. ranks second, adding 7,500 millionaires, likely driven by its diversified economy and investment opportunities. Southern European countries like Italy and Portugal also stand out, attracting HNWIs with “golden visa” programs.
For example, Portugal’s golden visa program offers investors a streamlined path to European residency and eventual citizenship through qualified investments in funds, research, or cultural projects.
Where Millionaires Are Leaving
The United Kingdom tops the list of net outflows, with 16,500 millionaires expected to leave in 2025. That’s nearly double the outflow from China, which ranks second with a net loss of 7,800 HNWIs.
For the first time in a decade of tracking, a European country leads the world in millionaire outflows.
Juerg Steffen, CEO at Henley & Partners
Reasons for the UK’s exodus of HNWIs include hikes on capital gains and inheritance taxes, as well as declining economic confidence.
France, Brazil, and India also rank high on the list of millionaire outflows.
Learn More on the Voronoi App
If you enjoyed today’s post, check out The World’s Wealthiest Cities on Voronoi, the new app from Visual Capitalist.