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Millionaires are packing their bags in droves in hopes of finding more secure places for their money as the global economy is riddled by ongoing armed conflict and trade wars. It’s being dubbed the ‘great wealth migration.’ And countries like Montenegro, UAE, and Malta are seeing significant growth in the number of millionaires within their borders as a result.
A historic shift is underway among the world’s wealthiest. This year, some 142,000 millionaires are planning to relocate—leaving behind familiar luxuries like London penthouses and French estates in favor of greater opportunities and financial stability abroad.
While longstanding favorites like Switzerland, the United States, and the United Arab Emirates (UAE) continue to attract their share of affluent individuals, one lesser-known eastern European nation has just been crowned the world’s fastest growing millionaire hub.
Nested between the blue-watered Adriatic Sea and the towering Dinaric Alps, Montenegro has experienced a 124% increase in the number of millionaires within its borders over the last decade, according to the Henley Private Wealth Migration Report 2025.
And while its surging population of 2,800 millionaires is still dwarfed by many other countries, the Balkan nation attracted a wave of interest thanks in part to its former investment-for-citizenship program (often known as a ‘golden passport’).
Overall, Montenegro remains especially attractive due to its European proximity and fiscal flexibility, according to Henley & Partners’ group head of private clients Dominic Volek. Plus, the views are unbeatable.
“Montenegro’s low-tax regime, with flat income taxes and no inheritance or gift tax, has made it particularly attractive for wealth preservation,” Volek told Fortune.
“Paired with its Adriatic coastline, luxury real estate offerings, and appealing Mediterranean lifestyle, the country has become a destination of choice for lifestyle-motivated investors.”
Next year is expected to bring an even greater number of millionaires on the move—about 165,000 are anticipated to migrate to greener pastures around the world, according to the report.
Recent geopolitical instability, macroeconomic headwinds, and sociopolitical fragmentation have only accelerated the ultra-rich desire to migrate, Volek said. So much so that some individuals have begun calling it the ‘great wealth migration.’
“As major powers become more directly entangled, global investors are increasingly factoring political risk into domicile and portfolio decisions,” Volek said.
