How Millionaire Migration in Asia is Redrawing the Wealth Map
As global wealth takes flight in record numbers, Asia is emerging as both a destination and departure point for high-net-worth individuals. From the tech hubs of China and Taiwan to the luxury havens of Thailand and the UAE, the region is redefining the rules of private wealth – and the world is watching.
A record 142,000 millionaires are expected to relocate across borders in 2025, and the United Arab Emirates (UAE) stands tall as the global frontrunner. Projected to welcome a net inflow of +9,800 high-net-worth individuals (HNWIs), the UAE is cementing its status as the top global wealth magnet – outpacing even the US, Henley & Partners' new «Private Wealth Migration Report» cites.
Driving this influx is a potent mix of low taxes, political neutrality, and aggressive golden visa programs. Demand from departing millionaires in India, China, South Korea, Russia, Southeast Asia, and Africa has turbocharged the UAE’s appeal. Meanwhile, Saudi Arabia, with a forecast +2,400 millionaire inflow, is fast becoming a rising star in Asia’s wealth narrative – as Riyadh and Jeddah attract both returnees and foreign investors.
Bangkok Rises, Singapore Cools
In Southeast Asia, Thailand is experiencing a dramatic uptick in appeal. With +450 millionaires expected to move in this year, Bangkok is quietly morphing into a regional safe haven. HNWIs from China, Vietnam, and South Korea are drawn to its blend of international schools, booming financial services, and upscale property market.
By contrast, traditional Asian wealth hubs like Singapore are seeing stagnation. Despite maintaining a strong reputation, Singapore’s projected +1,600 HNWI inflow in 2025 marks its lowest on record, signaling a shift in regional dynamics. Wealthy entrepreneurs appear to be looking elsewhere for growth, privacy, and new opportunities.
Japan and Hong Kong: Stability as a Magnet
After years of political unrest and pandemic-related uncertainty, Hong Kong is slowly regaining its footing. An expected +800 HNWIs will settle there this year – many of them executives from nearby Shenzhen’s booming tech sector, now choosing to base themselves in the city-state for its connectivity and lifestyle.
Similarly, Japan is enjoying renewed interest from China’s wealthy elite. Forecast to gain +600 millionaires, Japan’s appeal lies in its geopolitical stability, cultural sophistication, and high safety index – a potent mix for those seeking a secure base in turbulent times.
The Other Side of the Coin: Asia's Millionaire Exodus
Not all of Asia is benefiting from this migration wave. South Korea is set to lose 2,400 millionaires in 2025 – a steep rise from the year before. Political uncertainty and economic volatility drive the outflow, with many of Korea’s wealthy opting for more stable havens.
Vietnam (-300) and Pakistan (-100) are also seeing consistent departures, largely to the UAE. And while Taiwan’s economy remains robust, a combination of China tensions and a lack of high-end real estate is leading to a projected –100 net outflow, despite an impressive 65 percent millionaire growth over the past decade.
India and China: Balancing Risk and Opportunity
Asia’s two giants — India and China — present a nuanced picture. India is forecast to lose 3,500 HNWIs, but this is tempered by many returning from the UK, driven home by new opportunities and the rise of domestic wealth centers. Similarly, while China’s net loss of –7,800 millionaires puts it second globally, the trend is improving.
Booming tech ecosystems in Shenzhen and Hangzhou, alongside dynamic growth in entertainment and hospitality, are helping stem the outflow. Wealth creation remains strong, with many affluent Chinese choosing to stay and invest domestically — for now.
Asia's Future: Engine of Wealth and Complexity
Despite volatility in some corners, Asia remains the world’s strongest private wealth engine. As geopolitical strategist Parag Khanna notes in the Henley report, «Asia’s wealth landscape is a dynamic blend of ambition and caution.” From Singapore’s solid foundation to Thailand’s rise, from China’s resilience to Japan’s reemergence, the region reflects both opportunity and risk.
For policymakers, wealth managers, and investors alike, understanding Asia’s shifting millionaire migration patterns isn’t optional — it’s essential. As 2025 unfolds, Asia will not just react to global wealth trends. It will set them.
