Is Dubai the new capital of the rich? Here's where money moves in 2025

In 2025, the ultra-rich are moving in record numbers - at least 142,000 millionaires are expected to relocate, reshaping economies, real estate markets, and immigration trends worldwide

The world’s wealthiest are packing their bags and their billions.

 

At least 142,000 millionaires are expected to migrate to new countries in 2025, according to the Henley Private Wealth Migration Report 2025, released by Henley & Partners, a global leader in residence and citizenship by investment. This number is set to grow even further, hitting 165,000 in 2026, marking a sharp surge in wealth migration worldwide.

 

These are high-net-worth individuals (HNWIs)—people with more than $1 million in liquid assets. And where they go, money and influence follows.

 

UAE: New global magnet for millionaires 

For the third year running, the United Arab Emirates (UAE) has emerged as the top destination for migrating millionaires. In 2025, the country is expected to welcome a record 9,800 HNWIs, up from 6,700 in 2024. 

The UAE’s appeal lies in its zero income tax, world-class infrastructure, political stability, and welcoming immigration policy. Its Golden Visa program, launched in 2019 and expanded in 2022, offers long-term residency of five to 10 years, and has become a magnet for wealthy individuals.

 

“Recently, a lot of high-net-worth people have been moving to the UAE for the lifestyle and, obviously, the absence of personal income tax,” Nuri Katz, an expert in global investment migration, was quoted as saying by Forbes.

 

US still attracting the affluent 

The US remains in second place, expecting to attract 7,500 millionaires in 2025. Much of this influx is driven by the EB-5 Immigrant Investor Program, which has “channelled over $50 billion in foreign direct investment while creating hundreds of thousands of American jobs”, the report mentioned.

 

Following the US are Italy, Switzerland, and a rising Saudi Arabia, which is projected to draw 2,400 millionaires—an eightfold jump from the previous year.

 

UK tops the wealth outflow list 

On the other end of the spectrum, the United Kingdom is set to see a massive net outflow of 16,500 HNWIs, making it the biggest loser of millionaire wealth in 2025.

 

Once a top destination for the world’s rich, the UK had consistently attracted more millionaires than it lost—until Brexit changed the game in 2016.

 

“These people are not actually leaving the UK,” said Katz. “They are simply getting paperwork in different countries but aren’t necessarily making the move.” In essence, for many, it’s a Plan B—a second passport, a second home, a safety net.

 

Asia and Europe also see wealth departures 

China comes second in terms of millionaire losses, with 7,800 HNWIs expected to move elsewhere. In Asia, India is projected to lose 3,500 millionaires, while South Korea may see 2,400 depart. 

Europe’s traditional powerhouses are also bleeding wealth. France (-800), Spain (-500), and Germany (-400) are set to see notable millionaire exits. Even smaller countries like Ireland (-100), Norway (-150), and Sweden (-50) are witnessing slow but steady outflows.