Wealthy Individuals Mass Exodus from the UK - An Unprecedented Departure of Businesses and Tax Revenues
Thailand is rapidly making its mark as Southeast Asia's new safe haven for High-Net-Worth Individuals (HNWIs), attracting a significant number of wealthy migrants. This trend is mirrored in several other countries, as well as a notable outflow from others.
The UK, for instance, is expected to see the largest net outflow of HNWIs by any country this year, with a record -16,500 HNWIs projected to leave in 2025. This shift marks a significant change from the UK's previous status as a net magnet for millionaires.
Colombia, too, is expected to see -150 millionaire departures, while Lebanon faces concerning losses with many wealthy individuals relocating to Cyprus, Greece, and the UAE. On the other hand, the UAE is expected to have a record net inflow of 9,800 relocating millionaires this year.
Costa Rica, Panama, the Cayman Islands, Bermuda, Morocco, Mauritius, and the Seychelles are all set to attract record numbers of wealthy migrants, as these destinations offer a combination of stability, favourable tax regimes, and high living standards.
Israel is expected to have relatively modest outflows (-350) primarily to the US, while Switzerland is set to attract a net gain of 3,000 migrating millionaires this year.
The UAE is also attracting HNWIs from countries like Iran and Pakistan. Saudi Arabia is projected to see a net inflow of 2,400 new millionaires in 2025.
Not all countries are experiencing a net outflow of HNWIs. South Korea is expected to have a net outflow of -2,400 HNWIs in 2025, while Vietnam is beginning to see a worrying uptick in millionaire departures, with -300 expected in 2025.
Brazil is expected to see a sizeable wealth drain (-1,200), and China, India, Russia, and South Africa are all on track to record their lowest net millionaire losses since Covid.
Montenegro has seen a remarkable 124% increase in resident millionaires over the past decade, and the specific countries expected to attract or lose the most millionaires in 2025 and 2028 based on migration patterns are not yet detailed in publicly available data.
Italy, Portugal, and Greece are also forecast to see record inflows of +3,600, +1,400, and +1,200, respectively, HNWIs this year, contributing to a record-breaking 142,000 millionaires projected to relocate internationally this year.
These trends in HNWI migration reflect a complex interplay of economic, political, and social factors, and it will be interesting to observe how these patterns evolve in the coming years.
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