Montenegro has experienced the fastest growth in the number of millionaires globally over the past decade, with an increase of 124%, according to a recent report from Henley & Partners on the Migration of Private Wealth.

This achievement is attributed to Montenegro’s Nationality Program for investors (2019-2022), favorable tax rates, the allure of the Adriatic coast, and access to the EU.

The economic citizenship initiative, which began in 2019 under the previous government of the Democratic Party of Socialists (DPS), was designed to attract investment through the issuance of Montenegrin passports. Investors were expected to fund development projects in areas like tourism, agriculture, and industry. The first gold passport was issued in February 2020.

The European Commission has repeatedly cautioned Montenegro, as an EU candidate country, that its “Gold Passport” scheme must align with EU visa policies. Measures have been taken against similar schemes in Malta and Cyprus due to citizenship scandals. In April, the European Court of Justice mandated Malta to discontinue its “Gold Passport” program, as it violated EU law.

This program was officially terminated in Montenegro at the end of 2022, yet applications continued to be processed until then.

A Record Number of Millionaires Expected to Relocate Abroad

This year, an unprecedented 142,000 millionaires are projected to leave the United Kingdom, according to the International Migration Advisory Company Henley & Partners’ Global Migration Analytics. This follows a trend observed over the last decade.

The latest Henley report forecasts that the UK will see a net loss of 16,500 millionaires in 2025, exceeding the anticipated outflow from China (7,800). In contrast, the United Arab Emirates (UAE) remains the leading global destination for the wealthy, scheduling a record net gain of 9,800 millionaires, significantly outpacing the US’s expected influx of 7,500 by year-end.

New Global Economic Reality

Jurg Steffen, Executive Director of Henley & Partners, notes that this stark contrast highlights the shifting landscape of wealth migration:

“This year marks a pivotal moment. One European nation tops the list for millionaire departures, reflecting broader concerns among the affluent elsewhere. This will have significant implications for the economic competitiveness of Europe and the UK’s attractiveness for investments.”

European Wealth Centers in Withdrawal and Transformation

The report indicates that the United Kingdom is not alone in this trend. For the first time, major EU economies like France (-800), Spain (-500), and Germany (-400) are also expected to face net losses of affluent residents in 2025. Similar patterns are observed in Ireland (-100), Norway (-150), and Sweden (-50).

The key beneficiaries of this migration include:

• Switzerland: Net inflow 3,000
• Italy: Record net gain of 3,600
• Portugal: 1,400
• Greece: 1,200
• Monaco: 200, particularly among ultra-high-net-worth individuals from the UK, Africa, and the Middle East.

These shifts are largely fueled by appealing tax regimes, quality of life improvements, and active investor migration programs. Southern Europe is increasingly emerging as a new wealth hub on the continent.

Success of Smaller Markets – Montenegro Leads

• Montenegro boasts the highest growth in millionaires globally over the past decade, at 124%, facilitated by its nationality program for investors (2019-2022), low taxes, and EU access.
• Malta: +87% growth with 500 new millionaires, although EU rulings may impact this trend.
• Latvia: +70% growth, with an expected addition of 100 new high-net-worth individuals in 2025.

Millionaire Migration Fuels Wealth Creation

Andrew Amoils, Director of Research at New World Wealth, remarks:

“Analyzing markets with the fastest wealth growth over the last decade, the majority show significant migration trends, such as Malta, the USA, and Costa Rica, as well as emerging tech hubs like China, India, and Taiwan. This illustrates how millionaire migration contributes to new wealth generation.”

Global Winners: Where Wealth is Heading

Outside Europe:

• UAE (+9,800): Strengthens its position through gold visas and attractiveness to wealthy individuals from the UK, India, Russia, Southeast Asia, and Africa.
• Saudi Arabia: Significant growth, +2,400, fueled by diaspora returns and investor arrivals.
• USA: +7,500 new millionaires.
• Singapore (+1,600), Australia (+1,000), Canada (+1,000), New Zealand (+150): All experience remarkably low net losses.
• Thailand (+450): Emerging as a secure hub in Southeast Asia, appealing especially to affluent individuals from China, Vietnam, and South Korea.
• Hong Kong (+800) and Japan (+600): Both see increased inflows due to safety and stability.

Central America and the Caribbean:

• Costa Rica (+350), Panama (+300), Cayman Islands (+200), Bermuda (+50)

Africa:

• Morocco (+100), Mauritius (+100), Seychelles (+50)

Global Losers: Where Wealth is Departing From

• United Kingdom (-16,500): The largest loss in 2025, attributed to:
  • Capital and Inheritance Taxes (Budget from October 2024)
  • Elimination of tax breaks for non-residents (effective April 2025)
  • The so-called “Wexit” – the exit of the wealthy.

Wealth is migrating to:

• Tax Havens: UAE, Monaco, Malta
• Locations with an enhanced quality of life: Italy, Greece, Portugal, Switzerland
• New affluent centers: Dubai, Florida, Milan, St. Julian’s, Lisbon, Athens Riviera, Cug, Lugano.

Professor Trevor Williams, former Chief Economist at Lloyds Bank, highlights:

“The United Kingdom is the only top-10 economy experiencing a decline in millionaires, down 9% since 2014, whereas the global average shows an increase of 40%. The USA has recorded a remarkable 78% increase.”

Asia:

• South Korea (-2,400): Affected by political and economic instability.
• Vietnam (-300) and Pakistan (-100): Facing negative trends.
• Taiwan (-100): Struggles with tensions with China and a lack of luxury real estate.
• Israel (-350) and Lebanon (-200): Seeing departures to the USA, Cyprus, and the UAE.
• Iran (-200): Migration towards the UAE.

BRICS: A Gradual Recovery – Except Brazil

• Brazil (-1,200) and Colombia (-150): Departures to the USA, Portugal, Cayman Islands, Costa Rica, and Panama.

Other BRICS Nations:

• China (-7,800), India (-3,500), Russia (-1,500), South Africa (-250): The lowest net pandemic losses recorded.

In China, cities such as Shenzen and Hangzhou are fostering opportunities in the hospitality and services sectors for the affluent, according to the report.

Asia Remains the Epicenter of Private Wealth

Parag Khanna, author and founder of Alphagea, states:

“Asia continues to be the dominant economic engine, reinforcing its status with countries like Singapore and Japan. China and India balance domestic opportunities with diversification, while Taiwan and South Korea illustrate the impact of geopolitical dynamics.”