By Tumwesigye Anslem
The United Arab Emirates (UAE) is poised to solidify its position as the world’s premier destination for high-net-worth individuals (HNWIs) in 2025, with an anticipated net inflow of 9,800 millionaires, according to the Henley Private Wealth Migration Report 2025. This marks another year of the UAE leading global wealth migration, driven by its tax-friendly environment, strategic geographic position, and robust economic policies. As global wealth migration reaches an unprecedented 142,000 HNWIs relocating this year, the UAE’s appeal continues to outshine other destinations, including the United States, which is projected to gain 7,500 millionaires.
The UAE’s allure for millionaires stems from a combination of zero personal income tax, luxurious lifestyle offerings, and a business-friendly ecosystem. The country’s Golden Visa program, which provides long-term residency for investors and entrepreneurs, has further enhanced its attractiveness. In 2025, demand is expected to remain strong from wealthy individuals in the UK, India, Russia, Southeast Asia, and Africa, who see the UAE as a stable and prosperous hub for wealth preservation and growth.
Dubai and Abu Dhabi, in particular, have become global wealth capitals, offering world-class infrastructure, high-end real estate, and access to international financial markets. The UAE’s political stability and safety also play a critical role, especially for HNWIs fleeing geopolitical tensions or economic uncertainty in their home countries.
Saudi Arabia, the UAE’s regional neighbor, is also emerging as a wealth destination, with a projected inflow of 2,400 millionaires in 2025. Cities like Jeddah and Riyadh are attracting both returning Saudi nationals and international investors, bolstered by the Kingdom’s Vision 2030 reforms and growing investment opportunities.
The 2025 wealth migration wave is driven by rising tax pressures, regulatory changes, and geopolitical uncertainties worldwide. The UK is expected to experience the largest millionaire outflow in a decade, with 16,500 HNWIs projected to leave, surpassing China’s outflow of 7,800. “For the first time in a decade of tracking, a European country leads the world in millionaire outflows,” noted Juerg Steffen, CEO of Henley & Partners.
European nations like France, Spain, and Germany are seeing moderate outflows, with many millionaires relocating to tax havens such as Switzerland (projected to gain 3,000 millionaires), Italy (3,600), and Portugal (1,400). Monaco continues to attract ultra-wealthy individuals, particularly from the UK, Africa, and the Middle East, while Montenegro and Malta have seen significant growth in their millionaire populations over the past decade due to favorable tax regimes and investment migration programs.
In Asia, South Korea faces a notable outflow of 2,400 millionaires, driven by political and economic uncertainties. Vietnam and Pakistan are also losing wealthy individuals, many of whom are choosing the UAE as their new home. Meanwhile, Thailand is gaining traction as a regional wealth hub, with 450 millionaires expected to relocate there in 2025, primarily from China, Vietnam, and South Korea. Japan and Hong Kong are also seeing inflows, driven by their stability and economic opportunities.
The UK’s significant millionaire exodus is attributed to recent tax policy changes and economic challenges, pushing HNWIs to seek more favorable jurisdictions. In the Middle East, countries like Israel, Lebanon, and Iran are experiencing wealth outflows, with many relocating to the UAE, Cyprus, Greece, or the US. In Latin America, Brazil is projected to lose 1,200 millionaires, while Colombia will see a smaller outflow of 150, with destinations like Florida, Portugal, and the Cayman Islands proving popular.
Among BRICS nations, China, India, Russia, and South Africa are expected to record their lowest millionaire outflows since the pandemic, partly due to returning nationals from the UK and other regions. However, India and South Africa continue to see some HNWIs leave for opportunities abroad.
The record-breaking wealth migration in 2025 underscores a growing trend of HNWIs seeking jurisdictions that offer financial security, tax advantages, and lifestyle benefits. The UAE’s ability to consistently attract the highest number of millionaires reflects its strategic vision and adaptability in a rapidly changing global landscape. As other countries grapple with economic and political challenges, the UAE’s model of openness and innovation positions it as a blueprint for wealth hubs of the future.
For millionaires worldwide, the decision to relocate is not just about wealth preservation but also about securing a legacy in a world of uncertainty. The UAE, with its forward-thinking policies and global connectivity, remains the top choice for those looking to build their future.
