The Places That Rich People Are Leaving

Newly published data by Henley & Partners shows that while China and India were still losing the most millionaires (or billionaires) to emigration in 2023, the United Kingdom's millionaire flight is surging to the top position this year. Some British millionaires have said they are leaving due to the end of the non-domestic tax status rule in the country. The Tax Justice Network points out that even with the increase, the share of those departing is still very low compared to all millionaires. The 142,000 millionaires projected to be migrating this year only represent 0.2 percent of all millionaires globally, its release says.

After migration of the wealthy slumped during the pandemic years, a new high of 120,000 millionaires left their home countries in 2023. After 2025's 142,000 individuals, wealth out-migration is expected to climb even higher to 165,000 in 2026.

According to the source, political stability, personal freedoms as well as tax and financial concerns were among the reasons millionaires decide to make these moves. The war in Ukraine has led to an exodus of Russians - especially pronounced in 2022 and 2023 - that has seen new arrivals mainly in European cities. The change represented a 33 percent reduction of Russian millionaires living in their country between 2021 and 2022.

The United Arab Emirates topped the list of receiving countries in 2025, attracting almost 10,000 immigrant millionaires. The U.S. and Italy followed suit. Over the course of the last 10 years, millionaire numbers have grown the most in realtive terms in small Balkan nation Montenegro, followed by the UAE and Malta - in all three countries mainly aided by millionaire immigration. The study covered only individuals with an investable wealth of at least $1 million, who took up residency in a new country and spent at least half of the year there.