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Answers · current to October 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 October 2026

  • The latest net millionaire migration figures are Henley & Partners' forecasts for 2025, published in June 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 forecast outflow is the United Kingdom, a net 16,500 for 2025, up from 9,500 for 2024 and the largest Henley has recorded in 10 years of tracking, 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: Dubai (0% on $1M), Aspen (36% on $1M) and Rome (46% on $1M, before its regime for arrivals).

Each address on this page was last checked against its official sources between and . The sources for each are named on its page.

Source: the Patrician.ch board, an original ranking of 100 residence addresses across 47 countries and territories. Tax rates, thresholds and routes are sourced. Cost, safety, schools, sun and beauty are Patrician.ch editorial indices. Figures current to October 2026. Updated . Cite as: Patrician.ch, Millionaire migration 2026: where millionaires are moving, patrician.ch/answers/where-are-millionaires-moving/, October 2026.

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By the Patrician.ch research desk · Updated 5 November 2026 · 11 min read
Dubai, UAE
Dubai 🇦🇪 UAE
Aspen, United States
Aspen 🇺🇸 United States
Rome, Italy
Rome 🇮🇹 Italy
Zug, Switzerland
Zug 🇨🇭 Switzerland
Net inflows

Where the money arrived.

Net millionaires (individuals with $1M or more in liquid investable wealth) arriving minus leaving, Henley & Partners forecasts for the year, country level. The last column is the highest ranked address in that country on the engine's default reading, or its leading city where the board has none.

Country2025 forecast2024 forecastHenley 2026 scoreLeading address, tax on $1M
The UAE+9,800+6,70085.3Dubai, 0% on $1M
The United States+7,500+3,80062.3Aspen, 36% on $1M
Italy+3,600+2,20072.3Rome, 46% on $1M, special regime for arrivals
Switzerland+3,000+1,50070.8Zug, 21% on $1M, special regime for arrivals
Saudi Arabia+2,400n/an/aRiyadh, 0% on $1M
Singapore+1,600+3,50079.5Singapore, 21% on $1M
Portugal+1,400+80072.5Lisbon, 48% on $1M, special regime for arrivals
Greece+1,200+1,20070.5Athens, 43% on $1M, special regime for arrivals
Canada+1,000+3,200n/aToronto, 51% on $1M
Australia+1,000+2,500n/aSydney, 45% on $1M
Montenegro+150n/an/aTivat, 17% on $1M
See these 2 places for your own income.Dubai and Aspen, side by side on your income, passports and family. Free, in the ranking of all 100. Then the Dossier: a written report in 10 chapters on the 3 places that rank first for you. The Dossier is $500. The founding price, $250, holds until 30 November.
Compare them on my income →

Where the money left.

Country2025 forecast2024 forecastHenley 2026 scoreLeading address, tax on $1M
The United Kingdom−16,500−9,50068.3London, 43% on $1M, special regime for arrivals
China−7,800−15,20060.5Shanghai, 42% on $1M
India−3,500−4,30056.5Mumbai, 38% on $1M
South Korea−2,400−1,20066.2Seoul, 44% on $1M
Russia−1,500−1,00058.7Moscow, 20% on $1M
France−800n/a65.7Provence, 44% on $1M, special regime for arrivals
Spain−500n/an/aMadrid, 43% on $1M, special regime for arrivals
Germany−400n/a69.7Munich, 45% on $1M
Norway−150n/a69.0Oslo, 38% on $1M

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.

How each country taxes a fortune on income, gains, wealth and inheritance: the best countries for high net worth individuals.

Where the millionaires live today, by resident count: the richest cities in the US · the richest cities in Europe · the richest cities in Asia and the Pacific.

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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 Dubai, Aspen and Rome 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 forecast net loss of 16,500 for 2025, the largest outflow Henley has recorded.

China was forecast to lose 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.

Where do rich people move to?

On the latest net estimates, to the UAE, the United States, Italy and Switzerland, the 4 largest forecast millionaire inflows for 2025 (Henley).

Where the rich already live is a different list, led by New York, the Bay Area and Tokyo: where rich people live.

Where do billionaires move to?

The flows are counted for millionaires, not billionaires. At that scale wealth tax, capital gains and what heirs pay decide it.

The addresses that tax none of them are on the best country to live if you are rich.

Are millionaires still moving to Dubai?

The UAE had the largest forecast net inflow for 2025, +9,800, and leads Henley's 2026 score.

What the 2026 strikes changed is on is Dubai still tax free. The tax on the way out, to London, Sydney, New York or Singapore: moving from Dubai.

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.

Henley's forecast net inflow fell from 3,500 for 2024 to 1,600 for 2025.

The Dossier: your top 3, on your numbers.A written report on the 3 places that rank first for you, compared line by line on your income, a sale, your passports and your family. 10 chapters, written the moment you pay. Every tax figure carries its official source and the date it was last checked. The Dossier is $500. The founding price, $250, holds until 30 November. Refunded in full within 7 days of delivery, no reason needed.
Read chapters 1 to 3, free →
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Income tax on the published 2026 rules. Social contributions, most deductions and treaties are not modeled. Figures are for a non-US single filer. Wealth tax, an exit and your passports are added when you run the engine on your own numbers. Not advice. Residence rules change often. Verify before acting.

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