High-net-worth individuals have been turning their backs on Western Europe in favour of more attractive destinations.
That is one of the key insights of the 2025 Private Wealth Migration Report by British-Swiss wealth consultancy Henley & Partners.
The experts’ data showed that millionaires were becoming increasingly mobile. In 2025, a record number of 142,000 individuals with assets exceeding $1 million (€860,000) were expected to migrate from one country to another, an increase of 6 per cent compared to 2024.
For 2026, the number was expected to climb to 165,000.
Juerg Steffen, CEO of Henley, spoke of a “historic wave of wealth migration” that was reshaping the global financial landscape.
“This mass movement of millionaires represents the largest voluntary transfer of private capital in modern history,” he said.
Western Europe was increasingly on the losing end of wealth migration with the UK expected to see 16,500 millionaires with total assets of $92 billion (€79.3 billion) expected to leave the country in 2025.
From 2014 to 2024 the UK had lost 9 per cent of its millionaires, according to Henley.
“The closure of the Tier 1 Investor Visa in February 2022 eliminated a key entry route for affluent foreign nationals,” Stefan said.
Tier 1 Investor Visa meant applicants could settle in the UK after making at least £2m (€2.3m) investment in the country.
“Then, in March 2024, the Conservative government’s overhaul of the non-domicile tax regime, followed by Labour’s announcement of changes to inheritance tax rules in October, triggered a sharp escalation — pushing net millionaire departures into double digits for the first time.”
The European continent was also becoming increasingly unattractive for rich people. Some 800 millionaires were expected to leave France in 2025.
Spain might lose 500 millionaires and 400 millionaires were presumed to turn their back on Germany this year – a worrying change of the trend as the former European economic powerhouse saw a healthy growth of high-net-worth individuals of 10 per cent between 2014 and 2024.
Steffen said: “Germany shows concerning trends with enquiries for alternative residence and citizenship options increasing 114 per cent between 2023 and 2024, suggesting growing interest in mobility options among the country’s wealthy population.”
The most attractive destinations for high-net-worth individuals were the United Arab Emirates to where almost 10,000 millionaires were expected to move in 2025, closely followed by the USA (plus 7,500), according to the Henley & Partners’ report.
Both countries have almost doubled their number of people worth more than $1 million since 2014. In Europe, Italy (plus 3,600) and Switzerland (plus 3,000) were the most attractive destinations.
One of the most important factors influencing where high net-worth individual chose to settle down was tax policy, especially as regards estate duty and capital gains taxes, the report said.
Other factors, such as quality of life, business environment and political stability, also played a role, it added.
