Millionaire Migration: Where Are the World’s Wealthy Going in 2025? Key Insights from 2024

As wealth continues to grow and global mobility increases, high-net-worth individuals (HNWIs)—those with assets of $1 million or more—are becoming more discerning in their choice of where to live, invest, and expand. The shifting landscape of global migration is increasingly shaped by millionaires seeking countries that offer the right balance of financial benefits, quality of life, and stability.

In this article, we’ll dive into the latest trends in millionaire migration, exploring which countries are seeing the biggest influx of wealthy individuals, which are losing them, and the key factors influencing these decisions.

We’ll also unpack what these migration patterns mean for global economies and the investment opportunities that follow.

Global Millionaire Migration in 2024

In 2024, around 128,000 millionaires are expected to relocate globally, marking a significant shift in wealth and talent that could greatly impact the economies and societies of both the countries they leave and those they enter.

Historical Context and Evolution

To understand the importance of this trend, it helps to look back at its evolution over the last decade.

As the figures above show, millionaire migration has steadily increased, nearly doubling from 2015 to 2018. The projected 128,000 HNWI relocations in 2024 suggest this trend remains strong, despite recent disruptions like the Covid-19 pandemic.

This growing movement of wealth across borders highlights the increasing importance of wealth mobility in the global economy. It reflects a widening range of options for HNWIs, heightened competition among countries to attract private capital, and the influence of rising geopolitical volatility, which has prompted many to diversify their residency options.

Top Countries Gaining Millionaires in 2024

In 2024, the United Arab Emirates (UAE) is expected to lead in attracting millionaires, with a projected net inflow of 6,700 HNWIs. The United States follows with 3,800 new millionaires, then Singapore with 3,500, Canada with 3,200, and Australia with 2,500.

The full top ten countries expected to see the largest net inflows of millionaires in 2024 include:

The UAE’s top ranking stems from its strategic investments in economic diversification and key sectors like tourism, real estate, technology, and financial services. Its favorable tax policies and commitment to international regulatory standards have made it a prime destination for entrepreneurs and HNWIs alike.

Other countries in the top ten offer attractive combinations of business opportunities, high quality of life, favorable tax structures, and options for residency or citizenship for wealthy investors. Together, they form a diverse mix of established and emerging wealth hubs on the global stage.

Top Countries Losing Millionaires in 2024

On the other side of the migration trend, several countries are expected to see notable losses of millionaires in 2024. China leads this list, with a projected net outflow of 15,200 HNWIs, while the United Kingdom follows, likely to see around 9,500 millionaires leaving.

Below is a list of the ten countries forecasted to experience the largest net outflows of millionaires in 2024:

Geopolitical tensions, economic challenges, and domestic instability are key factors prompting millionaires to exit these countries. China, in particular, is expected to experience its largest-ever outflow of wealthy individuals, driven by concerns over its economic outlook and ongoing international tensions. These factors are encouraging many HNWIs to seek greater stability, flexibility, and opportunities abroad.

Meanwhile, the UK's expected outflow in 2024 follows a trend that started after Brexit. From 2016 to 2022, around 16,500 millionaires left the UK—a surprising shift for a country once seen as a top destination for global wealth. This change reflects the pull of other countries offering more stability and better opportunities for high-net-worth individuals.

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Regional Trends in Millionaire Migration

Looking beyond individual countries, we see regional patterns in millionaire migration. Each region has its own mix of inflows and outflows, shaped by unique economic and social factors.

In the Middle East and North Africa (MENA), the UAE leads with a forecasted net gain of 6,700 millionaires in 2024—over 75% of the region's total. The UAE’s appeal comes from its business-friendly environment and lifestyle benefits.

The Asia Pacific (APAC) region shows a more varied trend. While countries like Singapore and Australia are set to attract many millionaires, others, such as China, India, and South Korea, are likely to experience notable outflows.

Europe has its own contrasts. The UK is expected to see the second-largest outflow of millionaires worldwide. Meanwhile, countries like Switzerland, Italy, Greece, and Portugal remain top choices for those seeking a blend of lifestyle perks, financial benefits, and ease of travel.

In the Americas, the US and Canada are the main draws, ranking among the top destinations for millionaire inflows. This reinforces North America's position as a hub for global wealth. Latin America, however, shows more mixed patterns, with less predictable flows of HNWIs.

These regional variations show us how HNWI migration patterns are shaped by a complex interplay of economic, political, and social forces that can vary significantly across geographies. They also highlight how the focal points of global wealth attraction are distributed across multiple regions rather than concentrating in a single one.

Navigating the Millionaire Migration Phenomenon: Drivers, Benefits, and Industry Impacts

Understanding the Drivers of Millionaire Migration

The decision for a millionaire to relocate to a new country often stems from a mix of financial and personal motivations. Here are some common factors that influence their choice:

• Safety and Security: Wealthy individuals value personal and family safety. Countries with low crime rates, political stability, and strong legal systems are highly attractive.
• Financial Benefits: This includes factors like tax structures, wealth protection options, ease of doing business, and investment opportunities. Millionaires typically prefer places with simpler, more favorable tax policies.
• Quality of Life: Lifestyle elements—such as climate, healthcare, education, and cultural richness—can be strong draws. Many millionaires move for a better living standard and quality of life for their families.
• Connectivity: Easy access to global financial hubs and markets is important for managing business interests. Well-connected cities make international operations much more convenient.

For countries looking to attract and retain wealthy individuals, competitive tax policies are essential but not enough. A comprehensive approach that includes safety, efficient institutions, top-notch infrastructure, and a high quality of life is key.

Investment Migration and Millionaire Mobility

Investment migration programs, which offer residency or citizenship in return for significant financial investments, are increasingly influencing where millionaires choose to live.

• Residence-by-Investment (RBI): These programs grant HNWIs the right to live, work, and study in a country in exchange for qualifying investments, often real estate purchases.
• Citizenship-by-Investment (CBI): These programs go further, providing direct citizenship for investors, creating a strong appeal for those seeking additional global options.

Approximately 30% of migrating HNWIs now leverage investment migration pathways, driven by several key benefits:

• Enhanced Global Mobility: Alternative citizenship or residence grants greater travel freedom and safeguards against risks in one's home country—an advantage that became particularly evident during COVID-19 travel restrictions.
• Financial Diversification: These programs allow millionaires to diversify their assets and manage wealth across multiple jurisdictions, supporting tax optimization, risk management, and estate planning.
• Lifestyle and Education Opportunities: Gaining residence rights in another country opens up new lifestyle and educational options for investors and their families.
• Speed and Reliability: Investment migration is often the quickest, most reliable way to secure these benefits compared to traditional immigration, which can be slow and complex.

Countries that offer accessible, high-value investment migration programs attract significant HNWI inflows. The UAE, for example, has seen substantial millionaire migration, aided by its attractive RBI schemes alongside its broader lifestyle and financial appeal.

With more nations introducing these programs to attract global wealth, the market is highly competitive. Factors like investment thresholds, processing time, due diligence, and country reputation make some programs more appealing to HNWIs than others.

A successful investment migration program typically aligns with the wider needs of HNWIs. Beyond the core program, investors consider factors like tax policy, business environment, lifestyle quality, and luxury real estate options.

Looking forward, investment migration will likely remain a significant driver of millionaire mobility. As global mobility becomes increasingly important in a complex world, countries with strong, well-managed programs will have a distinct advantage in attracting wealthy individuals and their capital.

The Significance of Millionaire Migration

The movement of millionaires between countries can have major effects on both their home and destination countries. Here’s how:

Economic Boosts and Losses: When millionaires move, they take their wealth with them, sparking investment and economic growth in their new countries. For countries losing millionaires, this can mean a weaker tax base and reduced domestic spending.

Entrepreneurship and Jobs: Many migrating millionaires are entrepreneurs—around 20% of all HNWIs, and over 60% of those with $100M+ in net worth, own businesses. Their relocation shapes where new companies emerge and grow.

Talent and Innovation: Millionaires often bring valuable skills, networks, and a drive for innovation, enriching their new country’s talent landscape.

Policy Influence: Countries competing to attract wealthy individuals often adjust policies in areas like tax, immigration, and infrastructure. This highlights the strong impact of millionaire migration on public policy.

Risks and Downsides: Inflows of millionaire wealth, if unmanaged, can worsen inequality, raise housing costs, and push out local talent. Smart policies are essential to capture the benefits while managing potential downsides.

Impact on Wealth Management and Financial Services

The growing volume and complexity of millionaire migration have significant consequences for the wealth management and financial services industries. As high-net-worth individuals (HNWIs) become more globally mobile, they increasingly need sophisticated cross-border wealth management solutions.

This shift is driving the demand for specialized services such as global asset allocation, multi-currency banking, cross-border tax planning, and portable wealth protection structures. Wealth managers who can offer integrated, jurisdiction-independent solutions are likely to be in high demand.

This trend is also contributing to the expansion of multi-family offices (MFOs) and external asset managers (EAMs), who provide tailored, independent advice to HNWIs navigating complex cross-border wealth management challenges.

Independent firms, compared to traditional bank-affiliated wealth managers, are often better positioned to offer unbiased guidance that caters to the specific needs of globally mobile HNWIs.

On a more structural level, the increasing prominence of investment migration is reshaping the competitive landscape within the wealth management sector. The integration of investment migration services with traditional wealth management offerings is becoming more common, as firms aim to differentiate themselves and capture a larger share of the globally mobile HNWI wealth.

This trend of convergence is showing up in different forms, from wealth managers developing in-house investment migration advisory capabilities to forming strategic partnerships with specialized investment migration firms.

It highlights how the boundaries between previously distinct industries are blurring, in response to the evolving needs and preferences of the global HNWI population.

Geopolitical and Policy Implications in Millionaire Migration

The growing scale and influence of millionaire migration is capturing the attention of policymakers worldwide. As more HNWIs (high-net-worth individuals) move across borders, the impact on economies and societies is becoming increasingly apparent, prompting governments to adopt more proactive and strategic approaches to HNWI migration.

One of the most visible manifestations of this shift is the expansion and refinement of investment migration programs. Countries are launching more Residency by Investment (RBI) and Citizenship by Investment (CBI) schemes as part of a strategic effort to attract global private wealth. These programs are evolving in response to market demands and growing competition among nations eager to capture their share of this highly mobile capital.

Governments are also paying closer attention to the broader policy environment that influences HNWI migration. This includes areas like tax policy, business regulations, infrastructure development, and lifestyle factors—things like quality of life, education, and healthcare. The countries that can get this balance right will not only attract global wealth but also gain a competitive edge in the ongoing race to woo the world’s wealthiest individuals.

However, as the volume of millionaire migration grows, so too do the policy questions and concerns that arise. Issues such as transparency, due diligence, and the potential for investment migration to be misused for tax evasion or money laundering are increasingly in the spotlight. Governments face the delicate challenge of maximizing the economic benefits of attracting HNWIs while ensuring strong safeguards are in place to prevent abuse.

At the same time, the influx of substantial wealth from HNWIs can create its own set of challenges for host countries. For instance, when wealth is concentrated in specific areas, it can exacerbate issues like inequality, rising housing costs, and social fragmentation. If these dynamics aren’t managed carefully, they could lead to resentment and instability.

Conversely, when HNWIs move their wealth away from their home countries, it can result in negative consequences such as a drain on local productivity or a weakened tax base. This makes it essential for policymakers to carefully navigate the distributional impacts of millionaire migration, ensuring that the benefits are shared equitably and that any negative consequences are minimized.

Looking ahead, the key to success will be proactive and forward-thinking policy engagement. Countries that are able to strike the right balance between attracting investment and maintaining the integrity of their policies will be well-positioned to benefit from the growing importance of investment migration in shaping global migration patterns. By taking a thoughtful, adaptable approach, governments can harness the opportunities presented by millionaire migration while mitigating its potential risks.

A New World

The movement of millionaires across borders is more than just a shift in where the wealthy choose to live; it is a powerful reflection of the evolving global dynamics and changing priorities of individual investors. Even the migration patterns of a small number of high-net-worth individuals (HNWIs) can have disproportionately large economic and societal effects, underscoring the significance of this phenomenon.

Looking ahead, it's clear that millionaire migration will continue to reshape the global economic and wealth management landscape. The data and trends point to an ever-growing impact, with migration flows projected to remain dynamic in the coming years, further influencing the distribution of global wealth.

For HNWIs, global mobility and domicile diversification are likely to stay at the top of their priorities, particularly in a world marked by uncertainty and change. With financial markets and geopolitical landscapes in flux, many of the world’s wealthiest are seeking not just safe havens, but also the ability to capitalize on a broader array of opportunities across borders. This trend will keep investment migration solutions at the forefront of wealth management strategies, with the range of options becoming more sophisticated and tailored to meet the unique needs of these mobile elites.

For wealth managers and financial services providers, the challenge will be to stay ahead of this rapidly evolving market. Offering cross-border wealth management solutions that are integrated and portable will be crucial to meeting the needs of globally mobile HNWIs. The convergence of traditional wealth management with investment migration services is already reshaping the competitive landscape, with firms seeking to provide more comprehensive, tailored services that cater to the increasingly complex demands of their clients.

Policymakers, too, are recognizing the rising importance of millionaire migration. The stakes are only getting higher, and developing a cohesive, holistic framework for attracting and managing these global wealth flows will become a key differentiator for countries vying for HNWI capital. Governments that can align their policies in areas like taxation, business climate, and quality of life will stand the best chance of winning the competition for global wealth. At the same time, ensuring that these flows are transparent, sustainable, and beneficial for society at large will be an ongoing challenge that requires careful oversight and governance.

For countries, the race to attract global millionaire wealth is intensifying. Amidst growing competition and geopolitical uncertainty, countries must adopt proactive, future-oriented policymaking to stay ahead. This will involve not only tax policy and business incentives but also attracting talent and fostering an environment that appeals to the global elite. Those that can offer compelling value propositions—across financial services, lifestyle enablers, and quality of life—will find themselves well-positioned for success in this global competition.

From Challenge to Opportunity

Ultimately, the trends projected for millionaire migration in 2024 represent a snapshot of a larger structural shift in the global wealth landscape. Understanding and adapting to this shift will be a defining challenge and opportunity for investors, financial services providers, and policymakers alike. The countries and industry players who can adapt to the increasing demand for global mobility will be best placed to thrive in this new world.

Realizing the full potential of millionaire migration while managing its risks requires collaboration across various stakeholders. Balancing the economic benefits with the need for transparency, integrity, and sustainability will require ongoing dialogue and coordination between the public and private sectors.

As millionaire migration continues to shape the future, those who understand these trends and engage proactively with them will be able to harness the transformative potential of this global movement. By doing so, we can foster a future that encourages shared prosperity and sustainable growth, while meeting the needs of a more mobile and interconnected world.