Demand weakens along with other traditional destinations for wealth migrants
Canada has long been seen as an attractive option for millionaires from other parts of the world who are seeking a new place to call home. But that appears to be changing.
A new report from investment migration advisory firm Henley & Partners using tracking data from New World Wealth, shows that 142,000 millionaires are projected to relocate in 2025 with the UK losing the most high-net-worth individuals (16,200 net outflow) followed by China (7,800). France, Spain, and Germany are also expected to see net outflows of HNWIs.
With the UAE topping the list of destinations for wealthy migrants (9,800 net inflow) and beating the US by 2,000, this years stats reveal a changing picture that sees wealth moving away from western destinations.
“2025 marks a pivotal moment,” says Dr. Juerg Steffen, CEO at Henley & Partners. “For the first time in a decade of tracking, a European country leads the world in millionaire outflows. This isn’t just about changes to the tax regime. It reflects a deepening perception among the wealthy that greater opportunity, freedom, and stability lie elsewhere.”
While Canada would have been a strong contender to attract these wealthy individuals, the latest stats show its pull is weakening, along with some other traditional havens. Canada may still see 1,000 wealthy migrants this year, but that the lowest net inflow on record. This is also the case for Singapore, Australia, and New Zealand.
Meanwhile, more Canadian millionaires are considering moving abroad than four years ago, according to a recent survey by investor migration consultancy Arton Capital.
The Henley & Partners report shows that Thailand is becoming a key choice of HNWIs, while Hong Kong remains attractive, along with increased interest in Japan. Central American and Caribbean jurisdictions, along with three African nations - Morocco, Mauritius, and the Seychelles - are all expected to attract significant migration.
“If one reviews the fastest growing wealth markets in the world over the past decade, it is noticeable that most of these countries are either popular destinations for migrating millionaires — such as Montenegro, the UAE, Malta, the USA, and Costa Rica — or emerging market tech hubs like China, India, and Taiwan,” says Andrew Amoils, Head of Research at New World Wealth. “This demonstrates the importance of millionaire migration in driving new wealth formation in a country.”
