A record 142,000 millionaires are on the move
this year, marking the largest wealth migration in modern history. But the real story isn’t just the
number, not more numbers. It’s more about who’s winning, who’s losing, and what winning and losing
really mean in this context. For the first time, the UK is hemorrhaging millionaires faster
than any other country, even China. So, what’s happening here? Where are the wealthy going?
And what does a great wealth flight mean for the countries they leave behind and for everyone
else who can’t just up and move to a tax haven? Let’s get into it. My name is Nick and you’re
watching the Coin Bureau. When you have a million dollars or more in a liquid investable assets,
you don’t just have options, you have leverage. And right now, the world’s wealthy are exercising
that leverage by voting with their feet in a way most of us can only imagine. We’re often told
this is all about high income taxes, but the real story is a bit more complex. The primary drivers
are the timeless pursuits of safety, stability, and of course, a superior lifestyle, which as
it turns out is much easier to find when you can afford to shop globally. And this means everything
from access to better schools, worldclass health care systems, and premium climate zones where
your house is less likely to be deleted by extreme weather events. When tax is the deal
breaker, it’s really about what you earn. The real sticking point is often on taxes of existing
wealth, capital gains and inheritance tax, for example. The kind of taxes that are designed to
slightly level the playing field over generations. For some, they are a menace worth fleeing. And
this is why jurisdictions that are light on those like the UAE, Monaco, or Maitius, are always in
fashion, especially for those in the financial services game. So, how do they pull it off?
Well, there’s an entire industry worth about 20 billion annually dedicated to this. We hear a lot
about the Golden Visas, a residency by checkbook, and they account for about a quarter of the moves.
And these programs offer a structured, predictable path to a new home in exchange for a financial
contribution. The other 75% use more conventional, less flashy methods uh like executive work visas,
ancestry visas based on heritage, or simply using a second passport they just happen to have from
birth. So why should we care about the travel plans of the 0.1%? Well, the argument goes that
their movement is a canary in the coal mine for a country’s economic health. When they leave, it’s
a warning, and when they come, it’s a blessing. For the countries that successfully roll out the
red carpet, the rewards are said to be immense. We are told they bring a multiplier effect. An
arriving millionaire bringing, say, $10 million has the same effect on foreign exchange reserves
as a company exporting $10 million worth of goods. This year, the UAE is set to gain an estimated 63
billion in new private wealth. The US a cool 43.7 billion. Around 15% of these shiny immigrants are
entrepreneurs, and that number jumps to over 60% for the super rich sention and billionaires.
They start businesses, create high value jobs, and drive up prices in things like luxury real
estate, fine dining, and wealth management services, which is great news if you happen to own
luxury real estate, or a wealth management firm. And for the countries they leave behind, it’s a
capital drain, a brain drain, a mortal wound to the nation’s prestige. The departure of the rich
is presented as a dire warning to any government thinking of, say, closing a tax loophole or
asking the wealthy to pay their fair share. The UK’s projected outflow this year represents about
$92 billion in liquid assets walking out the door. A sustained exodus sends a powerful signal to the
rest of the world that a country is going to the dogs and not safe or a profitable place to park
your capital. It’s a powerful negotiating tactic played out on a global scale. Now, some would say
that this narrative of mass exodus is a little overblown. Groups like the Tax Justice Network
argue the numbers, while growing, are a tiny fraction of the total millionaire population. The
142,000 immigrants projected for 2025 represents just 0.2% of the world’s 60 million millionaires.
They also question the methodology of the firms tracking this data, noting that it can rely on
social media data like a change in work location on LinkedIn rather than an actual physical
change in tax residency. They suggest the whole phenomenon is confected by an industry that
profits from selling golden passports and advising the super rich on how to avoid the rules that
apply to everyone else. But the narrative power of these moves is undeniable and their political
impact is very real. So let’s look at the global scorecard for 2025. The top destinations are
the UAE, the USA, and Italy. and the biggest losers are the UK, China, and India. However,
the trend is best understood as concentrating wealth in specific cities rather than countries.
Dubai is projected to be the biggest urban winner, welcoming almost 10,000 millionaires this year,
with its neighbor Abu Dhabi attracting another 3,800. In the US, Miami expects 2,500 new wealthy
residents, while in Europe, Milan is set to gain 1,800. Beyond these major hubs are smaller markets
are seeing explosive growth, too. Montenegro’s millionaire population has surged by 124% over
the past decade, and Malta’s by 87%. The trend isn’t always a one-way street either, though. Uh
the data reveals a notable reverse migration of wealthy individuals returning to India and South
Africa from places like the UK drawn back by growing domestic opportunities. Here we can see a
multidirectional flow of wealth, not just a simple exodus. But it’s in Europe where the story gets
really interesting. Oh, I didn’t see you there. economic heartland of Western Europe is apparently
repelling the rich, the so-called Southern Renaissance is creating powerful new wealth
magnets. It’s a story of internal competition, where one country’s tax policy becomes another’s
marketing campaign. The most dramatic story is the United Kingdom. Once a premier destination
for global wealth, the UK is now projected to lose 16,500 millionaires this year. taking an
estimated $92 billion in liquid assets with them. And this would mean that the UK has lost
nearly 1 in 10 of its millionaires over the past decade. So where did it all go wrong? Well, it
did start with Brexit, but the real catalyst was a couple of policy decisions that changed the
rules for a certain set of players. The big one was the decision to scrap the so-called nondom
tax regime, a quaint centuries old arrangement that let certain UK residents shield their foreign
income from UK taxes for up to 15 years. When that perk was removed, it was apparently the final
straw. A wexit, wealth exit was declared. But the UK isn’t the only one feeling the pressure.
For the first time, the EU’s big three, Germany, France, and Spain, are all seeing their wealthiest
citizens looking for the door, too. It seems that asking for a contribution via a wealth tax is
becoming a bit of a fua pua. France is set to lose 800 millionaires this year, repelled by a
high tax burden and persistent fears of a renewed, more aggressive wealth tax. The government already
has a wealth tax on real estate for net property assets over €1.3 million. And the 2025 finance
act introduced a new temporary minimum tax on high earners, making the fiscal environment far
less predictable. Spain, meanwhile, is losing 500 millionaires thanks to its own complicated
wealth tax system. It has a regional wealth tax uh which varies by autonomous community. On top of
that, there’s a national solidarity tax on large fortunes for net wealth of over €3 million,
which was introduced as a temporary measure, but has now been made a permanent one for 2025.
And this double layered system is creating enough confusion and cost to uh push people out. And
Germany is losing 400 millionaires. Its economy is stagnating with GDP growth forecast to be
at or near zero. Alongside a high tax burden, wealthy Germans are reportedly growing concerned
about political polarization, prompting them to seek more stable environments abroad. But one
country’s loss is another’s opportunity. As the North Frets, Southern Europe is rolling out
the welcome mat. Italy is the star of the show, projected to attract 3,600 millionaires, making it
the third most popular destination in the world. Its secret weapon, a special tax regime that
allows new residents to pay a flat tax of just €100,000 a year on all their foreign income. For
an extra €25,000 per family member, they can come along, too. Combine that with a flexible golden
visa offering multiple investment routes from a €250,000 investment in an innovative startup to
a€2 million euro punt on government bonds. And well, uh, Lulchevita awaits. Portugal and Greece
are close behind Italy, attracting 1,400 and 1,200 millionaires, respectively. They’ve used a similar
playbook, attractive tax incentives, and a popular golden visa program. Greas’s program still allows
for real estate investment, though the price has gone up to €800,000 in prime spots like Athens
and Mkos. Portugal has scrapped its real estate option, but its route through investment funds
remains a popular one. And amid all this churn, Switzerland remains, well, Switzerland. It’s
projected to gain 3,000 millionaires, cementing its status as the world’s ultimate safe haven
built on an age-old reputation for stability, financial privacy, and a high quality of life.
So, what we are seeing is a fierce internal competition for capital within Europe. The policy
decisions made in London and Paris are directly benefiting Rome and Lisbon. For investors, the
compass is clear. The hottest European markets for luxury goods, real estate, and private banking are
moving south. Now, while Europe battles itself, the world’s economic center of gravity continues
to march eastward. Asia and the Middle East are now primary destinations, and a major pull
for migrating capital. And at the very top of the destination list for the third year in
a row is the United Arab Emirates. The UAE is expected to attract a net inflow of nearly 10,000
millionaires in 2025. And this isn’t an accident. It’s the result of a masterfully executed national
strategy. The formula is simple but powerful. Zero income tax. And then of course a strategic
and flexible golden visa program refined in 2022 that offers 10-year visas for business
ventures of at least 2 million dirhams about $545,000 and 5-year visas for property investments
of at least 1 million dirhams about $272,000. It offers political stability in a volatile
region and a pro business environment where, as one analyst puts it, capital is treated quote
as a partner rather than prey. The UAE has even evolved its visa program beyond pure investment
to actively recruit talent in strategic sectors like AI, digital media, and climate tech, showing
a sophisticated understanding of how to build a modern economy. The biggest riser in the rankings
this year is Saudi Arabia, projected to gain 2,400 millionaires, an eight-fold increase from 2024.
And this surge is a direct result of its ambitious vision 2030 plan, which is transforming its
economy and pulling in both international investors and returning Saudi nationals to hubs
like Riyad and Jedha. But the same continent is also the source of the world’s biggest outflows.
For years, China has been the largest exporter of millionaires. And this year, it’s number two
with a projected loss of 7,800 of its 6.2 million millionaires. As for why they might want to leave,
well, it probably has something to do with China’s unusual social structure, where millionaires are
left out in the cold while the state brazenly panders to the working masses. India comes third
on the loser list with 3,500 of its millionaires set to upstits and the story that gets told here
is usually about a proactive search for global opportunities and lifestyle upgrades. But in fact,
the trend is partially offset by a repatriation of wealthy Indians from places like the UK drawn by
a booming domestic economy and a rapidly maturing wealth management sector. Elsewhere in Asia, the
picture is a bit mixed. Singapore, long a top tier hub, is seeing its inflows cool slightly
with a projected gain of 1,600. It’s still a premier safe haven and family office hub, but some
entrepreneurs may be finding it a tougher place to grow compared to the UAE. Hong Kong is seeing
a steady recovery, attracting tech executives from the mainland, while Japan is also on the
climb. But the most alarming trend is in South Korea. It’s facing a massive accelerating exodus
with a projected loss of 2,400 millionaires, more than double last year’s figure. And this is
been driven by a period of economic and political turbulence after a failed military coup and
attempt to start a war with North Korea last December ended in tears and a great deal of
distress for the country. And if you want to learn about that story and South Korea’s new
cryptoowered comeback plan, then you can check out our video on that right over here. Now, the
story in the Americas is something of a paradox, especially when you look at the United States.
The US continues to be a huge millionaire magnet, landing it in second place with a projected
net inflow of 7,500 millionaires this year. Deep capital markets and a highly developed
entrepreneurial ecosystem attract wealthy immigrants who often come through on the EB5
investor visa, which offers a green card for an $800,000 investment that creates in theory at
least 10 US jobs. But here’s the twist. While foreign millionaires are flocking in, affluent
Americans are looking for a way out. In the first quarter of 2025, Americans were the single
largest group applying for alternative residence and citizenship programs worldwide. They aren’t
necessarily leaving, but they are securing a plan B, a second passport, apparently as a hedge
against domestic political polarization. It looks like a striking vote of no confidence from the
country’s own elite, even as others are paying top dollar to get in. The grass is always greener in
the other country, I suppose. Further south, Latin America continues to see a wealth drain from major
economies like Brazil, driven by instability and security concerns. And this is where the Caribbean
steps in. For a donation of a couple hundred,000, you can become a citizen of Skits or Granada. It’s
a straightforward transaction turning citizenship into a commodity. So, what about the old guard?
The traditional Anglosphere destinations, Australia, New Zealand, Canada, are all seeing
their lowest millionaire inflows on record. Perhaps they’re simply becoming less competitive
or less willing to offer the more generous terms in the global race to the bottom for mobile
capital. Meanwhile, Africa presents a familiar story. A wealth drain from its largest economies.
And in their place, New Havens like Maitius are rising, successfully positioning themselves
by offering the same low tax, businessfriendly packages that are winning elsewhere. So, should
countries like the UK be panicking about this exodus? Well, the firms that sell golden passports
would certainly have you believe so. But let’s put it into perspective. The 16,500 millionaires
projected to leave the UK represent just over a half a% of the country’s total millionaire
population. That sounds more like a rounding error than a massive evacuation. And the idea that their
departure is a catastrophe for the countries rests on the assumption that they are paying a huge
share of taxes to begin with. That’s optimistic. As we’ve seen, the ultra wealthy are masters of
tax efficiency. Thanks to a system that privileges wealth over work, their effective tax rates are
often surprisingly low. For example, one White House study found the 400 wealthiest US families
paid an average effective tax rate of just 8.2% when their full income, including unrealized
gains from assets, was counted. So, while their spending in high-end shops might be missed, the
hit to the national treasury may not be a mortal wound that the headlines would suggest. And this
brings us to the real takeaway. The story here isn’t so much about the travel habits of the rich.
It’s more about power. Wealth has never been more mobile and that mobility is used as a threat. The
ability to vote with your feet gives the wealthy enormous leverage to influence the policies
of the countries they reside in. The decline of traditional wealth magnets isn’t necessarily
a sign of failure. Losing millionaires tends to mean losing a global race to the bottom to servant
states willing to offer ever lower taxes and ever looser regulations. For the rest of us, the most
potent trend to keep an eye on is policy capture. The very threat of migration has become a way
of holding the democratic process hostage. The narrative of millionaire exodus is a tool used
to discipline governments. It’s used to argue against higher taxes, to fight regulations,
and to ensure that policym doesn’t step on any wealthy toes. And this, my friends, is the real
story here. It’s about what the wealthiest are demanding from the places they leave behind and
the price the rest of us will pay for it. Now, if you enjoyed that video, you’re going to
love our latest one, which you can watch right over here. And if you’re not subscribed
to the channel yet, you can do that right over here. That’s me for now. Thank you guys very
much for watching and I’ll see you again soon.
