Ranked: The Countries Gaining and Losing Millionaires in 2025

Marcus Lu
2025-07-08 08:11:00
www.visualcapitalist.com

Countries Gaining and Losing Millionaires in 2025

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Countries that offer low taxes, a high quality of life, and political stability can attract high net worth individuals (HWNIs) and reap the benefits of increased investment and job creation.

To see which countries are gaining or losing the most HWNIs 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 HWNIs 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

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