In stark contrast, the UAE maintains its status as the world’s premier wealth magnet, expected to attract a net +9,800 millionaires - more than 2,000 ahead of the United States, which is forecast to welcome +7,500 affluent newcomers by year-end.
2025 marks a pivotal turning point with a European country (UK) now leading in millionaire outflows. This trend goes beyond mere tax changes to reflect a growing conviction among the very wealthy that greater liberty, opportunity and stability can be found elsewhere. This means that the long-term impact on the UK’s competitiveness and appeal for investment will be profound.
Counting the exodus
Britain is hardly alone in experiencing shortages of resident HNWIs. Major EU economies such as France (–800), Spain (–500) and Germany (–400) are all set to report net millionaire departures this year. Ireland (–100), Norway (–150) and Sweden (–50) are also seeing capital flight, as discerning investors favour more welcoming jurisdictions on the continent.
Key beneficiaries in Europe include:
- Switzerland, anticipated to gain +3,000 millionaires in 2025, thanks to its stable financial services sector and established reputation for discretion
- Italy (+3,600), Portugal (+1,400) and Greece (+1,200), buoyed by investor-friendly tax regimes, enviable lifestyles and active golden-visa and residence programmes
- Monaco (+200), still a magnet for ultra-HNWI clients from the UK, Africa and the Middle East
- Europe’s smaller markets are likewise enjoying pronounced growth: Montenegro tops global millionaire growth over the past decade with a 124 percent rise, driven by low taxes and its Adriatic coastline, whilst
- Malta has recorded 87 percent growth in resident millionaires since 2014 and is set to add +500 HNWIs this year, despite having suspended its citizenship by investment programme for the time being
- Latvia’s millionaire population has grown by 70 percent over the past ten years, with +100 net inflows expected in 2025.
Past statistics have shown that countries who actively welcome migrating millionaires - from Montenegro to the UAE, Malta and Costa Rica - consistently rank among the fastest-growing wealth markets.
Beyond Europe: New Destinations for the Affluent
Outside Europe, the UAE’s allure remains unchallenged. Saudi Arabia represents 2025’s steepest rise on the inbound list, projected to receive +2,400 millionaires, driven by repatriating nationals and global investors drawn to Riyadh and Jeddah. Traditional strongholds such as Singapore (+1,600), Australia (+1,000), Canada (+1,000) and New Zealand (+150) are expected to see their lowest net inflows on record this year. Thailand (+450) is rapidly emerging as Southeast Asia’s new safe haven, particularly appealing to HNWIs from China, Vietnam and South Korea.
In Asia, Hong Kong (+800) is recovering from political uncertainty, drawing top earners from Shenzhen, while Japan (+600) continues to attract wealthy Chinese executives seeking security and stability. Central American and Caribbean centres — Costa Rica (+350), Panama (+300), the Cayman Islands (+200) and Bermuda (+50) — will all draw record numbers of affluent migrants, as will African gems Morocco (+100), Mauritius (+100) and the Seychelles (+50).
The UK’s Wealth Exodus and Malta’s Taxation Appeal
Since the 2016 Brexit vote, the UK has flipped from wealth magnet to net exporter, with – 16,500 HNWIs expected to depart in 2025. Contributing factors include October 2024’s hikes in capital gains and inheritance taxes and April’s new rules targeting non-domiciled residents and family-wealth structures, prompting what some are calling a “WEXIT”. Many are opting for tax-efficient jurisdictions such as the UAE, Monaco and Malta, or lifestyle havens in Italy, Greece, Portugal and Switzerland. Popular destinations for high-earning executives include Dubai, Florida, Milan, St Julian’s, Lisbon, the Athenian Riviera, Zug and Lugano.
A leading and respected economist at one of the UK’s oldest banks noted that since 2014, UK millionaire numbers that are resident have fallen by 9 percent compared with the world’s top ten wealthiest nations’ average growth of 40 percent.
Homes of Quality’s Holistic, End-to-End Service for HNWIs in Malta
Recognising that high-net-worth individuals demand more than simply bricks and mortar, Homes of Quality offers a fully integrated suite of services designed to assist clients seamlessly from initial enquiry through to long-term residence and beyond. At the heart of our approach lies a deep understanding of the complexities facing HNWIs - whether relating to tax structuring, legal compliance, lifestyle requirements or wealth preservation - and the need for absolute discretion and professionalism at every stage. Let’s look at what we can help with in brief:
1. Bespoke Tax and Legal Advisory
Before any property is even considered, our expert advisors conduct a comprehensive assessment of your personal and family circumstances. We partner with leading Maltese tax lawyers and international fiduciary specialists to craft optimised residency strategies - be it under the Global Residence Programme, the Highly Qualified Persons Rules or Malta’s Retirement Programme. You receive clear, actionable guidance on how to mitigate capital gains, structuring inheritance provisions and complying with anti-money-laundering regulations, ensuring that your move delivers maximum fiscal benefit without surprises.
2. Curated Property Sourcing and Acquisition
Drawing on unrivalled market insight, our property consultants hand-pick opportunities across premier addresses in St Julian’s, Sliema, Valletta and emerging luxury zones such as Portomaso and Tigné Point. Whether you require a secure pied-à-terre overlooking the Mediterranean, a sprawling villa in a gated community or a historic townhouse primed for restoration, we manage every detail - from arranging private viewings and negotiating preferential terms through to coordinating HNW-accredited financing and conducting meticulous due diligence.
3. Tailored Relocation and Lifestyle Management
Understanding that relocation for HNWIs often extends beyond property, we offer concierge-level support to smooth your transition. Our various divisions handle negotiations with bespoke interior designers, consultations with Malta’s top architects and we engage with first-class insurers and private banking providers. We ensure your lifestyle needs are anticipated and fulfilled.
4. Ongoing Asset and Estate Management
Post-purchase, Homes of Quality remains your trusted advisor and property manager. With dedicated teams overseeing maintenance, security, tenant relations and rental optimisation, we protect and enhance the value of any real estate investment. Should your circumstances change, our specialists and wealth-management partners stand ready to adjust ownership structures, facilitate secondary sales or expand your Maltese property portfolio.
5. Strategic Network and Continued Support
Finally, our clients gain privileged access to Homes of Quality's exclusive HNWI network - regular briefings on Maltese market trends, private events with industry leaders and early-bird invitations to off-market opportunities. This ongoing dialogue ensures you stay ahead of regulatory changes and emerging investment prospects, cementing Malta not merely as a place of residence but as a strategic base for your global wealth portfolio.
With Homes of Quality’s full-circle suite of holistic services, affluent individuals and families can embark on their Maltese journey with complete confidence - secure in the knowledge that every legal, fiscal and personal need has been expertly catered for, now and into the future.