A record number of high-net-worth individuals (HNWIs) are expected to relocate in 2025, with projections showing 135,000 millionaire migrants—up from 124,000 in 2024—amid shifting economic and geopolitical tides.
Analysts describe the movement as one of the most significant wealth migration waves in modern history, driven by fiscal uncertainty, asset security concerns, and competitive policies in emerging hubs.
Jeremy Savory, CEO of London-based wealth analytics firm Savory & Partners, has tracked the trend for over a decade. His latest research highlights three core factors reshaping global wealth mobility: deteriorating fiscal conditions in some nations, demand for legal safeguards against state intervention, and the rise of destinations offering tax efficiency and infrastructure.
Fiscal Pressures Trigger Relocations
Savory notes that countries with debt-to-GDP ratios exceeding 100%, including several European and Latin American states, are seeing accelerated outflows. “HNWIs prioritize jurisdictions with credible monetary policies and lower exposure to economic volatility,” he said. Nations implementing aggressive wealth taxation or capital controls have further spurred departures.
Legal Safeguards Gain Prominence
Asset protection has become a decisive factor, with wealthy individuals and families increasingly favoring destinations with robust legal frameworks. Jurisdictions seen as politically stable, with strong property rights and transparent dispute resolution systems, are attracting migrants wary of government overreach or abrupt regulatory shifts.
Dubai, Singapore, Australia Lead as Top Destinations
The UAE, particularly Dubai, remains a standout for its tax-free income, luxury amenities, and streamlined residency programs. Singapore follows, drawing HNWIs with its banking privacy laws and strategic Asia-Pacific access. Australia, meanwhile, appeals to migrants seeking a blend of lifestyle security and business-friendly regulations.
Savory emphasizes that this migration wave reflects broader recalibrations in global risk assessment. “We’re witnessing a redefinition of what ‘safe haven’ means,” he said. “It’s no longer just about low taxes but holistic stability—economic, legal, and social.”
As governments compete to attract wealthy residents, the 2025 projections underscore a deepening divide between nations leveraging open policies and those grappling with talent and capital flight. For HNWIs, the calculus is clear: mobility is now a cornerstone of wealth preservation.
