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The U.S. is expected to gain a net 7,500 foreign millionaires in 2025, bringing an estimated $43.7 billion in wealth, while the U.K. is seeing a sharp decline in its wealthy population.
Globally, about 142,000 millionaires are projected to relocate, with the top destinations being the UAE, U.S., Italy, Switzerland, and Saudi Arabia, according to a provisional report from Henley & Partners. Millionaire migration boosts foreign exchange revenue, stimulates local markets, helps grow the middle class, creates jobs through spending, and drives overall wealth growth, the report said.
The UAE leads global millionaire migration in 2025, expecting a net gain of 9,800 millionaires bringing an estimated $63 billion in wealth. Between 2014 and 2024, its millionaire population surged 98%, driven by zero income tax, strong infrastructure, political stability, and a welcoming immigration policy. The U.S. ranks second, with a net influx of 7,500 millionaires and $43.7 billion in wealth. Over the same decade, the U.S. saw a 78% rise in millionaires. Contributing factors include the EB-5 Immigrant Investor Program—responsible for over $50 billion in foreign investment since 1990—and a robust entrepreneurial ecosystem offering unmatched growth opportunities.
Italy ranks third in millionaire migration, set to gain 3,600 millionaires with a combined wealth of $20.7 billion—a 20% increase in its millionaire population from 2014 to 2024. Switzerland follows at No. 4, expecting 3,000 incoming millionaires worth $16.8 billion, with a 28% rise over the past decade. Saudi Arabia places fifth, projected to attract 2,400 millionaires bringing $18.4 billion in wealth. From 2014 to 2024, its millionaire population grew by 55%.
The U.K., China, India, South Korea, and Russia are projected to see the largest outflows of millionaires in 2025. The U.K. ranks last, with a net loss of 16,500 millionaires and $91.8 billion in wealth, alongside a 9% drop in its millionaire population from 2014 to 2024. China follows with a projected loss of 7,800 millionaires and $55.9 billion in wealth, despite a 74% rise in millionaires over the past decade.
India is set to lose 3,500 millionaires worth $26.2 billion, though its millionaire count rose 72% since 2014. South Korea expects a net outflow of 2,400 millionaires and $15.2 billion in wealth, with a 17% increase over the same period. Russia rounds out the bottom five with a projected loss of 1,500 millionaires and $14.7 billion in wealth, alongside a 25% decline in its millionaire population since 2014.
Meanwhile, according to UBS’s Global Wealth Report, the U.S. gained over 379,000 new millionaires in 2024 alone, bringing its total to 23.8 million—a 1.5% increase.
