142,000 millionaires are uprooting in 2025—forget Switzerland, they’re flocking to this eastern European nation
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The ultra-rich are fleeing once hotspots of wealth like London and Paris in favor of Montenegro, the world’s fastest-growing millionaire hub.
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real estate
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August 8, 2025
04:07 PM
Fortune
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Success·Millionaires142,000 millionaires are uoting in 2025—forget Switzerland, they’re flocking to this eastern European nationBy Preston ForeBy Preston ForeStaff Writer, EducationPreston ForeStaff Writer, EducationPreston Fore is a reporter at Fortune, covering education and personal finance for the Success team.SEE FULL BIO The ultra-rich are fleeing once hotspots of wealth London and Paris in favor of Montenegro, the world’s fastest-growing millionaire hub.Morsa Images—Getty ImagesMillionaires are packing their bags in droves in hopes of finding more secure places for their money as the global economy is riddled by armed conflict and trade wars
It’s being dubbed the ‘great wealth migration.’ And countries Montenegro, UAE, and Malta are seeing significant growth in the number of millionaires within their borders as a result
A historic shift is underway among the world’s wealthiest
This year, some 142,000 millionaires are planning to relocate—leaving behind familiar luxuries London penthouses and French estates in favor of greater opportunities and financial stability abroad
While longstanding favorites Switzerland, the United States, and the United Arab Emirates (UAE) continue to attract their of affluent individuals, one lesser-known eastern European nation has just been crowned the world’s fastest growing millionaire hub
Nested between the blue-watered Adriatic Sea and the towering Dinaric Alps, Montenegro has experienced a 124% increase in the number of millionaires within its borders over the last decade, according to the Henley Private Wealth Migration Report 2025
And while its surging population of 2,800 millionaires is still dwarfed by many other countries, the Balkan nation attracted a wave of interest thanks in part to its former investment-for-citizenship gram (often known as a ‘golden passport’)
Overall, Montenegro remains especially attractive due to its European ximity and fiscal flexibility, according to Henley & Partners’ group head of private clients Dominic Volek
Plus, the views are unbeatable. “Montenegro’s low-tax regime, with flat income taxes and no inheritance or gift tax, has made it particularly attractive for wealth preservation,” Volek told Fortune. “Paired with its Adriatic coastline, luxury real estate offerings, and appealing Mediterranean lifestyle, the country has become a destination of choice for lifestyle-motivated investors.” A standout time for millionaire migration Next year is expected to bring an even greater number of millionaires on the move— 165,000 are anticipated to migrate to greener pastures around the world, according to the report
Recent geopolitical instability, macroeconomic headwinds, and sociopolitical fragmentation have only accelerated the ultra-rich desire to migrate, Volek said
So much so that some individuals have begun calling it the ‘great wealth migration.’ “As major powers become more directly entangled, global investors are increasingly factoring political risk into domicile and portfolio decisions,” Volek said
The UAE has succeeded in attracting high-net-worth migrants in particular because the country is politically stable and -friendly
The nation also has a Golden Visa gram, which has helped it stand out as a destination for the wealthy
In fact, the country is expected to net 9,800 millionaires this year—the most of any other country
Wealth is migrating out of Western Europe While European nations Montenegro, Malta, and Poland are experiencing sizable increases in millionaire growth, other parts of the continent are reeling from their wealthy citizens packing up and leaving
In fact, this year marks the first time in a decade that a European country leads the world in millionaire outflows, with the UK topping the list
Some 16,500 millionaires are expected to leave the British Isles this year, totalling $91.8 billion worth
This translates to a 9% reduction in the UK’s millionaire population over the last decade, in part thanks to fallout from Brexit, political uncertainty, and non-domicile tax changes. “Despite this outbound wave, the UK remains a desirable destination for high-net-worth individuals—particularly Americans disenchanted with the current Trump administration,” wrote Henley & Partners CEO Juerg Steffen in conjunction with the report release. “Yet without a viable entry pathway, the country is unable to offset the outflow, leaving a growing imbalance between incoming and outgoing wealth.” Fellow European powerhouses—including France, Spain, and Germany—also have worrying wealth-migration signs, Volek said
He explained that between 2023 and 2024, there was a 114% increase in enquiries for alternative residence and citizenship options among German millionaires, he said. “This trend suggests a broader erosion of confidence among Europe’s wealthy elite, with potential long-term consequences for regional financial stability and innovation,” Volek said
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