Approximately 134,000 high-net-worth individuals (HNWI) relocated and established new domiciles worldwide in 2024, in what was a ‘landmark year’ for wealth migration, a report from Henley & Partners had found.

The number of millionaires relocating exceeded initial forecasts, driven by robust inflows to the UAE, USA, and Italy, alongside “higher-than-expected” departures from the UK, according to Henley’s Global Mobility Report.

Countries that topped the list of HNWI inflows in 2024 included the UAE, the USA, Singapore, and Canada.

Meanwhile, the nations with the highest number of outflows included China, the UK, and India.

The number of HNWIs migrating in 2024 was the highest since Henley started tracking millionaire migration data in 2013, and is projected to increase further to 142,000 HNWIs in 2025.

“The magnitude of this shift becomes clearer when viewed against the backdrop of recent years,” stated Henley & Partners CEO, Dr. Juerg Steffen.

“From a pre-pandemic peak of 110,000 mobile millionaires in 2019, we saw numbers plummet during the Covid-induced paralysis of 2020.

“The subsequent recovery has been nothing short of remarkable, with current figures representing a fundamental reshaping of global wealth flows.”

Steffen added that the accelerated mobility reflected the deeper currents of change around the globe, following more than 70 national elections in 2024, which has created “new patterns of opportunity and uncertainty”.

“These political realignments, coupled with ongoing conflicts and economic volatility, have prompted wealthy individuals to seek not just safe havens but a diverse range of domiciles across strategic geographic locations in a rapidly evolving global landscape,” he noted.

Climate resilience was found to have become a critical factor in location decisions, with wealthy individuals increasingly factoring environmental stability into their migration choices.

Furthermore, digital infrastructure and cryptocurrency regulations now rank alongside transitional considerations such as education and taxation among HNWIs looking to relocate.

“Looking ahead to 2025, we anticipate several key developments,” said Steffen.

“The concept of citizenship itself is becoming more fluid, with programs evolving to meet the needs of a more mobile and digitally connected world.

“We expect to see more innovative program structures emerging, particularly in countries looking to position themselves as new global wealth hubs.”

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