Answers · current to September 2026

Where the millionaires are moving.

The latest net migration estimates, country by country, read against the 100 addresses on the board: where the money went, and which address in each country ranks highest.

In short, current to September 2026

  • The latest net millionaire migration estimates are Henley & Partners' figures for 2025: the UAE +9,800, the United States +7,500, Italy +3,600 and Switzerland +3,000.
  • Henley's 2026 report, published in June 2026, did not issue new inflow and outflow estimates. It scores each country's structural pull on mobile wealth instead. A "2026" millionaire count seen elsewhere is a projection from another source or a 2025 figure relabeled.
  • The largest outflow is the United Kingdom, a net 16,500 in 2025, up from 9,500 in 2024 and the largest on record, after the end of non-dom status. China (−7,800) and India (−3,500) follow.
  • In Europe the money went to Italy (+3,600), Switzerland (+3,000), Portugal (+1,400), Greece (+1,200) and Montenegro (+150). Italy's flat tax on foreign income rose to €300,000 a year for anyone arriving from 1 January 2026.
  • On Henley's 2026 competitiveness score, the leaders are the UAE (85.3), Singapore (79.5) and New Zealand (75.8).
  • The highest ranked address on the board in each of the top 3 destinations: Abu Dhabi (0% on $1M), Aspen (37% on $1M) and Tuscany (45% on $1M, before its regime for arrivals).

Source: the Patrician.ch board, an original ranking of 100 residence addresses across 48 countries and territories. Tax rates, thresholds and routes are sourced. Cost, safety, schools, sun and beauty are Patrician.ch editorial indices. Figures current to September 2026. Updated . Cite as: Patrician.ch, Where are millionaires moving in 2026? The latest net flows, by country, patrician.ch/answers/where-are-millionaires-moving/, September 2026.

Net inflows

Where the money arrived.

Net millionaires (individuals with $1M or more in liquid investable wealth) arriving minus leaving, Henley & Partners estimates, country level. The last column is the highest ranked address in that country on the engine's default reading.

CountryNet 2025Net 2024Henley 2026 scoreHighest ranked address on the board
The UAE+9,800+6,70085.3Abu Dhabi, 0% on $1M
The United States+7,500+3,80062.3Aspen, 37% on $1M
Italy+3,600+2,20072.3Tuscany, 45% on $1M, special regime for arrivals
Switzerland+3,000+1,50070.8Zermatt, 32% on $1M, special regime for arrivals
Saudi Arabia+2,400n/an/anot on the board
Singapore+1,600+3,50079.5Singapore, 21% on $1M
Portugal+1,400+80072.5Lisbon, 49% on $1M, special regime for arrivals
Greece+1,200+1,20070.5Athens, 43% on $1M, special regime for arrivals
Canada+1,000+3,200n/anot on the board
Australia+1,000+2,500n/aSydney, 45% on $1M
Montenegro+150n/an/aTivat, 17% on $1M

Where the money left.

CountryNet 2025Net 2024Henley 2026 scoreHighest ranked address on the board
The United Kingdom−16,500−9,50068.3London, 43% on $1M, special regime for arrivals
China−7,800−15,200n/anot on the board
India−3,500−4,300n/anot on the board
South Korea−2,400−1,20066.2not on the board
Russia−1,500−1,000n/anot on the board
France−800n/a65.7Provence, 45% on $1M, special regime for arrivals
Spain−500n/an/aPalma, 44% on $1M, special regime for arrivals
Germany−400n/a69.7Munich, 45% on $1M
Norway−150n/a69.0not on the board

Sources: Henley Private Wealth Migration Report 2024 and 2025 (net flows, country level), Henley Private Wealth Migration Report 2026 (Global Wealth Mobility Framework score, 0 to 100). Net flows are estimates, not official statistics, and describe a country, not a city.

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Questions

The short answers.

Where are millionaires moving in 2026?

On the latest net estimates, to the UAE (+9,800), the United States (+7,500), Italy (+3,600) and Switzerland (+3,000), Henley & Partners' figures for 2025.

Henley's 2026 report published no new flow estimates, so the 2025 figures are the latest. Within those countries the board ranks Abu Dhabi, Aspen and Tuscany highest.

Which country gains the most millionaires?

The UAE, a net 9,800 in 2025, up from 6,700 in 2024 (Henley).

It also leads Henley's 2026 competitiveness score at 85.3 of 100. The UAE levies no personal income tax.

Which country is losing the most millionaires?

The United Kingdom, a net 16,500 in 2025, the largest outflow Henley has recorded.

China lost 7,800 and India 3,500.

Why are millionaires leaving the UK?

The end of non-dom status from April 2025 moved long-term residents onto worldwide taxation, and inheritance tax now follows 10 of the last 20 years of residence.

The UK taxes $1M of income at an effective 43% on the Patrician.ch model. See moving from London.

Did Henley publish millionaire migration numbers for 2026?

No. The Henley Private Wealth Migration Report 2026, released in June 2026, replaced its inflow and outflow estimates with a Global Wealth Mobility Framework that scores each country from 0 to 100.

The 2025 net flows remain the latest published estimates.

Where are millionaires moving in Europe?

To Italy (+3,600), Switzerland (+3,000), Portugal (+1,400), Greece (+1,200) and Montenegro (+150), on Henley's 2025 estimates.

France, Spain, Germany and Norway lost millionaires on net. The Europe ranking sets out what each keeps of $1M.

Is Singapore still attracting millionaires?

Yes, but fewer.

Its net inflow fell from 3,500 in 2024 to 1,600 in 2025 (Henley).

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The general case, ranked: Where should high earners live in 2026 · Best country to live in if you are rich · Best countries for high earners after tax · Europe · United States

Tax figures use a simplified marginal model with indicative 2026 brackets for a non-US single filer, ignore social contributions, most deductions, wealth taxes, and treaties, and are not advice. Residence rules change often. Verify before acting.

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