The U.S. is expected to see a net influx this year of around 7,500 foreign millionaires – who have an estimated $43.7 billion in wealth — as the U.K. experiences a significant outflow of its rich.
Around 142,000 millionaires around the world are projected to migrate to a new country in 2025. The countries gaining the greatest number of millionaires are the United Arab Emirates, the U.S., Italy, Switzerland and Saudia Arabia, respectively, according to a newly released provisional report from investment consulting firm Henley & Partners.
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The benefits of millionaire migration include that they contribute to forex revenue, frequently start new businesses, boost the local stock market and middle class, indirectly create jobs via their spending power, and can have a multiplier effect on wealth growth, the report noted.
The UAE tops the list of millionaire migration, with a net inflow of around 9,800 millionaires who have an estimated wealth of around $63 billion. The Middle Eastern country has seen a 98% increase in millionaires between the years of 2014 and 2024. The country’s “welcoming immigration policy,” zero income tax, strong infrastructure and political stability are all factors that make it attractive to high-net worth individuals, Henley & Partners said.
The U.S. ranks No. 2 on the list, with a net influx of 7,500 millionaires, bringing with them around $43.7 billion in wealth. From 2014 to 2024, the U.S. has seen a 78% increase in millionaires. Henley & Partners said the country’s EB-5 Immigrant Investor Program, which was established in 1990 and has brought in more than $50 billion in foreign direct investment, and an overall “entrepreneurial ecosystem” that is “unmatched in delivering transformative growth potential” make the U.S. an ideal location for wealthy individuals.
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Italy follows behind at No. 3, gaining 3,600 millionaires with an estimated wealth of $20.7 billion. The number of millionaires has increased by 20% in Italy from 2014 to 2024.
Switzerland ranks No. 4 on the list and is expected to bring in 3,000 millionaires with wealth of around $16.8 billion. The country has seen a 28% increase in millionaires from 2014 to 2024.
Saudi Arabia follows behind at No. 5 on the list, with 2,400 millionaires expected to migrate to the country, bringing with them $18.4 billion. From 2014 to 2024, the country has seen a 55% rise in millionaires.
Meanwhile, the U.K., China, India, South Korea and Russia, respectively, are losing millionaires.
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The U.K. falls at the very bottom of the list, with a projected net outflow of 16,500 millionaires, taking with them an estimated wealth of $91.8 billion. From 2014 to 2024, the country has seen a 9% decrease in millionaires.
Following behind is China, which is expected to lose 7,800 millionaires with $55.9 billion in wealth. The country has seen a 74% increase in millionaires from 2014 to 2024.
Ranking third to last on the list is India, with a net outflow of 3,500 millionaires who have an estimated wealth of $26.2 billion. From 2014 to 2024, the number of millionaires in India has increased by 72%.
Fourth to last on the list is South Korea, with an outward migration of 2,400 millionaires with wealth of $15.2 billion. The country’s number of millionaires has risen by 17% from 2014 to 2024.
Ranking fifth to last on the list is Russia, expected to lose 1,500 millionaires with wealth of $14.7 billion. From 2014 to 2024, the country’s number of millionaires has decreased by 25%.
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In its recently released Global Wealth Report, UBS found the U.S. gained more than 379,000 new millionaires in 2024. The total number of millionaires in the U.S. climbed 1.5% in 2024, hitting 23.8 million, according to the report.
