The migration of millionaires from India slowed in 2025 as the number of rich people expected to leave the country has decreased over the years. As per the Henley Private Wealth Migration Report 2025, 3,500 millionaires are expected to leave India to settle abroad. In 2023, this figure was at 4,300, showing a falling trend. However, the report further reveals that the wealth of migrating millionaires from India is estimated to be $26.2 billion. It should be noted here that between 2014 and 2024, the number of millionaires in India increased by 72%. The global trend of high-net-worth individuals (HNWIs) moving abroad continues to accelerate, with a record 142,000 millionaires expected to relocate internationally in 2025, according to the newly released Henley Private Wealth Migration Report 2025. Published by global investment migration consultancy Henley & Partners, the report tracks the latest year-to-date movements of individuals with liquid investable wealth of USD 1 million or more. UK Faces Record Millionaire Exodus The United Kingdom is projected to experience the highest net outflow of millionaires globally this year, with 16,500 HNWIs expected to leave, more than double the 7,800 projected to exit China, the world’s second-largest source of outflows. “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,” said Dr. Juerg Steffen, CEO of Henley & Partners. The UK’s status as a top destination for global wealth has reversed dramatically since the 2016 Brexit referendum. A series of recent tax reforms, particularly those announced in the October 2024 budget, which included steep increases in capital gains and inheritance taxes, and new rules targeting non-domiciled residents and family wealth structures—have triggered what some experts are calling a “WEXIT” (wealth exit). UAE, US, and Saudi Arabia Gain Ground On the other side of the spectrum, the United Arab Emirates (UAE) continues to attract the highest number of relocating millionaires, with over 9,800 expected to move there this year. The UAE outpaces the United States, which comes in second with an estimated net inflow of 7,500 HNWIs. With favourable tax policies, lifestyle appeal, and attractive golden visa options, the UAE remains a preferred destination for the wealthy from the UK, India, Russia, Southeast Asia, and Africa. Saudi Arabia is also emerging as a rising wealth hub, with a projected net inflow of over 2,400 millionaires in 2025, driven by returning nationals and new foreign investors moving into Riyadh and Jeddah. Europe’s Wealth Drain Widens The UK is not alone in facing an exodus of affluence. France, Spain, and Germany are also expected to see net losses in HNWI populations this year: 800, 500, and 400 millionaires, respectively. It’s the first time these major European economies are collectively projected to record such outflows. Many departing millionaires are choosing tax-friendly jurisdictions like Monaco, Malta, and Dubai, or lifestyle destinations such as Italy, Greece, Portugal, Switzerland, and key cities like Milan, Lisbon, Athens, and Zug. Traditional Destinations Lose Spark Meanwhile, popular destinations such as Singapore (+1,600), Australia (+1,000), Canada (+1,000), and New Zealand (+150) are set to see their lowest net inflows of wealthy migrants on record. The trend suggests a shift in HNWI preferences, possibly influenced by tighter immigration policies, higher taxes, or lifestyle and business climate changes. Looking ahead, the Henley report also forecasts an even greater migration wave in 2026, with 165,000 millionaires expected to relocate internationally.