According to a survey, the UAE is predicted to pull a record 9,800 migrating millionaires this year, lured by tax-free living and regulatory improvements.
According to the Wealth Migration Report 2025 by wealth intelligence firm New World Wealth and migration adviser Henley & Partners, the UAE has become the most sought-after wealth haven in the world due to strong demand from the UK, India, Russia, Southeast Asia, and Africa, made possible by golden visas.
With 7,500 new affluent migrants anticipated to settle in the US by the end of the year, the US ranked second on the list.
Wealth flows by country
Estimated wealth of migrating millionaires in US dollars
UAE $63bn
US $43.7bn
Italy $20.7bn
Switzerland $16.8bn
Saudi Arabia $18.4bn
Singapore $8.9bn
Portugal $8.1bn
Greece $7.7bn
Canada $5.7bn
Australia $5.6bn
According to a survey, the UAE is predicted to pull a record 9,800 migrating millionaires this year, lured by tax-free living and regulatory improvements.
According to the Wealth Migration Report 2025 by wealth intelligence firm New World Wealth and migration adviser Henley & Partners, the UAE has become the most sought-after wealth haven in the world due to strong demand from the UK, India, Russia, South-east Asia, and Africa, made possible by golden visas.
With 7,500 new affluent migrants anticipated to settle in the US by the end of the year, the US ranked second on the list.
It is anticipated that a record 142,000 millionaires will go abroad this year.
UK losses
“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,” Juerg Steffen, chief executive of Henley & Partners, said.
“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.”
According to a research released in April by international real estate firm Savills, high-net-worth individuals seeking to relocate rank Dubai and Abu Dhabi as the top five global destinations, primarily due to personal tax benefits and a high standard of living.
According to a survey published in April by New World Wealth for Henley & Partners, Dubai has become one of the fastest-growing wealth hotspots in the world, with the number of billionaires residing there having doubled in the last ten years.
According to the research, there were a projected 81,200 millionaires, 237 centimillionaires (those with fortunes in the hundreds of millions), and 20 billionaires in Dubai in 2024. In 2023, that amounts to 15 billionaires, 212 centimillionaires, and 72,500 millionaires.
According to the Henley & Partners analysis, the UK has changed from being a net exporter to a net magnet for millionaires since the 2016 Brexit decision.
Significant hikes in inheritance and capital gains taxes were included in the British government’s October 2024 budget, and new regulations aimed at non-domiciled individuals and family wealth structures went into force in April, causing what some have dubbed a “Wexit” (wealth exit).
According to the report, wealthy people are moving to lifestyle havens like Italy, Greece, Portugal, and Switzerland as well as tax-friendly jurisdictions like the United Arab Emirates, Monaco, and Malta.
“Many high-earning executives are settling in the expanding wealth hubs of Dubai, Florida, Milan, St Julian’s, Lisbon, the Athenian Riviera, Zug and Lugano,” it added.
With a 124% increase in resident millionaires over the last ten years, Montenegro has led the world in millionaire growth, according to the most recent statistics.
According to the report, between 2014 and 2024, Malta grew by 87% while Latvia had a 70% increase in millionaires.