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A record-breaking shift in global wealth is underway. According to the Henley Private Wealth Migration Report 2025, published by Forbes, the world is witnessing the largest voluntary transfer of private capital in modern history. High-net-worth individuals (HNWIs) are on the move in unprecedented numbers, reshaping the global economic landscape.
A Record Year for Global Millionaire Migration 2025
This year, a projected 142,000 HNWIs—individuals with at least $1 million in liquid investable assets—are set to acquire residency or citizenship in new countries. The number is expected to grow to 165,000 in 2026. Nuri Katz, founder of Apex Capital Partners, notes that having $1 million in liquid assets generally means an individual’s total net worth is closer to $10 million.
Countries Winning Wealthy Residents
Leading the charge as the most sought-after destination is the United Arab Emirates (UAE), expected to attract 9,800 HNWIs in 2025—up from 6,700 in 2024. The UAE continues to strengthen its position as a global wealth nexus, benefiting from comprehensive policy innovation. Henley & Partners credits the country’s “welcoming immigration policy,” zero income tax, top-tier infrastructure, political stability, and favorable regulatory environment.
Saudi Arabia is this year’s fastest riser, forecasted to welcome over 2,400 millionaire migrants—an eight-fold increase from last year. This surge is driven by both returning Saudi nationals and new international investors relocating to cities like Riyadh and Jeddah.
The United States ranks second on Henley’s list, expected to receive 7,500 new HNWIs in 2025. Most wealthy migrants to the U.S. do so via the EB-5 Immigrant Investor Program, which has funneled more than $50 billion into the U.S. economy and created hundreds of thousands of jobs.
Countries Losing Wealthy Residents
At the other end of the spectrum, the United Kingdom is experiencing the largest one-year wealth exodus ever recorded. Henley projects that 16,500 HNWIs will gain residency elsewhere in 2025. China follows closely behind, with an expected 7,800 millionaire departures.
The Henley report underscores that this migration represents a significant shift in economic power. It warns that countries like the UK, once magnets for wealthy individuals, are now cautionary tales of how policy changes can reverse fortunes. Prior to 2016, the UK had consistently attracted more millionaires than it lost.
Is It Really Migration?
Katz points out that the term "migration" can be misleading. “These people are not actually leaving the U.K. They are simply getting paperwork in different countries, but aren’t necessarily making the move.” For most, it’s about having a “Plan B.”
Only around 30% of HNWIs use investment migration programs to gain new residency or citizenship, according to Henley & Partners. Most opt for other visa types—work, ancestry, retirement, family—or acquire a second passport by birthright.
The Trump Gold Card: A New Contender?
One controversial newcomer to the investment visa scene is the proposed $5 million Trump Gold Card. Promoted by Donald Trump and Commerce Secretary Howard Lutnick, the initiative aims to replace the EB-5 program. Since its website launch on June 11, nearly 70,000 people have reportedly registered interest. Lutnick predicts up to 200,000 investors could participate.
However, experts are skeptical. With fewer than 30,000 centimillionaires globally and one-third of them American (who don't need a U.S. visa), the actual impact may be minimal.
Why This Migration Matters
“With estimated collective investable wealth of around $63 billion, the UAE has evolved from regional hub to global wealth nexus,” the Henley report says. The global millionaire migration 2025 reflects more than just a lifestyle change, it marks a massive realignment of global influence, capital, and policy competitiveness.
FAQs
It refers to the unprecedented number of millionaires relocating to other countries for reasons such as better tax policies, lifestyle improvements, and political stability.
The UAE, Saudi Arabia, and the U.S. are the top countries winning wealthy residents in 2025.
The United Kingdom and China are the leading countries losing wealthy residents this year.
Primarily for favorable tax regimes, more secure regulatory environments, better infrastructure, and sometimes political or economic concerns.
The UAE is the top destination, followed by the U.S. and Saudi Arabia.
Look out for rising interest in Gulf countries like the UAE and Saudi Arabia, and declining numbers in traditional wealth havens like the UK and China.
No, only about 30% use investment migration programs; most migrate through other visa categories.
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