Wealth relocation reshapes European economies

A new report shows 142,000 millionaires plan to relocate in 2025, with Montenegro rising as the fastest growing hub for wealth mobility.

Montenegro becomes fastest growing millionaire hub amid global wealth migration

A Henley Private Wealth Migration Report 2025 finds 142,000 millionaires plan to relocate this year, signaling a shift in where the ultra rich choose to live. Montenegro is named the fastest growing millionaire hub, with its millionaire population rising 124% over the past decade to about 2,800. The country’s pull combines a Mediterranean lifestyle with a favorable tax climate and easy access to Europe.

The report also maps broader patterns across Europe and the Middle East. The UAE remains a popular destination for high‑net‑worth migrants thanks to political stability and business‑friendly policies, including a Golden Visa program. In Europe, the UK shows significant outflows this year, roughly 16,500 millionaires leaving, while countries such as France, Spain and Germany report rising interest in alternative residence and citizenship options. The German market, in particular, saw a 114% jump in enquiries between 2023 and 2024. The trend has sparked talk of a “great wealth migration” reshaping where wealth sits and how policies adapt to this mobility.

This movement of money is as much about politics as it is about taxes. Wealthy individuals are weighing political stability, regulatory ease and the reliability of public services when choosing a home, not just the price of real estate. That reality challenges policymakers to think about housing, infrastructure and income regimes in places that suddenly appear as wealth magnets.

Beyond tax rates, citizenship‑by‑investment programs and visa pathways are now powerful tools in the global mobility map. If the flow continues, countries may race to offer clearer paths to residency, potentially widening inequality and squeezing local housing markets. The report’s language about a growing wealth migration underscores a broader question: how can societies harness the benefits of new investment while defending tax bases, social cohesion and long‑term development?

Highlights

The coming months will reveal how destination policies shape the future map of wealth