A Landmark Year for Wealth Migration

The landscape of wealth migration underwent another transformative year in 2024, with 134,000 high-net-worth individuals relocating and establishing new domiciles worldwide. This exceeded initial forecasts, driven by robust inflows to the UAE, USA, and Italy, alongside higher-than-expected departures from the UK. Looking ahead to 2025, projections indicate an even greater surge in millionaire migration, with 142,000 high-net-worth individuals with liquid investable wealth of USD 1 million or more expected to seek new horizons. This represents the most significant wealth migration wave ever documented and reflects fundamental changes in how affluent individuals approach geographic and financial planning.

Figure 1. Millionaire Migration, 2013–2025 Forecast

Note: Figures rounded to the nearest 1,000. The Covid-19 pandemic prevented millionaire migration tracking in 2020 and 2021.

Sources: Henley Private Wealth Migration Dashboard and New World Wealth December 2024 data

The magnitude of this shift becomes clearer when viewed against the backdrop of recent years. From a pre-pandemic peak of 110,000 mobile millionaires in 2019, we saw numbers plummet during the Covid-induced paralysis of 2020. The subsequent recovery has been nothing short of remarkable, with current figures representing a fundamental reshaping of global wealth flows.

This accelerating mobility reflects deeper currents of change in our world. The historic election super-cycle of 2024, which saw national polls in more than 70 countries, accounting for around half the world’s population, has created new patterns of opportunity and uncertainty. These political realignments, coupled with ongoing conflicts and economic volatility, have prompted wealthy individuals to seek not just safe havens but a diverse range of domiciles across strategic geographic locations in a rapidly evolving global landscape.

Mitigating risks and creating opportunities 

The UAE stands as a prime example of this new paradigm. Its golden visa program, coupled with crypto-friendly policies and world-class infrastructure, has created a powerful draw for global wealth. Similar success stories are unfolding in Singapore, where sophisticated financial frameworks meet political stability, and in select Mediterranean nations that combine lifestyle benefits with attractive tax policies.

Real estate continues to play a central role in investment migration, but with a notable evolution. Today’s programs increasingly emphasize sustainable development and technology integration. Properties that once served purely as investment vehicles now function as multi-purpose assets — combining residence rights with income potential and lifestyle benefits.

Digital infrastructure and climate shape modern migration

The future of investment migration is being shaped by several emerging forces. Climate resilience has become a critical factor in location decisions, with wealthy individuals increasingly factoring environmental stability into their mobility choices. Digital infrastructure and cryptocurrency regulations now rank alongside traditional concerns such as education and taxation when it comes to weighing up residence and citizenship by investment program options.

Looking ahead to 2025, we anticipate several key developments. The concept of citizenship itself is becoming more fluid, with programs evolving to meet the needs of a more mobile and digitally connected world. We expect to see more innovative program structures emerging, particularly in countries looking to position themselves as new global wealth hubs.

The profile of investment migration clients continues to diversify. While historically dominated by investors from emerging economies seeking enhanced global access, we are now seeing growing interest and demand from developed nations. American clients, in particular, have emerged as a significant market segment, driven by a desire for portfolio diversification, global optionality, and a Plan B in an increasingly unstable and polarized world.

Regulation and due diligence standards are also evolving rapidly in the sector. The recent European Union Advocate General’s opinion affirming Malta’s sovereign right to grant citizenship has provided important clarity for the sector in Europe. This decision, while specific to one jurisdiction, reflects a broader recognition of investment migration as a legitimate mechanism to grow, strengthen, and diversify their nations in an interconnected world.

The mainstreaming of investment migration

The investment migration sector, estimated to be worth EUR 20 billion, stands at a crossroads. Once viewed as a niche service for the ultra-wealthy, it has matured into a sophisticated wealth planning tool, recognized by governments and financial institutions alike. As we move through 2025, the sector's role in facilitating global capital flows and fostering economic development will only grow in importance.

These developments point to a future where investment migration becomes increasingly integral to both personal wealth planning and national economic strategies. The combination of political uncertainty, climate change, and technological disruption ensures that the demand for alternative residence and citizenship options will continue to grow. For nations competing in this space, success will depend on their ability to offer programs that balance attractiveness to investors with sustainable development goals.

In this evolving landscape, investment migration provides both a pathway to enhanced mobility and a bridge to opportunity in an increasingly complex and fast-changing world. The record numbers of millionaires on the move that we anticipate in 2025 reflect not just a sharp increase in wealth migration but a fundamental shift in how global citizens position themselves for the future.