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9,800 millionaires to move to UAE in 2025; India to lose 3,500: Report
India is forecast to witness a net loss of 3,500 millionaires this year, although this is a smaller outflow compared to previous years.
'India continues to be a net exporter of millionaires, but return migration and shifting global tax conditions are offsetting earlier trends,' the report noted.
UAE leads as the top destination for wealthy migrants
The United Arab Emirates is projected to attract the highest number of millionaire migrants globally in 2025, with a net influx of 9,800 HNIs — up from 6,700 last year.
The United States follows with an estimated inflow of 7,500 millionaires, while Italy and Switzerland are expected to welcome 2,200 and 1,500 HNIs respectively.
Saudi Arabia is also rising rapidly on the list with 2,400 wealthy individuals anticipated to move there this year — an eight-fold increase from 2024.
Nine of the ten leading destinations — including Australia, Singapore, and Portugal — operate structured investment migration programmes that allow wealthy individuals to secure residency or citizenship through financial contributions.
UK faces largest millionaire exodus
The United Kingdom is projected to see the highest net outflow of millionaires globally, with 16,500 expected to leave in 2025. This marks a reversal from earlier years, particularly prior to 2016, when the UK attracted more wealthy individuals than it lost.
China, with a projected outflow of 7,800 HNIs, ranks second on the list of countries losing wealth. India and South Korea are also among the Asian countries facing large net outflows, with 3,500 and 2,400 millionaires expected to exit respectively.
Other European countries facing wealth exits include:
Spain: -500
Germany: -400
Norway: -150
Ireland: -100
Sweden: -50
What makes the UAE and US attractive
The UAE has become the top destination due to its 'welcoming immigration policy, zero income tax, world-class infrastructure and political stability,' the report said.
Its long-term Golden Visa, introduced in 2019 and expanded in 2022, offers five- or ten-year residency and is increasingly popular among wealthy investors.
'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,' said Nuri Katz, founder of investment advisory firm Apex Capital Partners.
In the US, most wealthy immigrants apply through the EB-5 Immigrant Investor Program, which has generated over $50 billion in foreign investment and created thousands of jobs, according to the report.
Investment migration not the only route
While investment migration programmes make headlines, only around 30% of HNIs use these routes. Most secure residency through ancestry, family, retirement, work visas, or by holding multiple citizenships through birthright, according to Henley & Partners.
Katz said many of those counted as 'migrating' may not actually move. 'These people are not actually leaving the UK. They are simply getting paperwork in different countries but aren't necessarily making the move,' he said.
Demand for second residency is rising
Henley & Partners reported a 64% increase in applications for investment migration programmes in the first quarter of 2025 compared to the same period in 2024. Enquiries rose by 53%.
Applicants from the US, Türkiye, and India were the most active.
Portugal's Golden Residence Permit Programme remains the top choice despite recent restrictions, followed by Caribbean options in Grenada, Antigua and Barbuda, and St. Kitts and Nevis. New Zealand's Active Investor Plus Visa is also growing in demand.
The report said wealthy individuals are increasingly choosing flexible arrangements across multiple countries rather than relocating entirely to a single destination.
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