A record-breaking 142,000 millionaires are expected to migrate globally in 2025, according to the Henley Private Wealth Migration Report 2025, marking a new high in international wealth relocation. While the United Kingdom is projected to experience the largest net loss of millionaires in history — with –16,500 high-net-worth individuals (HNWIs) anticipated to depart — Southeast Asia is witnessing a different trend. At the heart of this regional dynamic is the Philippines, showing steady domestic wealth growth and signaling long-term economic promise.

The Philippines now has an estimated 12,800 HNWIs, including 70 centi-millionaires and 12 billionaires. Over the past decade, the country has recorded a remarkable 32% increase in its HNWI population, positioning it as an economic powerhouse in the region. 

As Scott Moore, Managing Director for Southeast Asia, Henley & Partners points out, “this consistent growth reflects the country’s emerging entrepreneurial class, its maturing financial markets, and its expanding real estate and services sectors. While it is not yet among the top destinations for incoming millionaires globally, the Philippines’ stability and growing wealth base stands out and creates a strong foundation for future investment migration.”

Mapping Millionaire Migration in Asia

Across Asia, several nations are experiencing significant millionaire outflows. South Korea is set to lose –2,400 HNWIs this year, more than double its previous figure, while Vietnam is also showing troubling signs, with a projected net loss of –300. Pakistan continues to lose wealthy residents, with another –100 expected to depart, and Taiwan, despite strong tech sector performance, is seeing –100 HNWIs leave amid geopolitical uncertainty and a shortage of luxury real estate options.

In contrast, Thailand is gaining traction as Southeast Asia’s emerging safe haven. With +450 millionaires forecast to relocate there in 2025, Bangkok is rapidly positioning itself as a viable alternative to Singapore, which, while still attractive, is expected to see a net inflow of only +1,600 — its lowest on record. Both Hong Kong (+800) and Japan (+600) are forecast to enjoy higher HNWI inflows this year. 

As Dr. Parag Khanna, best-selling author and founder and CEO at AlphaGeo, notes in the Henley Private Wealth Migration Report 2025, Asia remains the world’s most powerful economic engine and a rising force in global private wealth. “Asia’s wealth landscape is a dynamic blend of ambition and caution. Singapore and Japan are solidifying their reputations as global wealth havens, while China and India are balancing domestic opportunity with the desire for diversification. South Korea and Taiwan remind us that geopolitics can quickly change the rules of the game. As 2025 unfolds, Asia is set to remain at the center of global wealth trends, shaped by economic dynamism, policy innovation, and the ever-present search for security and growth.”

 Global Wealth Flows: Winners and Losers

Globally, this year’s migration trends reflect deepening divides. The UK (–16,500 millionaires) overtakes China for the first time, with China now projected to lose –7,800 millionaires. India is forecast to experience a net loss of –3,500, and Russia –1,500. Notably, this year also marks the first time that several major European economies — including France (–800), Spain (–500), Germany (–400), Ireland (–100), Norway (–150), and Sweden (–50) — are expected to record net HNWI losses. 

The destinations benefiting from this global realignment of wealth include the United Arab Emirates, which tops the inbound list with an expected net gain of +9,800 millionaires. The USfollows with +7,500, while Switzerland (+3000), Italy (+3600), Portugal (+1400), Greece(+1,200) and Saudi Arabia (+2,400) are also attracting record numbers thanks to favorable tax regimes and lifestyle benefits. 

Central American and Caribbean jurisdictions — including Costa Rica (+350), Panama (+300), the Cayman Islands (+200), and Bermuda (+50) — are all set to attract record numbers of wealthy migrants to their shores. Three African nations — Morocco (+100), Mauritius (+100), and the Seychelles (+50) — also make it onto the inbound millionaire migration rankings for 2025.   

Moore says “2025 marks a pivotal moment. For the first time in a decade of tracking, a European country leads the world in millionaire outflows. This isn’t just about changes to the tax regime. It reflects a deepening perception among the wealthy that greater opportunity, freedom, and stability lie elsewhere. The long-term implications for Europe and the UK’s economic competitiveness and investment appeal are significant.”