Millionaires Flock to New Havens in Global Wealth Exodus
Eastern Europe Emerges as Unlikely Magnet for the Ultra-Rich
A significant surge in millionaire migration is reshaping global financial landscapes, with affluent individuals seeking greater stability and enhanced economic prospects. This phenomenon, termed the “great wealth migration,” is projected to see an unprecedented number of high-net-worth individuals relocate in the coming year.
Montenegro Tops Growth Charts for Millionaire Population
While established destinations like Switzerland, the United States, and the UAE continue to attract the wealthy, Montenegro has unexpectedly emerged as the fastest-growing hub for millionaires globally. The Adriatic nation has witnessed a remarkable 124% increase in its millionaire population over the past decade, now home to approximately 2,800 individuals.
This rapid ascent is attributed to several key factors, including Montenegro’s attractive fiscal policies, featuring low flat income taxes and no inheritance or gift taxes. The nation also boasts a desirable Mediterranean lifestyle and luxury real estate offerings. Furthermore, its now-concluded “Golden Passport” program, which granted citizenship in exchange for investment, played a crucial role in drawing affluent individuals and families.
UAE Leads the Pack in Millionaire Inflows
The United Arab Emirates is expected to welcome the largest contingent of millionaires this year, with an estimated 9,800 individuals planning to make the Gulf state their new home. The UAE’s appeal lies in its political stability, a business-friendly environment, and its own attractive Golden Visa program.
Western Europe Faces Significant Wealth Outflow
In stark contrast to emerging millionaire hotspots, several established European nations are experiencing substantial outflows of their wealthiest citizens. The United Kingdom, for the first time in a decade, is leading this trend, with an estimated 16,500 millionaires expected to depart this year. This exodus, representing approximately $91.8 billion in wealth, is linked to the lingering effects of Brexit, political uncertainty, and recent changes to tax regulations for non-domiciled residents.
“Despite this outbound wave, the UK remains a desirable destination for high-net-worth individuals—particularly Americans disenchanted with the current Trump administration,” wrote Juerg Steffen, CEO of Henley & Partners. “Yet without a viable entry pathway, the country is unable to offset the outflow, leaving a growing imbalance between incoming and outgoing wealth.”
Other major European economies, including France, Spain, and Germany, are also reporting concerning levels of wealth migration. This indicates a broader erosion of confidence among Europe’s affluent population, potentially impacting regional financial stability and innovation.
In 2023, the UK saw a net outflow of 9,500 millionaires. However, a recent report from the Office for National Statistics indicated that the UK economy grew by 0.2% in the first quarter of 2024, suggesting resilience despite these trends.
Other nations experiencing notable millionaire outflows include China, India, and South Korea, although their long-term millionaire growth rates remain positive. Russia and Brazil are also among the countries with significant wealth departures.