Millionaire Migrations: Where the Wealthy Are Heading and Why

If you suddenly became a millionaire, would you uproot your life and relocate? The inertia of our comfort zones often keeps us in places that might not be optimal. It’s this inertia that keeps us stuck in undesirable jobs or unhappy marriages. But, consider this: you now have more wealth than 94% of Americans and 99% of the global population. Why not take a risk and experience life in another country?

Your choice of destination as a new millionaire depends on several factors: your current location, level of happiness, and life stage. Let me share where I would have moved to at different stages of my life, and then we’ll explore some interesting trends in millionaire migrations.

Where I Would Have Moved as a Young Millionaire

Looking back to 2012, when I was child-free and had just left my job, I would have spent a year each in Malaysia and China. I have fond memories of my middle school years in Kuala Lumpur, Malaysia. Furthermore, I visited China in 1997 during my college years and was impressed by the country’s rapid economic growth. Eventually, I turned down a job offer in China’s Shenzhen in favor of a Wall Street job, a decision that I often ponder over.

If I had the chance to do it again, I would return to China to satisfy my curiosity, improve my Mandarin, and maybe even start a business venture. With a healthy financial cushion, I would have the freedom to explore new ideas and make new friends.

Where I Would Move as a Millionaire in My Late 40s

Fast forward to today, if I were presented with $10 million to leave my vibrant life in San Francisco, I would move to Oahu, Hawaii. Having visited most states in America and over 60 countries, I believe Hawaii offers an exceptional quality of life. It even boasts the highest life expectancy in the US at 79.9 years according to the CDC. Once you’re financially secure, your health becomes a priority, and living in a place like Hawaii could contribute to a longer, healthier life.

However, as I’ve grown older, my desire for adventure has diminished. Today, my preference is for a place with year-round sunshine, comfortable weather, and proximity to my elderly parents.

Global Trends in Millionaire Migration

According to The 2025 Henley Private Migration Report, there’s been an increase in millionaire migrations. The United Arab Emirates (UAE) attracts the most millionaires, followed by the USA, Italy, Switzerland, and Saudi Arabia. On the other hand, the UK, China, India, South Korea, and Russia have seen the most significant outflow of millionaires.

So, what’s behind these trends? In a word: taxes. As high earners with substantial assets, millionaires often face high tax rates. Moving to a country with lower taxes, and preferably, a higher quality of life, is an effective tax minimization strategy.

Why the UAE Attracts Millionaires and the UK Repels Them

For high-net-worth individuals looking for a favorable tax environment and luxurious lifestyle, the UAE is an attractive destination. It offers zero income tax, long-term golden visas, and a strategic global location. Most millionaire migrants to the UAE come from India, Russia, Africa, and the Middle East, but an increasing number of Europeans and Brits are considering the move as taxes in the UK become more unfavorable.

The UK, on the other hand, is losing its appeal. The government is phasing out the tax-friendly “non-dom” status, which exempted foreign residents from paying taxes on overseas income. In addition, the Labour Party plans to impose a 20% VAT on private school tuition, giving wealthy families yet another reason to look elsewhere.

Can American Millionaires Save on Taxes by Migrating?

If you’re a wealthy American considering moving abroad to lower your tax bill, the reality is that the IRS doesn’t care where you live. As a US citizen, you owe taxes on your worldwide income, regardless of where you reside. This citizenship-based taxation is unique to a few countries, including the US.

However, there are a few strategies to reduce your tax liability, such as the Foreign Earned Income Exclusion (FEIE) and the Foreign Tax Credit (FTC). The FEIE allows you to exclude up to $130,000 in earned income if you qualify via the physical presence test or the bona fide residence test. The FTC lets you offset US tax liability dollar-for-dollar based on the income taxes you pay abroad. But remember, state taxes may still apply, especially in states like California.

To Escape American Taxes Completely, Renounce Citizenship

If your goal is complete tax freedom from the IRS, the only way is to renounce your US citizenship. However, this decision comes with significant implications. You may owe an exit tax if your net worth exceeds $2 million or your average income over the past five years is above a certain threshold. Renouncing citizenship also means giving up the right to live and work freely in the US, facing limitations on banking and travel, and losing access to certain legal protections. For most people, renunciation is a drastic measure, not a clever tax optimization move.

Choose the Best Lifestyle Your Wealth Can Buy

When you’re younger and still building wealth, go where the best opportunities are. But once you achieve financial freedom, don’t forget to upgrade your environment. Live in the best place money can buy—not just for comfort, but for quality of life. If you were to inherit a substantial sum, where would you move, and why?

Review Your Finances Before You Move

If you’re considering a relocation or have recently come into a large sum of money, it’s worth getting a second opinion on your finances. Empower offers a free financial check-up that can help you uncover hidden fees, spot unbalanced allocations, and identify ways to improve your risk-adjusted returns. Before you make a move, make sure your portfolio is working as hard as you are.

Plan Your Wealth Strategy Wherever You Live

Before you consider migrating for a better lifestyle, lower taxes, or more freedom, ensure your finances are on solid ground. In my USA TODAY national bestseller, Millionaire Milestones: Simple Steps to Seven Figures, I share practical, step-by-step strategies to build wealth from scratch. Grab your copy today and start making moves with confidence.

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