Where Millionaire Populations Are Growing

The number of millionaires rose fastest over the past 10 years in Montenegro, the United Arab Emirates and Malta, according to a new report by Henley & Partners. The growth by up to 124 percent was largely driven by millionaires immigrating to the locations, the researchers concluded. Malta's and Montenegro's investment for citizenship schemes are playing a role here as well as the two countries' mild climate and natural beauty which is attracting the super-rich and has led to a boom in luxury real estate and other lux offerings. The United Arab Emirates has long been known as a luxury destination for expats and holiday-makers and like the two former countries also features a tax regime favorable to millionaires.

Poland, China and India meanwhile feature among the top 8 of the countries with the fastest-growing millionaire population in relative terms mostly independent of immigration. All countries have experienced strong economic growth and modernization over the course of the past decades. Their large workforces have attracted foreign and domestic investments as the nations are moving toward middle and high income status. China and India, however, also feature among the countries with the largest net emigration of millionaires, surpassed in 2024 only by the United Kingdom.