Henley & Partners report: Singapore projected to welcome 1,600 millionaires in 2025

Singapore is projected to attract 1,600 millionaires in 2025, according to the Henley Private Wealth Migration Report 2025 released on 24 June. This figure represents a significant decline from the estimated 3,500 high-net-worth individuals who migrated to the city-state in 2024. Despite the downturn, Singapore remains one of the world’s top destinations for relocating millionaires, ranking sixth globally.

Global millionaire migration reaches record levels

According to Henley & Partners, a record 142,000 millionaires worldwide are expected to relocate in 2025. The estimated wealth accompanying new arrivals to Singapore is projected at US$8.9 billion. The top five countries ahead of Singapore for net millionaire inflows are the United Arab Emirates, the United States, Italy, Switzerland, and Saudi Arabia. Henley’s report indicates that traditional destinations such as Singapore, Australia, Canada and New Zealand are experiencing diminishing appeal, with their lowest net inflows provisionally expected this year.

Shifting dynamics in Asia

In South-east Asia, Thailand is emerging as a strong alternative to Singapore, with a projected net inflow of 450 millionaires in 2025. Bangkok, in particular, is increasingly attractive to wealthy individuals from China, Vietnam and South Korea. The city’s expanding financial services sector, international schools and luxury real estate offerings are cited as key attractions, according to the report. Meanwhile, South Korea is experiencing a sharp outflow of wealth, with a projected net loss of 2,400 millionaires in 2025—more than double the figure recorded in the previous year. Vietnam is also expected to see around 300 high-net-worth individuals leaving the country over the same period. Commenting on Singapore’s projected decline in millionaire inflows, Andrew Amoils, Head of Research at New World Wealth, told Lianhe Zaobao: “Over the past year, the growth of family offices in Singapore has slowed, and many high-net-worth individuals are now more inclined to allocate capital to Hong Kong and the United Arab Emirates.” He added that one possible reason wealthy individuals are exploring other locations is due to Singapore’s high investor visa requirements and elevated property prices. In March 2023, Singapore revised the conditions under its Global Investor Programme. Under the new rules, applicants must invest at least S$10 million—including paid-up capital—to establish a new business entity or invest in an existing operating business. Previously, the minimum requirement was S$2.5 million.

China’s outflow slows, while Hong Kong rebounds

China continues to lead in millionaire departures, but the pace is slowing, with 7,800 expected to leave in 2025. This is the first notable moderation since Henley began tracking such movements. According to Dr Parag Khanna, founder and CEO of AlphaGeo, China’s regulatory clarity and domestic investment incentives are beginning to restore elite confidence. Booming sectors in Shenzhen and Hangzhou, such as technology, entertainment and hospitality, are also encouraging retention among affluent individuals. Nonetheless, Dr Khanna cautioned that outbound migration is unlikely to halt completely due to continued geopolitical tensions and a strong desire for international mobility. Hong Kong, on the other hand, is set to welcome 800 millionaires in 2025, reversing a four-year trend of net outflows linked to political unrest. Henley & Partners noted that top executives from high-growth tech firms in neighbouring Shenzhen are a key source of this resurgence.

The UAE leads as global millionaire magnet

The United Arab Emirates remains the world’s top destination for wealthy migrants, expected to receive a record net inflow of 9,800 millionaires this year. At the opposite end of the spectrum, the United Kingdom is forecast to lose 16,500 millionaires in 2025—the highest globally—followed by China. “This is not just about changes to the tax regime,” said Henley & Partners CEO Juerg Steffen. He added that the trend signals a growing perception among the global elite that better opportunities, freedoms and stability exist outside the UK. “This marks the first time in a decade that a European country tops the outflow rankings,” Steffen noted. The long-term impact on the UK’s competitiveness and investment appeal could be significant, the report warned.