The Henley Private Wealth Migration 2025 report by Henley & Partners projects that 142,000 millionaires will relocate globally this year. This figure surpasses the total outflows recorded in both 2023 and 2024.
While some countries continue to attract high-net-worth individuals (HNWIs), others are seeing significant losses. These outflows impact both the number of wealthy residents and the overall capital they hold.
Countries Losing the Highest Millionaires in the World
Greater London, England, United Kingdom; Photo- Pexels1. United Kingdom
The United Kingdom will lose 16,500 high-net-worth individuals (HNWIs) in 2025, the highest outflow globally. This surge follows major fiscal changes, including the removal of non-domicile tax status and increased capital gains and inheritance tax rates.
These policy shifts have triggered alarm among wealthy residents. Many are choosing tax-efficient countries such as the UAE and Singapore, seeking greater financial predictability, wealth preservation, and lifestyle benefits.
A hazy day in Beijing; Photo- World Bank Photo Collection | Flickr2. China
China expects 7,800 millionaires to emigrate in 2025, placing it second on the global list of HNWI outflows.
Wealthy Chinese are continuing to diversify assets abroad, driven by strict capital controls and restrictive regulatory conditions.
Geopolitical uncertainty and domestic policy tightening are accelerating outbound migration. Despite the departures, China’s millionaire population continues to expand due to strong internal wealth generation and a growing middle class.
Taj Mahal, Agra, India; Photo- Wikipedia3. India
India will see 3,500 millionaires leave in 2025, maintaining its consistent position among the world’s top wealth outflow nations.
Popular destinations for Indian HNWIs include the United Arab Emirates, Canada, and Singapore, thanks to favorable residency options and global connectivity.
India’s overall HNWI growth remains one of the fastest in the world. While outbound mobility is rising, the country continues to generate new millionaires through rapid economic expansion and a thriving startup ecosystem.
UNESCO World Heritage Site, Changdeokgung, South Korea; Photo- Wikipedia4. South Korea
South Korea will lose 2,400 millionaires this year, driven by growing financial pressures and regional instability.
Many wealthy South Koreans are relocating to countries that offer better personal security and overseas educational options.
Increased tax burdens and limited domestic investment options are pushing the wealthy to look abroad. Despite this, South Korea’s domestic wealth creation remains steady, supported by strong export industries and global tech leadership.
The Kremlin in Moscow, Russia (Photo by A.Savin – Wikimedia Commons, CC BY-SA 3.0)5. Russia
Russia is projected to lose 1,500 millionaires in 2025, continuing a steep and sustained trend of capital flight. Sanctions, currency volatility, and restricted access to Western financial systems are prompting relocations.
The country has seen its millionaire population decline by 25% over five years, representing the sharpest drop among top-ranking nations. Wealthy Russians are moving to countries with more stable financial environments and stronger legal protections for private assets.
Planalto Central government district in Brasília, Brazil (Photo by Pedro França/Agęncia Senado – Wikimedia Commons, CC BY-SA 4.0)6. Brazil
Brazil will see a net loss of 1,200 millionaires this year as political and economic uncertainty deepens.
Many affluent Brazilians are moving to countries such as Portugal, Spain, and the United States in search of better governance and asset security.
Frequent policy shifts and inflation have eroded investor confidence. These relocations reflect a broader effort by Brazil’s wealthy to preserve capital in more stable jurisdictions with clearer long-term economic outlooks.
Paris City; Photo- Wikimedia Commons7. France
France will experience an outflow of 800 millionaires in 2025. High personal income and wealth taxes, combined with complex regulations, are leading many HNWIs to explore relocation options.
This is the first year France features prominently in global outflow rankings. Many French millionaires are now looking to move to more business-friendly nations such as Switzerland, where wealth retention is more manageable.
Las Ramblas, Barcelona; Photo- Wikimedia Commons8. Spain
Spain will lose 500 millionaires this year, reflecting a growing trend of outbound wealth in Western Europe. Many affluent Spaniards are leaving due to tax burdens, limited wealth planning options, and rising regulatory complexity.
Countries like the UAE and Switzerland are drawing interest from Spanish HNWIs. These destinations offer lower tax rates, political stability, and stronger frameworks for investment and international business.
Munich, Bayern, Germany; Photo- Prokrust 007; Wikimedia Commons9. Germany
Germany is set to lose 400 millionaires in 2025, reversing its long-standing role as a magnet for private wealth.
Increased tax obligations and weakening investor confidence are motivating wealthy individuals to look abroad.
This marks a notable shift for Germany’s economic landscape. HNWIs are seeking greater financial freedom and regulatory certainty in countries that provide more favorable tax and legal environments.
Tel Aviv (Photo by Ori~ – Wikimedia Commons, CC BY-SA 3.0)10. Israel
Israel is set to lose 350 millionaires in 2025 due to a combination of regional tensions, tax complexity, and rising living expenses. These factors are encouraging HNWIs to explore foreign residency programs and global asset diversification.
Despite the outflow, Israel remains a strong performer in wealth creation, with a 35% increase in its millionaire population over five years. Still, the demand for economic stability and international mobility continues to influence outbound migration.
Festive Christmas Market, Frankfurt; Photo- PexelsNew Millionaires Replace Departing Millionaires
The Henley Private Wealth Migration Report 2025 by Henley & Partners shows that former safe havens like the UK, France, and Germany now rank among the top countries losing private wealth. Their declining appeal stems from changing tax laws and stricter immigration policies.
The United Kingdom leads this shift, reflecting deeper structural changes that have made it less attractive to high-net-worth individuals. France and Germany are also witnessing increased millionaire outflows due to similar fiscal and regulatory pressures.
Meanwhile, countries like India and South Korea continue to produce new millionaires at a rapid pace. Despite this growth, many wealthy individuals from these markets are relocating abroad in pursuit of greater financial security and opportunity.
With global wealth becoming increasingly mobile, governments must adapt to this evolving landscape. Revisiting tax policies and residency programs could help nations remain competitive in retaining affluent citizens.
Mumbai; Photo- Incredible IndiaCountries Losing the Highest Millionaires FAQ’s
It comes down to a mix of rising taxes, policy shifts, and regulatory pressure.
In the UK, the removal of the non-dom tax status and higher capital gains/inheritance taxes are driving people out.
In China, strict capital controls and geopolitical risks are pushing wealth abroad.
While in India, even though new millionaires are being created fast, many still relocate for better global mobility, tax efficiency, and access to international markets.
The top destinations are countries with low or zero income tax, investor-friendly policies, and strong global connectivity.
Popular choices include the UAE, Singapore, Switzerland, Australia, Canada, and the U.S. Each offers different perks—be it tax savings, residency perks, or a better quality of life.
Yes, over time it can. High-net-worth individuals contribute significantly through taxes, investment, philanthropy, and business creation. When they leave, it can reduce capital availability, slow investment flows, and weaken the local financial ecosystem—especially in sectors like real estate, finance, and luxury goods.
Some are, yes. Countries like India, China, and South Korea still see strong internal wealth creation.
But others—like the UK, France, and Russia—aren’t replacing them as quickly. In fact, the UK is seeing a consistent decline in its HNWI population due to policy choices that are no longer seen as competitive on the global stage.
They need to strike a better balance between tax fairness and economic competitiveness. That means reviewing punitive tax regimes, simplifying regulations, and creating residency or investment programs that encourage wealth to stay and grow locally.
Countries that ignore this trend risk a long-term erosion of their private wealth base.
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Top 10 Countries Gaining Highest Millionaires in the World in 2025
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