The Rich Flee from Instability: A Record Number of Millionaires Change Their Country of Residence 0 12

If just a few years ago the main motive for wealthy individuals to relocate was tax benefits, now issues of safety, political stability, and capital preservation have come to the forefront. This is reported by The Economist, citing data from the research company New World Wealth.

According to analysts' estimates, in 2025, more than 140,000 millionaires will have changed their country of residence. This will be the highest figure in the history of observations. This year, the number of wealthy migrants may rise to 165,000.

At the same time, the market for investment migration is rapidly growing. The industry that helps affluent clients obtain residence permits and citizenship in other countries is already valued at approximately $40 billion. Over the past six years, its volume has doubled.

One of the main attractions for wealthy foreigners has long been Dubai. The emirate actively attracted entrepreneurs and investors from Asia, Africa, and the Middle East due to low taxes, developed infrastructure, and simplified relocation conditions.

However, after the escalation of the situation in the Middle East, some potential migrants began to look for alternative options. Against this backdrop, interest in countries in Europe, North America, and the Asia-Pacific region is growing.

According to experts, the number of inquiries about relocation has particularly increased among residents of Western countries. In the UK, the surge in interest in alternative citizenship began even after the pandemic. In France, Germany, and Spain, wealthy citizens are increasingly expressing concern about potential tightening of tax policies. For the first time, these countries have found themselves among those losing more wealthy residents than they are gaining.

The demand for second citizenship among Americans is growing particularly rapidly. Industry representatives note that the U.S. has transformed from a secondary market into the largest source of clients for companies operating in the investment migration sector.

Many affluent Americans are seeking to obtain residence rights in European countries, fearing political polarization within the U.S. and wishing to secure additional opportunities for travel, business, and asset preservation.

At the same time, the United States continues to attract foreign investors. The EB-5 program, which provides immigration benefits in exchange for investments in the U.S. economy, is popular.

Meanwhile, the Gold Card program proposed by U.S. President Donald Trump has not yet generated the expected excitement. Experts explain this by the high cost of participation and the lack of clarity regarding the future legal status of the program.

Amid growing demand, many countries are trying to profit from attracting wealthy foreigners. New citizenship and residence programs for investment are actively being developed by Caribbean, Asian, and Oceanian countries. At the same time, authorities are intensifying checks on candidates, fearing that such schemes may be used to circumvent sanctions, conceal assets, or launder money.

A New Risk Factor for Wealthy Migrants

Additional uncertainty is created by the escalation of the situation in the Middle East. After the military operation by the U.S. and Israel against Iran, Qatar was forced to suspend operations at the Ras Laffan energy complex — one of the most important facilities in the global gas infrastructure.

In his article for The Times, economic commentator Ed Conway points out another important factor — the dependence of Gulf states on foreign workers.

The economic success of countries in the region is largely built on the labor of expatriates, who are attracted by high salaries and a favorable tax regime. According to the World Bank, the share of non-native population is 77% of Qatar's population, 74% of the UAE's population, and 67% of Kuwait's population. These are some of the highest figures in the world.

Amid rising tensions in the region, some foreign specialists and investors are already beginning to consider relocating to more stable jurisdictions, which could pose a new challenge for the economies of Gulf states.

Global migration of millionaires is experiencing unprecedented growth. While wealthy individuals previously relocated for tax advantages, today the main factors are safety, political stability, and capital protection. In conditions of global uncertainty, second citizenship and alternative residences are increasingly viewed as elements of personal and financial insurance.