Millionaire migration hits historic record as wealthy seek safety
More than 140,000 millionaires changed their country of residence in 2025, a record. Safety and political uncertainty now drive moves more than tax advantages.
Global instability is reshaping the choices of the world’s richest people. According to The Economist, millionaires are increasingly relocating for physical security, political uncertainty and the desire for a safe backup plan, rather than solely for tax benefits.
Research firm New World Wealth estimates that in 2025 more than 140,000 millionaires moved to another country, an all-time high. Forecasts suggest the figure could reach 165,000 this year. The investment migration industry, which arranges residence permits and second passports for wealthy clients, has doubled to about $40 billion.
Several Western European countries are feeling the trend for the first time. Demand for relocation in the UK surged after the Covid-19 pandemic. In France, Germany and Spain, wealthy residents are increasingly worried about possible tax reforms. These countries have for the first time climbed to the top of the list of nations losing more wealthy residents than they attract.
A striking shift involves the United States. Wealthy Americans are showing a growing interest in obtaining European residence permits or second citizenships, driven by domestic political tensions and the wish to secure alternative travel and business options. At the same time, the US remains attractive for foreign investors: demand is still high for the EB-5 programme, which grants immigration benefits in exchange for investment. By contrast, Donald Trump’s proposed “gold card” programme has drawn little interest so far because of its high cost and legal uncertainty.
Dubai had become the main magnet for millionaires, appealing to entrepreneurs from Asia, Africa and the Middle East with zero taxes and a simple relocation process. However, escalating geopolitical problems in the Middle East are pushing many prospective migrants to look elsewhere. Several countries in the Caribbean, Asia and Oceania are now seizing the opportunity by offering citizenship-by-investment programmes. At the same time, governments are tightening vetting because of concerns that such schemes may be used for money laundering or evading international sanctions.
The trends also affect labour markets at other levels. In Qatar, 77% of residents are non-native, in the UAE 74%, and in Kuwait 67%. Recent security incidents in the region, including an attack on Qatar’s Ras Laffan energy complex, are prompting even these workers to consider leaving, which could strain local economies.
Russia’s labour market is also changing. The number of Indian workers in Russia has grown 22 times over five years. Russia faces an acute labour shortage, and its discriminatory policies toward Central Asian migrants have forced the Kremlin to seek new sources. According to Ukraine’s Foreign Intelligence Service, North Korea has become Russia’s second-largest provider of new labour.
