Residency
Millionaire Migration 2026: Where the Wealthy Are Moving and Why
· 5 min read
Author: Vinícius Cavalcanti · Reviewer: Nathan Gomes
Key points
- Wealthy families are moving between countries in record numbers. Henley & Partners estimated 142,000 relocating millionaires in 2025 and projected 165,000 for 2026.
- The United Arab Emirates led the 2025 estimates with a net inflow of 9,800 millionaires, followed by the United States (7,500), Italy (3,600), Switzerland (3,000), Saudi Arabia (2,400), Portugal (1,400) and Greece (1,200).
- The United Kingdom topped the outflows with an estimated 16,500 millionaires leaving in 2025, ahead of China (7,800) and India (3,500); France, Spain and Germany also lost wealthy residents.
- In its 2026 edition, Henley replaced its headline migration count with a Wealth Mobility Competitiveness Score. The UAE scored 85.3, Singapore 79.5 and New Zealand 75.8.
- The main drivers are tax changes, political and personal security, quality of life, residence and citizenship options, and access to stable banking and investment markets.
Where are millionaires moving in 2026?
Where are millionaires moving in 2026? The leading destinations are the United Arab Emirates, the United States, Italy, Switzerland, Saudi Arabia, Singapore, Portugal and Greece, joined by smaller hubs such as Monaco, Malta, Cyprus, the Cayman Islands, Uruguay and Panama. The countries losing the most wealthy residents are the United Kingdom, China and India, with smaller outflows from several European countries. Destinations that combine low or predictable taxes, safety, good schools and healthcare, and a clear residence route attract the most.
Wealth has become more mobile than at any time in recent history. Remote work, digital businesses, investment migration programmes and the end of several tax regimes for wealthy residents have made relocation a practical decision for families who, a generation ago, would have stayed where they made their money.
How millionaire migration is measured
The most cited figures come from Henley & Partners and the research firm New World Wealth, which estimate the movements of individuals with US$1 million or more in investable assets using sources such as professional profiles, property records and surveys. The numbers are estimates and have been criticised by some economists and tax researchers, who argue that they overstate the flows.
The 2026 edition, published in June 2026, changed the approach: instead of a headline count, it ranks jurisdictions with a Wealth Mobility Competitiveness Score from 0 to 100, based on 12 weighted factors, including taxation, rule of law, quality of life, residence and citizenship pathways, family inclusion, geopolitical stability and capital mobility. The figures in this article should be read as indicators of direction, not as precise headcounts.
| Country | Estimated net flow of millionaires |
|---|---|
| United Arab Emirates | +9,800 |
| United States | +7,500 |
| Italy | +3,600 |
| Switzerland | +3,000 |
| Saudi Arabia | +2,400 |
| Portugal | +1,400 |
| Greece | +1,200 |
| Germany | −400 |
| Spain | −500 |
| France | −800 |
| India | −3,500 |
| China | −7,800 |
| United Kingdom | −16,500 |
The main destinations
United Arab Emirates
The UAE has led the estimates for several years. It combines no personal income tax, long-term residence through the Golden Visa, international schools and hospitals, security and flights to most of the world. Dubai and Abu Dhabi have become bases for entrepreneurs, investors and family offices. Our guides on UAE residency and how to open a company in Dubai explain the routes.
United States
The United States attracts wealth with the depth of its markets, its universities and its entrepreneurial culture, despite worldwide taxation of its residents. Florida and Texas, without state income tax, receive many of the arrivals. New residence routes such as the Trump Gold Card aim at this group.
Italy
Italy's flat tax for new residents, now €300,000 a year on foreign income for people who move from 2026, has drawn wealthy families to Milan, Lake Como and Tuscany. Our guide on whether Italy is a good place to live covers the regime.
Switzerland and Monaco
Switzerland offers stability, the Swiss franc, private banking and, in many cantons, lump-sum taxation for foreigners. Monaco has no personal income tax for most residents and remains a reference for high-net-worth families in Europe.
Southern Europe
Portugal and Greece attract wealthy movers with lifestyle, residence programmes and special tax regimes, even after Portugal ended its former non-habitual resident regime. Cyprus and Malta add EU access and favourable rules for non-domiciled residents.
Asia and the Gulf
Singapore remains Asia's main wealth hub, with strong institutions, low taxes and family office incentives. Saudi Arabia emerged as the fastest-growing destination in the 2025 estimates, helped by new residence options.
Latin America
Uruguay and Panama scored strongly in Henley's 2026 framework, at 71.8 and 71.5. Both offer territorial or partly territorial taxation, residence programmes and stable dollar-linked or dollarised economies. Our guides to Uruguay tax residency and opening a company in Panama explain the rules.
| Jurisdiction | Score |
|---|---|
| United Arab Emirates | 85.3 |
| Singapore | 79.5 |
| New Zealand | 75.8 |
| Cayman Islands | 74.3 |
| Cyprus | 73.5 |
| Portugal | 72.5 |
| Italy | 72.3 |
| Uruguay | 71.8 |
| Panama | 71.5 |
| Hong Kong | 71.2 |
| Switzerland | 70.8 |
| United Kingdom | 68.3 |
| United States | 62.3 |
Why the wealthy are leaving
- Tax changes: the United Kingdom abolished its non-domicile regime from April 2025, replacing it with a four-year regime for new arrivals and bringing worldwide assets of long-term residents into inheritance tax. Norway's higher wealth taxes and debates over exit and wealth taxes in other countries have had similar effects.
- Security and political risk: crime, kidnapping risk, political instability and fears of capital controls or confiscation.
- Quality of life: education, healthcare, climate and lifestyle for the family.
- Business and investment: access to markets, banking and a predictable legal system.
- Mobility: a second residence or passport as insurance in an unstable world. Our guide to flag theory describes this approach.
Lessons for families planning a move
- Start with the destination's residence route and tax rules, then check how your current country treats your departure, including exit taxes and residence tests; see our guide to tax residency.
- A lower tax rate only matters if the move is real: home, family and business centre must follow.
- Review the structure of companies, trusts and investments before moving, not after.
- Diversify banking and currencies, and keep every account and structure declared.
- Remember that U.S. citizens remain taxable in the United States wherever they live.
Bottom line
Millionaire migration is one of the clearest signals of how countries compete for capital and talent. The UAE, the United States, Italy, Switzerland and a group of smaller hubs are gaining wealthy residents, while the United Kingdom, China and India are losing them. Behind the numbers, which are estimates, lies a simple trend: wealthy families increasingly choose where to live, invest and pay tax, and the countries with stable rules, good quality of life and clear residence routes win.
Our Private Advisory Session compares destinations for your family, models the tax effect of moving and plans the residence, banking and structures in the right order.
Sources
Frequently asked questions
Which country attracts the most millionaires?
The United Arab Emirates, with an estimated net inflow of 9,800 millionaires in 2025 according to Henley & Partners, followed by the United States with 7,500.
Which country is losing the most millionaires?
The United Kingdom, with an estimated net outflow of 16,500 millionaires in 2025, after the end of its non-domicile regime, followed by China and India.
Why are millionaires leaving the UK?
Mainly because the non-domicile regime ended in April 2025 and long-term residents' worldwide assets became subject to UK inheritance tax, together with broader concerns about taxation and the economy.
How reliable are millionaire migration figures?
They are estimates by Henley & Partners and New World Wealth, and some researchers question them. The 2026 report moved from headline counts to a competitiveness score. They are best read as indicators of direction.
What makes a country attractive to wealthy migrants?
Low or predictable taxes, security, quality of life, good schools and healthcare, a stable legal and banking system, and a clear residence or citizenship route.
