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Business Standard
25-06-2025
- Business
- Business Standard
9,800 millionaires to move to UAE in 2025; India to lose 3,500: Report
Millionaire migration 2025: At least 142,000 millionaires are expected to relocate to new countries in 2025, rising to 165,000 in 2026, according to the Henley Private Wealth Migration Report 2025 released on June 24. The report tracks high-net-worth individuals (HNIs) — those with over $1 million in liquid assets — and the shifting global movement of private capital. 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.
Forbes
24-06-2025
- Business
- Forbes
These Are The Countries Where Wealthy People Want To Be, New Report Says
The largest voluntary transfer of private capital in modern history is underway, according to a new report on wealth migration—with the United Arab Emirates and U.S. gaining ground and the United Kingdom and China losing big. Dubai, in the United Arab Emirates, is a popular choice for the ultra-wealthy seeking residency ... More status in another country. getty A record 142,000 HNWIs (high-net-worth individuals)—defined as having liquid investable wealth of $1 million or more—will acquire residency or citizenship status in another country this year, according to the Henley Private Wealth Migration Report 2025, with projections climbing to 165,000 in 2026. 'To have one million dollars in liquid assets, basically money in the bank, generally you'd have to be worth close to $10 million,' Nuri Katz, founder of Apex Capital Partners, a firm that provides investment immigration guidance to high-net-worth clients, told Forbes. The U.A.E. is again the most sought-after wealth haven with 9,800 HNWIs projected to gain residency status in the Middle Eastern country in 2025—up from 6,700 last year—according to the Henley report. The report's fastest riser is Saudi Arabia, projected to welcome more than 2,400 inbound millionaires in 2025, an eight-fold increase from last year, thanks to a surge of returning Saudi nationals and international investors settling in Riyadh and Jeddah. Conversely, the United Kingdom faces the largest single-year exodus of wealth ever recorded, with Henley projecting 16,500 HNWIs acquiring residency status elsewhere. China is the report's second-biggest loser with 7,800 HNWIs projected to gain residency status elsewhere in 2025. 'At stake is a profound shift in economic influence, as countries compete not just for talent but for the fortunes that follow it,' the Henley report says. 'With estimated collective investable wealth of around $63 billion, the U.A.E. has evolved from regional hub to global wealth nexus through comprehensive policy innovation.' The report's authors highlight the United Kingdom as a cautionary tale, since prior to 2016, it had always attracted more millionaires than it lost to migration. But Katz says the term 'migration' is a bit of a misnomer. 'In my experience, wealthy individuals do these programs as a Plan B,' he said. 'These people are not actually leaving the U.K. They are simply getting paperwork in different countries, but aren't necessarily making the move.' How Do Most High-Net-Worth Individuals Gain Residency In Another Country? Most HNWIs migrate through acquiring work visas, ancestry visas, retirement visas, family visas or through birthright second passports, according to Henley & Partners. Only about 30% 'opt for investment migration programs' to secure residency or citizenship. Henley & Partners cites the Emirates' 'welcoming immigration policy' with 'zero income tax, world-class infrastructure, political stability, and a regulatory framework that treats capital as partner rather than prey.' The U.A.E.'s 2019 Golden Visa program was tweaked in 2022 to expand eligibility. 'Recently, a lot of high net worth people have been moving to the U.A.E. for the lifestyle and, obviously, the absence of personal income tax,' Katz said, adding while the U.A.E. is 'certainly getting a lot of movement,' it's 'not so much from Americans, because Americans are never forgiven of income tax.' Where Does The United States Rank In Henley & Partners' List? The U.S., No. 2 in Henley's ranking, is expected to welcome 7,500 new high-net-worth arrivals in 2025, mainly through the EB-5 Immigrant Investor Program, which has 'channeled over $50 billion in foreign direct investment while creating hundreds of thousands of American jobs,' according to Henley & Partners. President Donald Trump and Commerce Secretary Howard Lutnick have touted the work-in-progress $5 million Trump Gold Card visa program as a replacement for the EB-5 program. Big Number Nearly 70,000. That's how many people Lutnick claims registered for the $5 million Trump Gold Card visa on its website in the days immediately following the website's June 11 launch. Lutnick has said the Trump Gold Card could attract as many as 200,000 investors-turned-green cardholders, while Trump has suggested the U.S. could "sell maybe a million of these cards, maybe more than that," noting 10 million cards could bring in $50 trillion of revenue and eliminate the $36 trillion national debt. If Lutnick's claim is accurate, 'the vast majority' are likely simply signing up to get more information 'and not actual UHNWIs (ultra-high-net-worth individuals) that are waiting to apply,' a Henley & Partners spokesperson said, adding that if the Trump Gold Card provided wealthy individuals with more favorable tax treatment on worldwide income, 'we could see a couple thousand gold cards issued every year, but still a lot of unknowns at this stage.' Katz told Forbes that Lutnick's 'math does not add up,' since 'I have rarely seen anybody spend more than 10% of their net worth on an immigration program, and generally it's more like 5%. So you've got to be worth $100 million in order to be able to afford this.' There are fewer than 30,000 centimillionaires in the world, and about one third are Americans who would not need to buy a green card. Why Trump's Gold Card Visa May Never Happen: 'Math Does Not Add Up,' Expert Says (Forbes)
Forbes
12-06-2025
- Business
- Forbes
Trump Gold Card Website Feels ‘Amateurish,' Not Legitimate, Expert Says
President Trump touted Wednesday that 'the waiting list is now open' for the $5 million Trump Gold Card visa—but immigration investment experts warn the nearly launched website does not look or feel like a legitimate government initiative. A Shanghai-based netizen checks out the website on June 12, 2025. (Photo by Wang Gang) The URL of the Trump Gold Card website— itself a red flag, Nuri Katz, founder of Apex Capital Partners, who has a 34-year career providing investment immigration guidance to ultra-high-net-worth clients, told Forbes, since 'to apply for immigration status, you go through U.S. Citizenship & Immigration Services,' and online visa and green card applications are processed through URLs that begin with with ' Another concern: 'Normally, there would be a disclaimer regarding data usage—'we're not going to use your data for this, we're not going to use your data for that,'' says Katz, adding the site feels to him like a 'commercial enterprise.' The Trump Card website displays the presidential seal (which Trump has used to promote his private ventures), flanked by the seals for the Department of Commerce (DOC) and Department of Homeland Security (DHS)—but a DHS official did not answer Forbes' questions about the agency's involvement in the website, instead directing us to the Department of Commerce email address on At the bottom right corner of the Trump Gold Card website, a link goes to a generic Department of Commerce email address—not DHS or USCIS, as would be expected. On the intake form, the prompt 'I'm interested as…' has a dropdown menu where users can designate themselves as 'an individual' or 'a business'—but 'companies can't apply for a green card,' points out Katz. That the website's intake form asks for the user's region instead of country is 'another red flag, absolutely,' says Katz, as 'it appears they're just trying to gauge interest' and not even take into consideration Trump's newly enacted travel ban for more than a dozen countries. 'I have been confused from the start about how the Gold Card is meant to work and how it fits into our immigration laws, and this is a continuation of strangeness,' Julia Gelatt, associate director of the U.S. Immigration Policy Program at the Migration Policy Institute, told Forbes. No. Trump told followers on Truth Social that the waiting list for the Gold Card was open, but Katz says it could be years before applications are actually being processed—if that happens at all. 'This is an attempt to say 'we promised you a live website and now we have a live website,' but having a website and being able to process applications is potentially years away from each other,' Katz said. Despite the Trump administration talking about the Gold Card visa since February, Congress has not initiated any legislation for changes to immigration and tax law that would be required. 'Maybe President Trump is exploring some executive authorities that he sees as allowing him, or the administration, to create immigration pathways outside of our legal immigration system,' Gelatt said. 'But certainly the executive branch doesn't have the authority to create a new visa without Congress' authority.' Trump's Gold Card visa would replace the EB-5 program, which raised about $4 billion for the U.S. economy last year. 'There is zero indication that the EB-5 program has been touched in any way,' Katz said. The Department of Commerce did not reply to Forbes' questions regarding the creation of the website. 'This is a joke. [The Trump administration] is asking very wealthy individuals to trust a one-page website that feels like it was created in five minutes by a teenager in his bedroom,' Katz said, calling the new website 'lazy' and 'amateurish.' He directed Forbes to compare the lack of information at to the copious information available on the USCIS website about the U.S. government's EB-5 immigration investment program. Although the new website carries the phrase 'an official website of the United States government' twice, 'it doesn't look like it and it doesn't inspire confidence that this is really an official American government website,' Katz said. 'The new website may say 'The Trump Card Is Coming,' but the creation of this website does not at all indicate that the administration is moving forward in a serious way with implementation of the Gold Card,' Gelatt said. 'I suspect that President Trump is very eager to promote this idea, but members of the administration at DHS and at the State Department may be pushing the brakes on how they could implement this. And so the creation of a Department of Commerce website is a way to pretend, basically, to be moving forward towards implementation.' Katz puts it more bluntly: 'The scariest thing is it just seems like an attempt by the government to bamboozle people into registering with this website in order to build up a database of rich people.' Gelatt is inclined to agree, telling Forbes, 'I think if somebody is interested in pursuing a Gold Card, they could just wait and see. There's no reason why they would need to enter their information now. It seems like an unusual information gathering attempt.' Trump has suggested the U.S. could "sell maybe a million of these cards, maybe more than that." He said selling 1 million Gold Cards would raise $5 trillion, while 10 million cards could bring in $50 trillion, an amount that would be enough to eliminate the national debt and then some. In May, Commerce Secretary Howard Lutnick tempered that ambition, floating figures as high as $1 trillion if 200,000 individuals invested. 'In my 34 years of experience, I have rarely seen anybody spend more than 10% of their net worth on an immigration program, and generally it's more like 5%,' Katz told Forbes. 'So you've got to be worth $50 million to $100 million in order to be able to afford this.' Yet there are fewer than 30,000 centimillionaires in the entire world, according to a report from Henley & Partners, and more than one third are American. Even if you expanded the target audience to include non-Americans worth at least $50 million, there are still roughly only 80,000 individuals in the world who qualify. That's 40% of what's needed for Lutnick to achieve his $1 trillion goal—and less than 1% of the 10 million Trump said would generate $50 trillion in revenue. 'The pool of global UHNWIs (ultra-high-net-worth individuals) able—and willing—to contribute USD $5 million outright is relatively small, especially when compared to residence by investment alternatives that are investment-based rather than donation-based,' Henley & Partners told Forbes in an email. Why Trump's Gold Card Visa May Never Happen: 'Math Does Not Add Up,' Expert Says (Forbes)
Time of India
01-06-2025
- Business
- Time of India
Trump's $5 million ‘Gold Card' visa draws skepticism after delay in launch date
The Trump administration 's proposed ' Gold Card ' visa program, aimed at granting US citizenship to ultra-wealthy individuals investing $5 million, has missed its promised launch deadline. Despite early claims of a rollout, no official website or documentation has emerged, raising skepticism about the program's existence, according to a report by Forbes. Commerce Secretary Howard Lutnick had earlier said the program would go live within a week. That deadline has now passed. Lutnick also claimed to have sold Gold Card visas during a recent trip to the Middle East, stating in an earlier interview that he secured 1,000 sign-ups in a single day. Experts remain unconvinced. Nuri Katz, founder of Apex Capital Partners, told Forbes that such programs face major challenges. 'In my 34 years of experience, I have rarely seen anybody spend more than 10% of their net worth on an immigration program, and generally it's more like 5%. So you've got to be worth $100 million in order to be able to afford this,' Katz said. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Belly Fat Removal Without Surgery in Algeria: The Price Might Surprise You Belly Fat Removal | Search Ads Get Info Undo He further added that the number of people able and willing to invest such an amount is small. Even if the program is launched, Katz said, 'It won't be a million people and it won't be even 200,000.' Commenting on the current status of the proposal, Katz said, 'It looks to me like they're backpedaling. Now they have to make a decision of whether or not there really is the interest, because they are going to have to expend a lot of political capital in order to get this done.' (Join our ETNRI WhatsApp channel for all the latest updates) Katz also warned that high-net-worth individuals would be cautious about joining unless there is more clarity. 'We don't know where that information is going to go and who's going to use it. Will it be used only by the US government? Could it maybe be sold to private businesses? It's going to be a pretty powerful database of rich people.' Live Events MORE STORIES FOR YOU ✕ Foreigners can start registering for Trump's new $5 million 'gold cards' within a week 'For $5 mn this could be yours' Trump says as he shows off his new Gold Card meant for rich foreigners « Back to recommendation stories I don't want to see these stories because They are not relevant to me They disrupt the reading flow Others SUBMIT In the recent past, billionaire Elon Musk had mentioned he was conducting a quiet trial of the program, but there has been no further update as he returned to his business interests. The absence of official confirmation or infrastructure has left many questioning if the Gold Card visa plan is real or still under development.
Time of India
29-05-2025
- Business
- Time of India
Trump's $5 Million Gold Card Visa Plan: Why experts say it may never become a reality
The ambitious Trump Gold Card visa programme, touted as a potential economic gamechanger and a shortcut to U.S. residency for wealthy foreigners, may never move beyond a campaign concept, according to leading immigration experts and legal analysts. Despite high-profile endorsements and repeated declarations of an imminent rollout, the initiative currently lacks legal backing, operational structure, and a realistic applicant base, stakeholders have said, as mentioned in a report by Forbes. A Concept Without a Framework Marketed as a $5 million entryway into the United States—complete with residency rights, a citizenship track, and possible tax advantages—the Donald Trump Gold Card visa was introduced earlier this year by U.S. President Donald Trump and his ally, Commerce Secretary Howard Lutnick. The proposal suggests it could replace the existing EB-5 Immigrant Investor Program , which currently allows foreign nationals to gain residency through investments of $800,000 to $1 million and job creation requirements. However, immigration experts point out that no legislation has been introduced, nor are there details of a formal structure. 'There is no real programme, no enabling law—just a marketing pitch,' said Nuri Katz, founder of Apex Capital Partners, who has advised ultra-high-net-worth individuals on immigration for over three decades. Katz stressed that the U.S. Congress would have to enact new immigration and tax laws before any such programme could take effect. Live Events Trump's Vision: Ambitious but Impractical? President Trump has floated numbers as high as $50 trillion in potential revenue, claiming the sale of 10 million Gold Cards would more than erase the national debt. Lutnick has since tempered the projections, suggesting $1 trillion in revenue from 200,000 applicants. But analysts remain skeptical. 'The math simply doesn't support the vision,' Katz told reporters. 'In my experience, investors rarely commit more than 10% of their net worth to an immigration programme. So unless an individual is worth $100 million or more, they won't even consider this.' According to a Henley & Partners report, there are fewer than 30,000 non-American centimillionaires worldwide—far fewer than the figures being pitched by the administration. Legal and Technical Barriers Persist The programme's digital infrastructure has also drawn criticism. Although a website— expected to go live this month, visitors are instead met with a placeholder page and malfunctioning registration prompts. The Department of Commerce has not provided clarity on when or whether the site will officially launch. According to the American Immigration Lawyers Association, no U.S. President can unilaterally create or alter visa categories. The current EB-5 programme, reauthorized through 2027, would remain in place unless Congress amends existing law. Skepticism Mounts Among Wealth Managers Katz, who advises international clients, said he would not recommend participation to any investor under current conditions. 'Without legislation and regulatory clarity, even submitting personal information on a website could pose risks. We don't know where that data would end up,' he warned. In a telling moment, Katz dismissed Lutnick's recent claim that 1,000 Gold Cards were sold in one day—allegedly generating $5 billion—as 'implausible and unserious.' Origins in a Conversation, Not Policy The genesis of the Trump Gold Card idea reportedly came from hedge fund manager John Paulson, who suggested monetising visas during a conversation with Trump. 'Why do we give them away? We should sell them,' Paulson allegedly said, prompting Lutnick to develop the proposal. But translating a dinner-table idea into federal immigration policy, experts say, will require more than bravado and branding. FAQs What is the Trump Gold Card visa programme? It's a proposed visa initiative by U.S. President Donald Trump, offering U.S. residency and a path to citizenship to wealthy foreigners in exchange for a $5 million investment. Has the programme been officially launched? No. As of now, it remains a concept without a legal framework or legislative backing, according to immigration and legal experts. Economic Times WhatsApp channel )
