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165 thousand millionaires on the move, the global race for capital has just begun
These are uncertain times, even for the wealthy. Many of those with enough wealth to relocate abroad for tax, security or political reasons are now less convinced to settle in Dubai or Hong Kong, or even the United States or the United Kingdom. Yet many governments continue to welcome foreigners with money and skills, and a growing industry of specialist advisers is ready to help them relocate.
For these advisors, business is booming. According to research firm New World Wealth, more than 140,000 millionaires moved last year, the highest number ever recorded. This year, the number is expected to reach 165,000. Meanwhile, IMI estimates that the investment migration industry, which advises both wealthy individuals and governments seeking investment and talent, will be worth $40 billion by 2025, double the value of 2019.
Until the escalation of tensions between Iran and the Gulf states, Dubai was one of the most popular destinations, attracting a growing number of millionaires, mainly from South Asia, but also from countries such as Nigeria, Syria and Lebanon.
According to industry representatives, interest in immigration is also growing among wealthy Westerners. In Britain, many high-income individuals began to look for alternatives after the pandemic. In 2025 alone, they applied to 23 investment migration programs offered by foreign governments, including the US EB-5 program and schemes in Grenada and Thailand.
In Europe, concerns about wealth taxes are driving more and more wealthy people out. Last year, consultancy Henley & Partners reported that France, Germany and Spain were included for the first time in the list of countries that lost more millionaires than they gained.
However, the biggest change is being seen in the United States, home to more than a third of the world’s individuals with assets over $30 million. Attorney Ronald Klasko says the U.S. has gone from being a peripheral market to a major market for foreign citizenship and residency applications. According to him, most American clients are interested in Europe, due to concerns about the country’s political direction, a desire for alternative residency or the ability to travel without using a U.S. passport.
Despite these concerns, the US continues to attract foreign investors. Demand for the EB-5 program, which requires a minimum investment of $800,000, remains high. In contrast, according to lawyers in the field, interest in the “Gold Card” visa promoted by Donald Trump is very low, due to high costs and legal uncertainties.
Meanwhile, other countries are trying to tap into this market. St. Vincent and the Grenadines announced the creation of a citizenship-by-investment program late last year, while Uzbekistan, the Maldives and Nauru have sought the help of Henley & Partners to design similar schemes.
However, not every country continues to welcome foreign investors. In January 2025, Spain abolished its €500,000 investment residency program, aiming to curb speculation in the real estate market. In April, the European Union's Court of Justice ruled that Malta's citizenship-by-investment program violated European law. Argentina also canceled a plan to create a similar program, while Portugal extended the waiting period for most immigrants to obtain a passport from five to ten years.
Experts point out that more and more governments are facing pressure to tighten controls on applicants. According to Ronald Klasko, the main question is whether a state truly knows the people to whom it is issuing passports or residence permits.
Geopolitical uncertainty is not just a concern for states, but also for the wealthy. Yet many countries continue to welcome them, and the global investment migration industry is benefiting from this growing trend. / Adapted from "The Economist"
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