Mass Exodus of Wealthy Individuals from Germany: Exploring the Reasons Behind the Departure of the Super Affluent
In a significant shift, Europe is witnessing a mass exodus of millionaires, with countries such as Germany, France, Spain, Norway, Ireland, Sweden, and Britain seeing a notable decrease in their high-net-worth individuals (HNWIs). This trend is outlined in the Henley Private Wealth Migration Report 2025.
According to the report, economic and political instability, unfavourable tax regimes, and a desire for better opportunities, freedom, stability, and investment appeal are driving this migration wave. Britain, for instance, is projected to lose a substantial 16,500 millionaires in 2025, the largest net outflow recorded since tracking began.
The reasons behind this migration trend extend beyond economic factors. Personal motives such as the desire for better education for children and a safer living environment also play a significant role, as highlighted in the report.
The United Arab Emirates (UAE) is emerging as the top destination for these millionaires, expected to welcome 9,800 relocating millionaires in 2025, up from 6,700 the previous year. The UAE's appeal lies in its investment migration programs and its reputation as a wealth-friendly haven.
The United States ranks second, projected to gain 7,500 high-net-worth arrivals, largely through programs like the EB-5 Immigrant Investor Program. Saudi Arabia, noted as the fastest riser, is projected to receive more than 2,400 millionaires in 2025, representing an eight-fold increase from last year, fueled by returning nationals and international investors.
Investment migration programs are playing a crucial role in enabling this movement, accounting for about 30% of all wealthy relocations worldwide. These programs allow families to execute multi-jurisdictional strategies for residence or citizenship that optimize financial security and quality of life.
The current report indicates that Germany could lose economic substance and location attractiveness as a result of the predicted outflow. Germany, which had seen a steady increase in dollar millionaires since 2014, is predicted to see a negative balance of 400 millionaires in 2023, with more millionaires leaving than entering the country for the first time since records began. The predicted capital outflow due to this is approximately two billion euros.
France is also expected to lose 800 millionaires in 2023, while Spain and Sweden are predicted to lose 500 and 100 millionaires, respectively, according to the report. In contrast, the USA is predicted to see an increase of 7,500 millionaires in 2023.
The report by Henley & Partners predicts a similar trend for Norway, with 150 millionaires expected to leave the country in 2023. This migration trend is a reflection of the growing conviction of the rich that they would find more freedom, stability, and economic opportunities in other countries.
The Henley Private Wealth Migration Report 2025 was first reported by the German news magazine "Wirtschaftswoche". The report underscores the need for European countries to address the factors driving this exodus to maintain their economic health and attractiveness to HNWIs.
What countries are projected to lose a significant number of millionaires in 2023, according to the Henley Private Wealth Migration Report 2025? Germany, France, Spain, Sweden, and Norway are expected to lose 400, 800, 500, 100, and 150 millionaires, respectively. In relation to finance and business, this trend suggests that these European countries may lose economic substance and investment appeal, driving wealthy individuals to seek opportunities in countries like the United Arab Emirates, United States, or Saudi Arabia.
