Global wealth outflow: millionaires are changing their place of residence

In 2025, the world will experience an unprecedented wave of private capital outflows and inflows. According to forecasts by Henley & Partners in collaboration with New World Wealth, 142,000 millionaires will decide to change their country of residence. For the first time in a decade, the UK will lead the net outflow of wealthy individuals, with around 16,500 HNWIs (high-net-worth individuals) leaving the country, twice as many as China (-7,800), which has topped the anti-rating for the past ten years.

Experts attribute the sharp outflow from the UK not only to the consequences of Brexit, but also to the large-scale tax reform of 2024. Capital gains tax increases, changes to inheritance rules, and tighter controls over family capital structures have caused a domino effect among wealthy citizens. This new phenomenon has been dubbed “WEXIT” — wealth exit — in business circles.

The UAE remains the leader in capital inflows, with around 9,800 millionaires moving to the country. Next come the US (+7,500), Singapore (+1,600), Saudi Arabia (+2,400), Switzerland (+3,000), and Italy (+3,600). Southern Europe as a whole is strengthening its position. Portugal, Greece, and even Malta and Montenegro are becoming new magnets for wealthy migrants thanks to attractive fiscal policies, living standards, and investment programs.

Zug and Lugano in Switzerland, Milan in Italy, the Athens Riviera, and St. Julian's in Malta are forming a new belt of European “safe havens” for capital. Monaco remains attractive to the ultra-wealthy, while Montenegro has seen the highest growth in the number of millionaires over the past ten years, at +124%.

The UK is not the only country in the region losing capital. Declines have also been recorded in France (-800), Spain (-500), Germany (-400), Norway, Sweden, and Ireland. For the first time, Europe is systematically losing the race for private capital, both for tax and reputational reasons. Against a backdrop of growing geopolitical and economic instability, wealthy families are choosing jurisdictions with a soft regulatory environment, flexible migration policies, and investment incentives.

However, 1,500 millionaires may leave Russia. According to experts, this is one of the lowest net outflow figures since the Covid pandemic began.

Saudi Arabia is one of the major breakthroughs of the year: the return of wealthy citizens and the influx of international investors promise +2,400 new HNWIs. In Thailand, especially in Bangkok, there is growing interest among Chinese and Korean millionaires. Hong Kong and Japan are seeing positive dynamics, while Taiwan and South Korea are at risk. The outflow from South Korea (-2,400) was the highest in the region.

Central America and island states are becoming more attractive. Costa Rica, Panama, the Cayman Islands, and Bermuda are expecting record growth in HNWIs. The US remains strong, especially for capital from Asia, Latin America, and Europe.

In Latin America, Brazil (-1,200) and Colombia (-150) are losing wealthy citizens to Florida, Lisbon, and Central America. Morocco, Mauritius, and the Seychelles have entered the list of countries with positive capital inflows for the first time.

The volumes are small, but the trend itself is important — wealthy Africans are beginning to choose stable African jurisdictions.

According to Dr. Jörg Steffen, CEO of Henley & Partners, 2025 will be a turning point.

“The wealthy are not just moving because of taxes. They are choosing jurisdictions that offer more freedom, stability, and a strategic future. Europe and the UK risk being left on the periphery of these new capital routes,” he believes.