Latest news with #HenleyPrivateWealthMigrationReport2025
Arab Times
5 days ago
- Business
- Arab Times
Saudi Ranks Among Top Destinations for Wealth Migration in 2025
RIYADH, June 27: Saudi Arabia is set to attract 2,400 high-net-worth individuals (HNWIs) in 2025, an eightfold jump from 2024, according to the Henley Private Wealth Migration Report 2025. This makes the Kingdom the fastest-rising destination globally for millionaire migration, driven by Vision 2030, major economic reforms, and investment-friendly policies. The UAE remains the global leader, with an expected 9,800 millionaires, followed by the US with 7,500. Saudi Arabia's appeal lies in its mega projects, such as NEOM, tax incentives, residency programs, and a focus on tourism, fintech, and infrastructure. Cities like Riyadh and Jeddah are key hubs for inbound capital. The report highlights a broader shift in global wealth flows. The UK is expected to lose 16,500 millionaires—the highest net outflow—amid rising taxes and tighter regulations. Other countries losing HNWIs include China, France, Spain, and Germany. Meanwhile, Southern Europe—notably Italy, Switzerland, Portugal, and Greece—is emerging as a new wealth haven. Asian hubs like Thailand, Japan, and Hong Kong are also gaining, while South Korea, Vietnam, and Pakistan face net outflows. Henley & Partners and Capgemini both underscore the Middle East's growing appeal to global investors, citing its economic stability, security, and strategic location. Saudi Arabia, in particular, is becoming a key player in the global wealth migration landscape.
Straits Times
5 days ago
- Business
- Straits Times
Singapore's millionaire inflow to halve in 2025: Report
Traditional destinations for these wealthy individuals – such as Singapore, Australia, Canada and New Zealand – appear to be losing their appeal, the report said. PHOTO: ST FILE SINGAPORE - Singapore will likely see a net inflow of 1,600 millionaires in 2025 – less than half the 3,500 that had been projected to move there in 2024, a report by investment migration consultancy Henley & Partners showed. This is even as a record 142,000 millionaires worldwide are expected to relocate this year, according to the Henley Private Wealth Migration Report 2025, released this week. The report found that traditional destinations for these wealthy individuals – such as Singapore, Australia, Canada and New Zealand – appear to be losing their appeal, with their lowest net inflows provisionally expected this year. Meanwhile, Thailand – with a projected net inflow of 450 millionaires in 2025 – is 'rapidly emerging' as South-east Asia's new safe haven, the report said. It added that Bangkok is positioning itself as a key rival to Singapore. Thailand's vibrant capital is increasingly favoured by high-net-worth individuals from China, Vietnam and South Korea, due to its international schools, growing financial services sector, and high-end real estate offerings, the report found. Nevertheless, Singapore still presents a stable political environment, a sophisticated and well-regulated financial sector, attractive tax policies, and a high standard of living, said Dr Parag Khanna, founder and chief executive of AlphaGeo, a geospatial analytics firm. 'In a world where uncertainty seems to be the only constant, Singapore's predictability is gold,' he added. China's recovery The report showed that China's pace of millionaire departures is slowing for the first time, with a net outflow of 7,800 millionaires expected this year. This could be a sign that China's post-pandemic recovery, coupled with regulatory clarity and new incentives for domestic investment, is restoring some confidence among the country's elite, said Dr Khanna. The booming tech hubs of Shenzhen and Hangzhou, as well as rapid growth in the entertainment and hospitality sectors, are encouraging more affluent Chinese to stay, the report indicated. 'Still, the urge to diversify remains strong, especially given ongoing geopolitical tensions and the desire for global mobility – so don't expect the outflows to stop entirely,' Dr Khanna explained. He also noted that Hong Kong has made a 'dramatic reversal' from the net outflows recorded in 2019 to 2022 due to protests and political uncertainty, with a net inflow of 800 millionaires projected in 2025. Hong Kong is seeing inflows from the rest of Asia, especially top-earning executives from fast-growing high-tech companies in Shenzhen, according to the report. Dominic Volek, group head of private clients at Henley & Partners, said that ultra-high-net-worth Asian families are increasingly splitting their operations between Hong Kong and Singapore – to maximise opportunity and minimise risk. Singapore provides political neutrality, sophisticated private banking and South-east Asian growth exposure, while Hong Kong boasts deep capital markets and North Asian connectivity, he added. 'Wexit' The UK is expected to have the largest net outflow of millionaires among those surveyed since Henley & Partners began tracking such migrations 10 years ago – 16,500 are projected to leave in 2025, driven in part by sweeping tax reforms. Dubbed by some as 'Wexit', or wealth exit, affluent individuals in the UK are relocating to tax-friendly jurisdictions such as the United Arab Emirates (UAE), Monaco and Malta, as well as to lifestyle havens including Italy, Greece, Portugal and Switzerland. For the first time in a decade of tracking these movements, a European country is leading globally in millionaire outflows, noted Dr Juerg Steffen, chief executive officer of Henley & Partners. 'This isn't just about changes to the tax regime,' he said. 'It reflects a deepening perception among the wealthy that greater opportunity, freedom and stability lie elsewhere.' Also for the first time, European heavyweights France, Spain and Germany are expected to see net millionaire outflows in 2025, with many affluent Europeans relocating to more investor-friendly hubs on the continent. Overall, the UAE is the world's hottest wealth haven. The report projected a net inflow of 9,800 millionaires in 2025, due to the country's attractive 'Golden visa' options. THE BUSINESS TIMES Join ST's WhatsApp Channel and get the latest news and must-reads.
Scoop
6 days ago
- Business
- Scoop
Millionaires On The Move: UK Braces For Historic Wealth Flight As Global Migration Peaks
London, 24 June 2025 A record-breaking 142,000 millionaires are projected to relocate internationally this year, with the UK expected to see the largest net outflow of high-net-worth individuals (HNWIs) by any country since international investment migration advisory firm Henley & Partners and global wealth intelligence firm New World Wealth began tracking millionaire migration 10 years ago. Advertisement - scroll to continue reading According to the Henley Private Wealth Migration Report 2025 published today, the UK is forecast to lose a staggering –16,500 millionaires in 2025 — more than double the anticipated –7,800 net outflow from China, ranked 2nd this year after topping the millionaire-loser leaderboard every year over the past decade. In stark contrast, the UAE retains its crown as the world's leading wealth magnet, with a record net inflow of +9,800 relocating millionaires expected this year — over 2,000 more than the US in 2nd place. +7,500 new wealthy migrants are expected to make America home by year-end. Dr. Juerg Steffen, CEO at Henley & Partners, says this sharp divergence highlights the rising influence of strategic wealth migration on global economic power shifts. '2025 marks a pivotal moment. 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. 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.' Europe's wealth hubs in retreat — and reinvention The UK is not alone in its struggles. For the first time, EU heavyweights France, Spain, and Germany are expected to see net HNWI losses in 2025 — with projected net outflows of –800, –500, and –400 millionaires, respectively. Ireland (–100), Norway (–150), and Sweden (–50) are also beginning to see significant wealth losses, with many affluent Europeans relocating to more investor-friendly hubs on the continent. Key beneficiaries of this trend are Switzerland, set to attract a net gain of +3,000 migrating millionaires this year, while Italy, Portugal, and Greece are also forecast to see record inflows of +3,600, +1,400 and +1,200, respectively — driven by favorable tax regimes, lifestyle appeal, and active investment migration programs. Southern Europe is fast emerging as a new center of gravity for wealth migration in the region, with Monaco (+200) remaining popular, especially among ultra- HNWIs from the UK, Africa, and the Middle East. Europe's smaller markets are also gaining strong momentum. Montenegro (+150) tops global millionaire growth over the past decade with a remarkable 124% increase in resident millionaires, driven in part by its citizenship by investment program (operational from 2019 to 2022), low taxes, Adriatic coastline, and EU accession prospects. Malta (+500) follows with 87% growth, though its trajectory may be impacted by April's European Court of Justice ruling against its citizenship by naturalization process. Latvia is also on the rise, with 70% millionaire growth between 2014 and 2024, and a projected net inflow of another +100 HNWIs this year. Andrew Amoils, Head of Research at New World Wealth, says 'If one reviews the fastest growing wealth markets in the world over the past decade, it is noticeable that most of these countries are either popular destinations for migrating millionaires — such as Montenegro, the UAE, Malta, the USA, and Costa Rica — or emerging market tech hubs like China, India, and Taiwan. This demonstrates the importance of millionaire migration in driving new wealth formation in a country.' Global winners: Where the wealth is heading Outside of Europe, strong demand from the UK, India, Russia, Southeast Asia, and Africa, facilitated by attractive golden visa options, has reinforced the UAE's position as the world's most sought-after wealth haven (+9,800). Saudi Arabia is the biggest riser on this year's inbound list, projected to see a net inflow of +2,400 new millionaires in 2025, with the kingdom benefiting from a surge in returning nationals and international investors settling in Riyadh and Jeddah. As Misha Glenny, Rector at the Institute for Human Sciences in Vienna and an award-winning former BBC journalist, points out in the Henley Private Wealth Migration Report 2025, 'President Trump's decision to bomb Iran's nuclear facilities before toying with the idea in public of regime change has thrown the whole pack of cards up into the air. Many will now likely hedge while waiting to see what the short-term and mid-term fall out of these developments are.' Traditional destinations such as Singapore (+1,600), Australia (+1,000), Canada (+1,000), and New Zealand (+150) appear to be losing their appeal for wealthy entrepreneurs, with their lowest net inflows on record provisionally expected in 2025. Thailand (+450) is rapidly emerging as Southeast Asia's new safe haven, with Bangkok positioning itself as a key rival to Singapore. Thailand's vibrant capital is increasingly favored by HNWIs from China, Vietnam, and South Korea, drawn by its international schools, growing financial services sector, and high-end real estate offerings. Hong Kong (SAR China) (+800) is starting to see steady inflows from the rest of Asia following a challenging period of political uncertainty. Many top-earning executives from fast-growing hi-tech companies in Shenzhen are now basing themselves in the city-state. Likewise, Japan (+600) is seeing a higher HNWI influx, particularly from China, due to its relative security and political stability. Central American and Caribbean jurisdictions — including Costa Rica (+350), Panama (+300), the Cayman Islands (+200), and Bermuda (+50) — are all set to attract record numbers of wealthy migrants to their shores, and three African nations — Morocco (+100), Mauritius (+100), and the Seychelles (+50) — make it onto the inbound millionaire migration rankings for 2025. Global losers: Where the wealth is leaving Since the 2016 Brexit vote, the UK has shifted from being a net magnet for millionaires to a net exporter, with a record –16,500 HNWIs expected to leave in 2025. The latest surge is driven in part by sweeping tax reforms. The October 2024 budget introduced sharp hikes in capital gains and inheritance taxes, while new rules targeting non-domiciled residents and family wealth structures — enacted by the former Conservative government — came into effect in April, sparking what some are calling a 'WEXIT' (wealth exit). Affluent individuals are relocating to tax-friendly jurisdictions such as the UAE, Monaco, and Malta, as well as to lifestyle havens including Italy, Greece, Portugal, and Switzerland. Many high-earning execs are settling in the expanding wealth hubs of Dubai, Florida, Milan, St. Julian's, Lisbon, the Athenian Riviera, Zug, and Lugano. Prof. Trevor Williams, Chair and Co-founder at FXGuard and former Chief Economist at Lloyds Bank Commercial Banking, says the UK's economy has performed poorly over the past decade, and is the only nation in the W10 (the world's 10 wealthiest countries) that has seen negative millionaire growth. 'Since 2014, the number of resident millionaires in the UK dropped by –9% compared with the W10's global average growth of +40%. Over the same period, the US saw a 78% increase in millionaires — the fastest wealth growth among the W10.' In Asia, South Korea is expected to see significant net outflows of HNWIs in 2025 (–2,400), more than double last year's figure, following a period of economic and political turbulence. Vietnam (–300) is also beginning to see a worrying uptick in millionaire departures, and Pakistan (–100) continues to lose millionaires to the UAE. Taiwan (–100) presents a mixed picture: while its tech-driven economy remains robust with +65% millionaire growth over the past decade, growing tensions with China and a lack of luxury real estate options appear to be unsettling some of its wealthiest residents. Despite ongoing instability in the Middle East, Israel is expected to show relatively modest outflows (–350), primarily to the US, while Lebanon (–200) faces concerning losses, with many wealthy individuals relocating to Cyprus, Greece, and the UAE. Iran (–200) is also losing HNWIs to the UAE. BRICS bounces back bar Brazil In Latin America, Brazil (–1,200) and Colombia (–150) are both expected to see sizeable wealth drains, with popular destinations for departing millionaires being the US (especially Florida), Portugal, the Cayman Islands, Costa Rica, and Panama. Among other BRICS nations, China (–7,800), India (–3,500), Russia (–1,500), and South Africa (–250) are all on track to record their lowest net millionaire losses since Covid. Outflows from India and South Africa are being offset in part by the return of HNWIs from the UK, while in China, the booming tech hubs of Shenzhen and Hangzhou — as well as rapid growth in the entertainment and hospitality sectors — are encouraging more affluent Chinese to stay. As Dr. Parag Khanna, best-selling author and founder and CEO at AlphaGeo, notes in the Henley Private Wealth Migration Report 2025, Asia remains the world's most powerful economic engine and a rising force in global private wealth. 'Asia's wealth landscape is a dynamic blend of ambition and caution. Singapore and Japan are solidifying their reputations as global wealth havens, while China and India are balancing domestic opportunity with the desire for diversification. South Korea and Taiwan remind us that geopolitics can quickly change the rules of the game. As 2025 unfolds, Asia is set to remain at the center of global wealth trends, shaped by economic dynamism, policy innovation, and the ever-present search for security and growth. About Henley & Partners Henley & Partners is the global leader in residence and citizenship by investment. Each year, hundreds of wealthy individuals and their advisors rely on our expertise and experience in this area. The firm's highly qualified professionals work together as one team in over 60 offices worldwide. The concept of residence and citizenship by investment was created by Henley & Partners in the 1990s. As globalization has expanded, residence and citizenship have become topics of significant interest among the increasing number of internationally mobile entrepreneurs and investors whom we proudly serve every day. Henley & Partners also runs the world's leading government advisory practice for investment migration, which has raised more than USD 15 billion in foreign direct investment. Trusted by governments, the firm has been involved in strategic consulting and in the design, set-up, and operation of the world's most successful residence and citizenship programs.
Business Times
6 days ago
- Business
- Business Times
Singapore's millionaire inflow to halve in 2025: report
[SINGAPORE] Singapore will likely see a net inflow of 1,600 millionaires in 2025 – less than half the 3,500 that had been projected to move there in 2024, a report by investment migration consultancy Henley & Partners showed. This is even as a record 142,000 millionaires worldwide are expected to relocate this year, according to the Henley Private Wealth Migration Report 2025, published on Tuesday (Jun 24). The report found that traditional destinations for these wealthy individuals – such as Singapore, Australia, Canada and New Zealand – appear to be losing their appeal, with their lowest net inflows provisionally expected this year. Meanwhile, Thailand – with a projected net inflow of 450 millionaires in 2025 – is 'rapidly emerging' as South-east Asia's new safe haven, the report said. It added that Bangkok is positioning itself as a key rival to Singapore. Thailand's vibrant capital is increasingly favoured by high-net-worth individuals from China, Vietnam and South Korea, due to its international schools, growing financial services sector, and high-end real estate offerings, the report showed. ' In a world where uncertainty seems to be the only constant, Singapore's predictability is gold. ' — Dr Parag Khanna, founder and CEO of AlphaGeo Nevertheless, Singapore still presents a stable political environment, a sophisticated and well-regulated financial sector, attractive tax policies, and a high standard of living, said Dr Parag Khanna, founder and chief executive of AlphaGeo, a geospatial analytics firm. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'In a world where uncertainty seems to be the only constant, Singapore's predictability is gold,' he said. Chinese recovery The report showed that China's pace of millionaire departures is slowing for the first time, with a net outflow of 7,800 millionaires expected this year. This could be a sign that China's post-pandemic recovery, coupled with regulatory clarity and new incentives for domestic investment, is restoring some confidence among the country's elite, said Dr Khanna. The booming tech hubs of Shenzhen and Hangzhou, as well as rapid growth in the entertainment and hospitality sectors, are encouraging more affluent Chinese to stay, the report indicated. 'Still, the urge to diversify remains strong, especially given ongoing geopolitical tensions and the desire for global mobility – so don't expect the outflows to stop entirely,' Dr Khanna said. He also noted that Hong Kong has made a 'dramatic reversal' from the net outflows recorded in 2019 to 2022 due to protests and political uncertainty, with a net inflow of 800 millionaires projected in 2025. Hong Kong is seeing inflows from the rest of Asia, especially top-earning executives from fast-growing high-tech companies in Shenzhen, the report noted. ' This isn't just about changes to the tax regime. It reflects a deepening perception among the wealthy that greater opportunity, freedom and stability lie elsewhere. ' — Dr Juerg Steffen, CEO of Henley & Partners Dominic Volek, group head of private clients at Henley & Partners, said ultra-high-net-worth Asian families are increasingly splitting their operations between Hong Kong and Singapore – to maximise opportunity and minimise risk. Singapore provides political neutrality, sophisticated private banking and South-east Asian growth exposure, while Hong Kong boasts deep capital markets and North Asian connectivity, he added. 'Wexit' The UK is expected to have the largest net outflow of millionaires by any country since Henley & Partners began tracking such migrations 10 years ago – 16,500 are projected to leave in 2025, driven in part by sweeping tax reforms. Dubbed by some as 'Wexit', or wealth exit, affluent individuals in the UK are relocating to tax-friendly jurisdictions such as the United Arab Emirates (UAE), Monaco and Malta, as well as to lifestyle havens including Italy, Greece, Portugal and Switzerland. For the first time in a decade of tracking these movements, a European country is leading globally in millionaire outflows, noted Dr Juerg Steffen, CEO of Henley & Partners. 'This isn't just about changes to the tax regime,' he said. 'It reflects a deepening perception among the wealthy that greater opportunity, freedom and stability lie elsewhere.' Also for the first time, European heavyweights France, Spain and Germany are expected to see net millionaire outflows in 2025, with many affluent Europeans relocating to more investor-friendly hubs on the continent. Overall, the UAE is the world's hottest wealth haven. The report projected a net inflow of 9,800 millionaires in 2025, due to the country's attractive 'Golden visa' options.
Al Etihad
6 days ago
- Business
- Al Etihad
UAE remains world's top destination for migrating millionaires
26 June 2025 01:03 MAYS IBRAHIM (ABU DHABI)The UAE has retained its position as the world's leading destination for wealthy migrants, with approximately 9,800 millionaires expected to relocate to the country this year, according to the Henley Private Wealth Migration Report 2025. This figure surpasses the US, which ranks second with an anticipated 7,500 new wealthy arrivals by Arabia emerged as the fastest-growing wealth magnet, projected to welcome 2,400 new millionaires in 2025, buoyed by a surge of returning nationals and foreign investors settling in Riyadh and Jeddah. 'If one reviews the fastest-growing wealth markets in the world over the past decade, it is noticeable that most of these countries are either popular destinations for migrating millionaires - such as Montenegro, the UAE, Malta, the US, and Costa Rica - or emerging market tech hubs like China and India,' Andrew Amoils, Head of Research at New World Wealth, said in a statement. 'This demonstrates the importance of millionaire migration in driving new wealth formation in a country.'A record-breaking 142,000 millionaires are expected to relocate internationally this year. The UK is expected to lose a staggering 16,500 millionaires in 2025 - more than double the anticipated net outflow from China, which stands at 7, the 2016 Brexit referendum, the UK has shifted from a net magnet to a net exporter of wealthy individuals, the report noted. Affluent individuals are relocating to tax-friendly jurisdictions such as the UAE, Monaco, and Malta, as well as lifestyle havens including Italy, Greece, Portugal, and Switzerland. High-earning executives are increasingly choosing expanding wealth hubs like Dubai, Florida, Milan, St. Julian's, Lisbon, the Athenian Riviera, Zug, and powerhouses France, Spain, and Germany are also expected to experience net millionaire outflows for the first time in 2025, with projected losses of 800, 500, and 400, respectively. What Makes UAE a Wealth Magnet The UAE is expected to see strong demand from regions and countries like the UK, India, Russia, Southeast Asia, and Africa. The country's appeal is enhanced by its long-established tax-free environment and attractive Golden Visa programme, according to the report. Launched in 2019, the UAE's Golden Visa programme grants long-term residency — up to 10 years — to investors, entrepreneurs, and specialised talents, offering stability and security to wealthy migrants and their families. In May 2025, the UAE introduced five new categories for Golden Visa eligibility, including healthcare professionals, educators, digital content creators, e-sports professionals, and luxury yacht owners.
