A
s global wealth continues to shift across borders, 2025 is shaping up to be a pivotal year for high-net-worth individual (HNWI) migration. According to international wealth
and investment migration specialists, Henley & Partners, the UK is expected to lose around 9,500 millionaires this year – the highest outflow globally. But where are they going – and what ripple effects will this migration have, particularly on education systems in their new host countries? Dr Juerg Steffen, CEO of Henley & Partners, says
last year 134,000 high-net-worth individuals relocated and established new domiciles worldwide. This exceeded initial forecasts, driven by migration to the UAE, US, and Italy, alongside higher than expected departures from the UK. He predicts 142,000 high-net-worth individuals will seek new horizons in 2025. “This represents the most significant wealth migration
wave ever documented and reflects fundamental changes in how affluent individuals approach geographic and financial planning,” he says. The definition of high-net- worth is an individual with liquid investable wealth of USD $1 million or more.
WHY MILLIONAIRES ARE MOVING Henley & Partners predicts that while the UK, China, India, Russia and South Korea will lose many of their millionaires in 2025, the UAE looks set to take first place as the world’s leading wealth magnet. Wealthy people are moving for a variety of reasons, including concerns over geopolitical tensions, economic uncertainty, and social upheaval. Other considerations that are important to high net worth families are safety and security; taxes and retirement; work and business opportunities; schooling and education for their children; healthcare; quality of life; and standard of living. Despite uncertainty in the US, it still has 11 cities on
the Top 50 Cities for Millionaires list in the latest World’s Wealthiest Cities Report 2025 ranking, led by New York in first place, followed by San Francisco and Silicon Valley, according to the fourth edition of the annual report published by Henley & Partners in collaboration with global intelligence firm New World Wealth. Outside the US, the tech and financial centres of
Shenzhen and Hangzhou in China, and Dubai are seeing a huge rise in the number of wealthy people living there, followed by Tokyo and Singapore. London and Moscow are the biggest losers of incoming HNWIs.
Several factors are driving the exodus in the UK: • Tax uncertainty, especially over potential changes to non-domicile rules and wealth taxes
• Political instability and shifts in regulation • Concerns about personal safety and quality of life
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GLOBAL EDUCATION WEALTH MIGRATION
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