One of the most striking figures is that the UK will see almost three times more HNW emigrants than China, which is expected to see 7,800 leave the Asian giant. By contrast, More than 7,500 new wealthy migrants are forecast to make America home by year-end.

A report by migration advisory firm Henley & Partners adds weight to claims that UK tax policy is driving UK high net worth individuals out of the country. The UK will see almost three times more HNW emigrants than China, which is expected to see 7,800 quit the Communist Party-run nation. On the other hand, the US will attract more than 7,500 wealthy migrants. 

The report also shows outflows from European major states such as Germany and France, while Switzerland is a net beneficiary.

Some 16,500 HNW individuals – those with at least $1 million in net investible wealth – are due to quit the UK this year. 

The figures came from the Henley Private Wealth Migration Report 2025.

In contrast, the United Arab Emirates retains its status as the world's most prominent wealth magnet, with a record net inflow of 9,800 relocating millionaires expected in 2025 – more than 2,000 more than the US in second place. 

The data on the US inflow comes at a time when US President Donald Trump has proposed a "gold card" residency program for HNW people. Figures about net HNW inflows to the US somewhat dent speculation that wealthy Americans were planning to leave the US because of fears about the Trump administration's policies. Unlike almost all other developed nations, the US taxes people on a worldwide basis, making the US tax code one of the world's most onerous in compliance terms.

The UK figures, meanwhile, chime with worries, expressed by groups such as the Adam Smith Institute (see here) and CEBR (see here) in the UK, that tax changes, such as the end to the UK’s centuries-old resident non-domicile system, is driving HNW people abroad – therefore it will shrink, not expand, revenues in the long term. There is media speculation that UK Chancellor of the Exchequer, Rachel Reeves, will perform a partial U-turn on this move. Advisors have warned that such a change will come too late to reverse the blow to the UK’s reputation. 

"2025 marks a pivotal moment. For the first time in a decade of tracking, a European country leads the world in millionaire outflows. This isn't just about changes to the tax regime. It reflects a deepening perception among the wealthy that greater opportunity, freedom, and stability lie elsewhere. The long-term implications for Europe and the UK's economic competitiveness and investment appeal are significant,” Dr Juerg Steffen, CEO at Henley & Partners, said.

For the first time, France, Spain, and Germany are also expected to see net HNWI losses in 2025, with projected net outflows of –800, –500, and –400 millionaires, respectively. Ireland (–100), Norway (–150), and Sweden (–50) are beginning to see significant wealth losses too, with many affluent Europeans relocating to more investor-friendly hubs on the continent, the report said. 

Switzerland and other winners
Beneficiaries of this trend are Switzerland, set to attract a net gain of +3,000 migrating millionaires this year, while Italy, Portugal, and Greece are also forecast to see record inflows of +3,600, +1,400 and +1,200, respectively – driven by favorable tax regimes, lifestyle appeal, and active investment migration programs, the report said.

Outside Europe, Saudi Arabia is the biggest gainer on this year's inbound list, projected to see a net inflow of +2,400 new millionaires. Traditional destinations such as Singapore (+1,600), Australia (+1,000), Canada (+1,000), and New Zealand (+150) appear to be losing their appeal, with their lowest net inflows on record provisionally expected in 2025. Thailand (+450) is rapidly emerging as Southeast Asia's new haven, with Bangkok positioning itself as a key rival to Singapore.

Hong Kong (+800) and Japan (+600) are forecast to enjoy higher HNWI inflows this year, while Central American and Caribbean jurisdictions – including Costa Rica (+350), Panama (+300), the Cayman Islands (+200), and Bermuda (+50) – are all set to attract record numbers of wealthy migrants to their shores. Three African nations – Morocco (+100), Mauritius (+100), and the Seychelles (+50) – have made it onto the inbound millionaire migration rankings for 2025.  

Other outflows
In Asia, South Korea is expected to see significant net outflows of HNWIs (–2,400), more than double last year's figure. Vietnam (–300) is also beginning to see a worrying uptick in millionaire departures, and Pakistan (–100) continues to lose millionaires to the UAE. Taiwan (–100) presents a mixed picture: while its tech-driven economy remains robust with +65 per cent millionaire growth over the past decade, growing tensions with China and a lack of luxury real estate options appear to be unsettling some of its wealthiest residents.

In Latin America, Brazil (–1,200) and Colombia (–150) are both expected to see sizeable wealth drains, while the other BRICS nations – China (–7,800), India (–3,500), Russia (–1,500), and South Africa (–250) β€“ are all on track to record their lowest net millionaire losses since Covid, it added.

The figures in the report have been published in conjunction with New World Wealth.