Millionaires are fleeing Europe. Here are their most popular migration destinations.

Imagine having millions at your disposal, and borders only exist on your passport. Where would you live then? For 142,000 millionaires, the answer is already clear—they've packed their bags and are changing their country of residence. According to the Henley Private Wealth Migration Report 2025 , this is an absolute record in the history of this type of analysis. Wealthy individuals are moving faster than ever before, and the landscape of global wealth is dynamically changing.

The backdrop for migration is not only luxury villas, sun and yachts, but above all taxes, security, quality of life and... political stability.

" 2025 is a turning point ," says Dominic Volek , head of private client at Henley & Partners, in an interview with Business Insider. "For the first time in a decade, the UK is leading the way in millionaire outflows."

This is a symptom of a deeper change: the wealthy are not only looking for places where it's cheaper, but also where they feel more at ease. And they're increasingly finding them outside Western Europe.

United Emirates - a golden haven for billionaires

The leader in the ranking of countries attracting millions is the United Arab Emirates , which expects to welcome a net 9,800 millionaires this year. It tempts them not only with sunshine and impressive architecture but also with zero income tax, modern infrastructure, and a well-designed visa system. The "Golden Visa" program —introduced in 2019 and modernized three years later—allows for five- or ten-year visas in exchange for real estate or business investments.

Volek does not hide his admiration for the Emirates:

"It's no longer just a regional center, it's a global hub of wealth. They've managed to create a cohesive, attractive ecosystem for the world's wealthy citizens."

The American dream is still alive

While the United States doesn't have taxes as low as the UAE, it remains a magnet for the wealthy, especially from Asia, Latin America, and the UK. It's estimated that around 7,500 millionaires will move to the US by 2025. What attracts them? The still-vibrant promise of the American dream, especially in places like Florida and Silicon Valley.

“ Silicon Valley still holds the number one spot for tech millionaires ,” Volek notes.

And while some of the wealthy are escaping to retire to more peaceful locations, the influx of new investors still prevails.

Southern Europe, the new paradise for the rich?

Italy stands out positively in the rankings, expected to gain 3,600 millionaires . This country attracts not only its la la vita but also its favorable tax system—especially in the context of inheritances and gifts. For comparison, Italy has an inheritance tax rate of 4 percent, while in France, Germany, and Spain it exceeds 30 percent.

A little further south, Portugal and Greece are also reaping the benefits of well-conceived immigration and investment programs. Lisbon, the Algarve, and the Athenian Riviera are not just vacation destinations but increasingly becoming relocation destinations for wealthy Europeans.

Where are millionaires fleeing from?

Every inflow has its outflow. In 2025, the biggest loser in this game turns out to be the United Kingdom , with a projected loss of as many as 16,500 millionaires . China (-7,800) and India (-3,500) also appear on the list of "defectors," but the trend of millionaire flight is becoming increasingly visible in Scandinavian countries, Germany, Ireland, and France.