By Swann Collins, investor and consultant in international affairs – Eurasia Business News, September 19, 2025. Article no. 1795
Photo : Young talented and wealthy citizens are increasingly leaving Western Europe. Photo credits : Swann Collins, 2025.
In 2025, Western millionaires are emigrating in record numbers, marking one of the most significant shifts in global wealth distribution in modern history. After a decade advising high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs), I can confirm that this phenomenon is not a passing trend—it is a structural transformation driven by taxation, geopolitics, and the pursuit of financial security.
Why Millionaires Are Emigrating in 2025
The motivations behind this exodus are complex, but five recurring themes dominate private client conversations over the past ten years:
Escalating Tax Pressures
Countries such as the UK, France, and parts of Western Europe continue to increase taxes on wealth, inheritance, and capital gains. For many affluent families, effective tax rates exceed 50%, eroding multi-generational wealth. France has already the highest tax date on inheritance and leftist French parties want more.
Political Instability and Social Division
Growing polarization, populist movements, and debates around wealth redistribution have created an unpredictable environment for wealth preservation. Many millionaires are concerned about being targeted by future fiscal reforms.
Global Mobility and Lifestyle Flexibility
Today’s millionaires are global citizens. Access to multiple residencies or second citizenships is no longer a luxury but a strategic necessity for international travel, education planning, working and lifestyle diversification. Many millionaires in their 30’s do not fear to emigrate in another jurisdiction with more financial opportunities. Young talented and wealthy citizens are increasingly leaving Western Europe to move to the U.S., Dubai, Hong Kong, Australia or Singapore.
Favorable Tax Regimes and Investment Opportunities
From zero-income-tax jurisdictions to countries offering competitive corporate tax rates and asset-friendly regulations, many destinations provide far more attractive conditions for wealth optimization.
Asset Protection Amid Uncertainty
Geopolitical risks—from conflicts to shifting alliances—are prompting wealthy families to diversify their residency, banking, and investment structures across safer, more stable jurisdictions. Many HNW individuals also seek favourable jurisdictions to do business with reduced impact of Western sanctions. Many Russian wealthy citizens choose Dubai or Hong-Kong to get access to local banks playing the role of intermediaries with Russian banks, cut from the SWIFT system.
Top Destinations for Millionaire Migration in 2025
Drawing on current wealth migration data and first-hand advisory experience, the leading hubs attracting millionaires this year include:
United Arab Emirates (UAE)
The UAE remains the top global destination, set to attract nearly 9,800 millionaires in 2025. Its appeal lies in zero income tax, world-class infrastructure, political stability, and investor-friendly regulations, particularly in Dubai and Abu Dhabi. Wealthy individuals often choose Dubai, for its convenient position between Europe and Asia and attractive tax regime.
United States
Despite its high taxation, the U.S. continues to attract around 7,500 millionaires, drawn by its economic resilience, deep capital markets, and political strength.
Italy, Switzerland, and Saudi Arabia
Long-standing wealth hubs, these countries offer competitive tax regimes, residency incentives, and high living standards that continue to appeal to European and Middle Eastern HNWIs.
Singapore, Hong Kong, and Japan
Asia’s financial powerhouses combine business opportunities, strong governance, and lifestyle appeal, making them magnets for entrepreneurs and family offices.
Emerging European Markets: Montenegro and Malta
These Mediterranean destinations offer golden visa programs, attractive tax conditions, and lifestyle benefits, appealing to entrepreneurs and retirees alike.
Canada and Australia
Although not low-tax jurisdictions, both countries attract millionaires for their political stability, transparent business environment, and strong education and healthcare systems, making them family-friendly choices.
Where Millionaires Are Leaving From
The exodus is most visible in:
The United Kingdom: Projected to lose around 16,500 millionaires in 2025, mainly due to rising taxes and political uncertainty surrounding fiscal policy and degraded safety in London.
China: Expected outflow of 7,800 millionaires, reflecting capital controls, regulatory tightening, and geopolitical concerns. Wealthy chinese citizens fear a war over Taiwan and its consequences on their status.
Other Western European nations face similar challenges, with growing numbers of HNWIs seeking residency diversification in tax-advantaged jurisdictions.
What This Wealth Migration Means for the Future
This historic relocation of private wealth will reshape global economics and geopolitics over the next decade. As wealth clusters in tax-friendly, politically stable, and lifestyle-attractive countries, we will see:
Increased competition among nations for HNWI inflows via golden visas, investor residency programs, and tax incentives.
A shift in financial centers, with Dubai, Singapore, and Zurich strengthening their positions as global wealth management hubs.
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Greater wealth mobility, as families build diversified global lifestyles across multiple continents.
Loss of highly educated individuals : countries with high taxes, political uncertainty and lack of safety in everyday life will loose their highly educated and most talented individuals. This loss of assets will weaken economic growth of these countries, in times when AI and highly educated workforce are crucial.
From my vantage point as a wealth manager with one decade of experience, I can say with certainty: those who prepare early, with robust tax planning and international structuring, will not only protect but also enhance their wealth in this new era of global mobility.
Learn more with the handbook TAX MANAGEMENT STRATEGIES FOR DIGITAL NOMADS
In 2025, the global millionaire migration is more than a statistical trend—it represents a profound reshaping of wealth, influence, and opportunity. As Western nations grapple with rising taxes, political uncertainty, and social division, HNWIs and UHNWIs are strategically relocating to jurisdictions that offer stability, fiscal efficiency, and lifestyle advantages. From Dubai to Singapore, the map of wealth is being redrawn. For affluent families, the lesson is clear: proactive planning, diversified residencies, and international structuring are no longer optional—they are essential tools to safeguard and grow wealth in an era defined by mobility, competition, and global transformation.
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© Copyright 2025 – Eurasia Business News. Article no. 1795
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