Wealthy migrants are turning away from Europe’s old favourites, the UK, France and Germany.
A fresh study of high-net-worth migration conducted by Henley & Partners, a global investment migration consultancy that specialises in residence and citizenship planning, points to a widening divide across Europe.
A handful of countries are cementing their appeal to globally mobile wealth, while some of the continent’s largest economies face mounting pressure in retaining their affluent residents.
The Henley Private Wealth Migration Report 2026, published this week, breaks with its previous format. Rather than counting how many millionaires move, it ranks countries using a Wealth Mobility Competitiveness Score out of 100.
The higher the score, the more attractive a country is judged to be for wealth mobility, with the figure built from factors such as tax treatment, rule of law, quality of life and political stability.
The findings should, however, be treated with some caution. Dan Neidle, founder of the non-profit Tax Policy Associates and formerly UK head of tax at law firm Clifford Chance, has publicly questioned the reliability of migration data produced by Henley and its research partner New World Wealth, arguing that the methods used to collect it are not robust enough to track millionaire movements with the precision often reported.
Henley has said its figures are intended to indicate broad trends rather than serve as exact counts.
It is also worth noting that the firm, which advises clients on residence and citizenship, has a commercial interest in global wealth mobility, a context readers may wish to bear in mind when weighing its findings.
Europe’s top destinations for wealthy migrants
Cyprus topped the European rankings with a score of 73.5, followed by the Netherlands (72.8), Portugal (72.5) and Italy (72.3). Switzerland scored 70.8 and Greece 70.5.
But the rankings tell only part of the story. While Cyprus, the Netherlands and Portugal scored higher, the report highlights Italy, Greece and Switzerland as some of the most attractive destinations for wealthy migrants.
Europe’s third-largest economy, Italy, scored 72.3. According to the report, interest is being driven by its flat-tax regime for new residents, a favourable inheritance tax framework and access to the EU market, with Milan increasingly emerging as a financial and family office hub.
Greece, on 70.5, is described by the report as one of the clearest beneficiaries of recent upheaval in Europe’s investment migration landscape, following Spain’s closure of its golden visa scheme and Portugal’s withdrawal of its property-linked route.
Switzerland, scoring 70.8, is drawing demand from those seeking stability and capital preservation amid geopolitical uncertainty, according to Henley.
At the other end sit several major European markets that Henley classifies as competitive but under pressure: Germany (69.7), Norway (69.0), the UK (68.3) and France (65.7).
Henley points to growing signs of pressure in the UK. The company, which specialises in residence and citizenship planning, said applications from people with a UK address rose by 15% between 2024 and 2025.
The UK has also moved from the firm’s 20th-largest source market for new clients in 2018 to consistently ranking among its five biggest.
The report attributes this to the abolition of the non-dom tax regime, changes to inheritance tax, the closure of the Tier 1 Investor Visa and broader fiscal uncertainty.
Germany and France tell a similar story. Henley recorded a 16% rise in enquiries from German nationals between late 2025 and early 2026, while France jumped from being among the firm’s top 40 source nationalities in 2024 to its top 15 in 2026.
As Guenther Dobrauz-Saldapenna, the firm’s head of Europe, put it, the two countries “have not become unattractive” but have instead lost ground on the dimensions that wealth mobility weighs most heavily, just as rival destinations have strengthened their own offers.
The wider global picture
Beyond Europe, the UAE posted one of the highest scores in the study at 85.3, retaining its pull despite regional tensions, with most demand reflecting diversification rather than departure. Singapore led the dedicated leaders ranking with a score of 79.5, followed by New Zealand on 75.8.
The US, meanwhile, presents what Henley calls a paradox. Despite being the world’s foremost engine of wealth creation, it scored just 62.3, and applications from US nationals doubled in 2025.
Nearly half of those applications were directed towards European programmes, which Henley says reflects growing interest among wealthy Americans in overseas residence and citizenship options.
The report argues that these patterns point to a broader reordering of global wealth mobility, with a number of European destinations increasingly competing for internationally mobile capital and talent.