Europe’s New Wealth Map: Where Millionaires Are Moving — and Why

Europe is seeing a quiet reshuffling of private wealth. For years, the continent’s largest economies — particularly the United Kingdom, France and Germany — were natural magnets for wealthy families, entrepreneurs and investors. Today, however, a different group of countries is gaining ground.

Recent private wealth migration analysis, including the 2026 report published by Henley & Partners, suggests that high-net-worth individuals are increasingly looking beyond Europe’s traditional financial centres and considering jurisdictions that offer a stronger combination of tax certainty, political stability, quality of life, investor access and long-term security.

The result is not necessarily a dramatic “mass exodus”, but rather a more selective and strategic movement of wealth, residence planning and family relocation.

At the centre of this shift is a growing preference for countries such as Cyprus, Portugal, Italy, Greece, Switzerland and the Netherlands. These jurisdictions are being viewed as attractive alternatives for internationally mobile individuals who want access to Europe, but also seek predictability, lifestyle advantages and efficient wealth planning structures.

Cyprus, Portugal and Italy Gain Ground

Cyprus has emerged strongly in recent European rankings for wealth mobility, reflecting its appeal as a business-friendly, internationally connected jurisdiction. Its position is supported by a combination of EU membership, a favourable tax environment, a professional services ecosystem, a relatively high quality of life and access to residence options for international investors and families.

Portugal also remains highly relevant, despite changes to parts of its previous investment migration framework. While the country has tightened or removed some routes that were previously linked to real estate, it continues to benefit from its lifestyle appeal, safety, climate, healthcare access and strong reputation among internationally mobile individuals.

Italy is another major beneficiary of the current trend. Its appeal is no longer based only on lifestyle, culture and access to the European market. Italy’s special tax regime for new residents has made it particularly attractive to wealthy individuals looking for a more predictable fiscal environment. Milan, in particular, is increasingly being viewed not only as a fashion and business capital, but also as a growing centre for finance, private wealth and family office activity.

Greece and Switzerland Offer Different Forms of Security

Greece has also become more competitive, partly because some rival European programmes have become less accessible. Spain has closed its golden visa route, while Portugal has moved away from property-linked investment migration. This has created space for Greece to attract wealthy individuals seeking EU access, Mediterranean lifestyle, real estate opportunities and relatively flexible residence planning options.

Switzerland, meanwhile, continues to occupy a different position in the wealth mobility landscape. Its appeal is less about novelty and more about continuity. For wealthy families, Switzerland remains associated with political neutrality, financial stability, strong legal institutions, privacy, security and capital preservation. In an environment of geopolitical uncertainty, those factors remain powerful.

The UK, Germany and France Face Pressure

While several smaller and mid-sized European jurisdictions are improving their attractiveness, some of Europe’s biggest economies are facing greater pressure.

The United Kingdom has been particularly affected by changes to its tax and immigration landscape. The abolition of the non-domiciled tax regime, changes to inheritance tax treatment, the closure of the Tier 1 Investor Visa route and broader fiscal uncertainty have all contributed to a perception that the UK has become less predictable for wealthy international residents.

This does not mean London has lost its importance. It remains one of the world’s leading financial, legal and cultural centres. However, for mobile wealth, prestige alone is no longer enough. Families with international assets are increasingly comparing London against Milan, Dubai, Singapore, Zurich, Lisbon, Nicosia and other jurisdictions that may offer a more attractive overall package.

Germany and France are facing a similar challenge. Both remain major economies with deep markets, strong infrastructure and highly developed institutions. However, for high-net-worth individuals, competitiveness is increasingly measured through a wider lens: tax policy, administrative efficiency, wealth planning flexibility, political stability, quality of life and international mobility. On those factors, some smaller jurisdictions are now competing more aggressively.

A Global Race for Mobile Wealth

The European trend forms part of a wider global race. Outside Europe, the United Arab Emirates, Singapore, New Zealand, Hong Kong and the United States continue to feature prominently in discussions about where wealth is moving.

The UAE, especially Dubai and Abu Dhabi, remains one of the strongest global magnets for wealth. Its appeal is based on zero personal income tax, modern infrastructure, international connectivity, luxury real estate, business-friendly regulation and a growing financial services sector. For many wealthy individuals, the UAE is not necessarily a place to abandon their home country, but a jurisdiction to add to their global base.

Singapore continues to attract entrepreneurs, investors and family offices, particularly from Asia but also from Europe and the United States. Its strengths include efficient governance, strong rule of law, political stability, low corruption, a sophisticated banking sector and access to fast-growing Asian markets.

New Zealand appeals to a different type of wealthy migrant: individuals and families looking for safety, space, political stability, environmental quality and long-term resilience. It may not offer the same financial hub status as Singapore or Switzerland, but it has become part of the global conversation around security and lifestyle-driven relocation.

Wealth Mobility Is About Optionality, Not Always Relocation

One of the most important points is that wealthy individuals are not always “moving” in the simple sense of packing up permanently and leaving one country for another. Increasingly, the trend is about optionality.

For many high-net-worth families, the goal is to build a wider international footprint. That can include a second residence, a citizenship route, international schooling options, business presence in another market, banking diversification, real estate holdings or a family office structure across multiple jurisdictions.

This is particularly visible among wealthy residents of countries where tax, political or economic conditions are becoming less predictable. Many are not necessarily leaving their home countries permanently. Instead, they are securing alternative options in case tax rules, political conditions, security concerns or economic circumstances change.

In that sense, wealth migration is becoming less like traditional migration and more like risk management.

Tax Matters, But It Is Not the Only Driver

Tax remains one of the strongest factors behind wealth mobility, but it is rarely the only one. Wealthy families tend to consider a package of issues: legal certainty, inheritance planning, education, healthcare, lifestyle, political risk, personal safety, access to markets, currency exposure and the ability to move quickly if circumstances change.

This is why some high-tax countries can still attract wealth, provided they offer strong institutions, deep markets and long-term stability. At the same time, countries with attractive tax systems must also provide credibility, infrastructure and legal protection if they want to attract serious long-term capital.

The modern wealthy migrant is usually not looking only for the lowest tax rate. They are looking for the best overall jurisdictional balance.

A Note of Caution on the Data

As with all wealth migration rankings, these findings should be read as indicators of broader trends rather than precise measurements of permanent relocation.

Wealth migration is difficult to measure with precision. Wealthy individuals may hold multiple residences, passports, companies, family offices and tax connections across different jurisdictions, making it hard to determine when someone has genuinely “moved”.

Some commentators and tax policy groups have also criticised earlier claims about “millionaire exoduses”, arguing that the numbers can be overstated or presented in a way that creates a misleading impression of mass departure. The more realistic interpretation is that wealthy individuals are becoming more internationally strategic, not that they are all suddenly abandoning major economies.

This distinction matters. A country may remain economically powerful while still becoming less competitive for certain mobile segments of private wealth. Equally, a smaller jurisdiction may attract significant attention without necessarily replacing London, Paris, Frankfurt or New York as a global financial centre.

The Bigger Picture

The movement of millionaires is ultimately a signal of how countries are perceived by people with the greatest ability to choose where they live, invest and structure their affairs.

For Europe, the message is clear. Wealthy individuals are comparing jurisdictions more actively than before. Countries that provide stability, transparent rules, sensible tax frameworks, strong professional services and a high quality of life are gaining an advantage.

Countries that create uncertainty, complexity or sudden policy changes risk losing some of their appeal.

Cyprus, Portugal, Italy, Greece and Switzerland are benefiting from this new environment. The UK, Germany and France remain major economies, but they are under pressure to show that they can still offer the certainty and competitiveness that internationally mobile wealth increasingly demands.

The global competition for wealthy residents is no longer only about tax. It is about trust, flexibility and the ability to provide families with a secure long-term base in an uncertain world.

By fLEXI tEAM