Amid concerns over a potential World War III, the world's ultra-wealthy are undertaking an unprecedented wealth migration.

The year 2025 is forecast to see approximately 142,000 millionaires leave their home countries, taking with them a total of more than US$800 billion. This is not a random trend, but a strategic response to mounting geopolitical risks, particularly fears of a third world war.

Why are the super-rich migrating?

Top “safe haven” countries

According to , geopolitical risk is the primary “push” factor driving millionaires to seek new “safe havens”. Hotspots such as the conflict in Ukraine, escalating tensions in the Middle East, and concerns over the Taiwan Strait have created an atmosphere of instability that wealthy individuals cannot ignore.Beyond the risk of war, other factors are also driving this migration. Tax policy changes, particularly the UK’s decision to abolish the “non-dom” regime, have prompted 16,500 millionaires to leave Britain, taking with them US$91.8 billion. This represents the largest capital outflow from any country in 2025.

The United Arab Emirates (UAE)

Countries losing the largest capital outflows

• is leading the list of preferred destinations. With 9,800 migrating millionaires projected (a US$63 billion increase), the UAE has emerged as the new “gravitational centre” of global wealth. The UAE’s appeal lies in its combination of political stability, zero personal income tax, modern infrastructure, and strategic geographic location between conflict zones. ranks second with 7,500 millionaires (US$43.7 billion). Although the US also faces concerns regarding internal political stability, it remains an economic “safe haven” with a robust legal system, developed financial markets, and boundless business opportunities.
• United States also attracts significant capital. Switzerland, with 3,000 millionaires (US$16.8 billion), is favoured for its long-standing neutrality, secure banking system, and high quality of life. Italy, with 3,600 millionaires (US$20.7 billion), attracts those seeking a combination of rich cultural heritage and relative stability.
• Switzerland and Italy have also emerged as attractive destinations. Singapore, with 1,600 millionaires (US$8.9 billion), is regarded as the “gateway” to Asia, while Saudi Arabia, with 2,400 millionaires (US$18.4 billion), benefits from residency by investment programmes and rapid economic development.
• Singapore and Saudi Arabia Conversely, several countries are experiencing a wealth “exodus”.

The “residence diversification” strategy

In addition to the UK, China lost 7,800 millionaires (US$55.9 billion) due to capital control concerns, geopolitical risks, and economic instability. India lost 3,500 millionaires (US$26.2 billion), despite remaining a fast-growing market.

South Korea lost 2,400 millionaires (US$15.2 billion), reflecting concerns over potential conflict with North Korea and intense economic competition. Brazil lost 1,200 millionaires (US$8.4 billion), while the Russian Federation lost 1,500 millionaires (US$14.7 billion) as a consequence of the Ukraine conflict.

Economic and social impact

A key emerging trend is “residence diversification” — holding multiple nationalities or permanent residence cards in different countries. This enables wealthy individuals to maintain flexibility, protect their assets from geopolitical risks, and ensure freedom of movement in the event of a crisis.

Programmes such as residence by investment citizenship by investment (CBI) and residence by investment (RBI) are becoming more popular than ever. These programmes allow high-net-worth individuals (HNWIs) to obtain residence rights or citizenship through investments in real estate, government bonds, or local businesses.

Looking to the future

This wealth migration has far-reaching impacts. Countries receiving large capital inflows, such as the UAE and the US, benefit from increased property investment, job creation, and boosted economic development. Conversely, countries experiencing capital outflows face challenges regarding public finances, declining income tax revenues, and a slowdown in development projects.

However, this migration also highlights inequalities in the ability to adapt to global risks. Wealthy individuals can “buy” security by moving their assets, while ordinary people bear the consequences of geopolitical instability.

According to the Henley & Partners Private Wealth Migration Report 2025

As fears of World War III persist, migration capital flows are expected to continue rising in the coming years. Countries wishing to attract global wealth will need to improve political stability, simplify residency by investment procedures, and create an attractive business environment.

The migration of the super-rich is not merely a reaction to geopolitical risk, but a sign of profound changes in how the world is organised. It shows that in an increasingly volatile world, mobility and flexibility have become the most precious assets.

Conclusion

The year 2025 will be a milestone in the history of global wealth migration. With 142,000 millionaires projected to leave their home countries, and “safe havens” such as the UAE, the US, and Switzerland becoming increasingly attractive, we are witnessing a restructuring of the global wealth map. This is a trend that cannot be ignored, not only for the wealthy, but also for governments, investors, and those concerned with the future of the global economy.