Which European Countries Are Attracting Millionaires?
Which European countries are attracting millionaires – Recent shifts in wealth mobility have altered the landscape of millionaire migration across Europe. The focus keyword — “Which European countries are attracting millionaires” — highlights a growing trend where certain nations are gaining traction as preferred destinations, while others face challenges in retaining their affluent residents. A 2026 analysis by Henley & Partners, a leading investment migration firm, reveals a new framework to assess competitiveness in attracting high-net-worth individuals. This approach replaces older metrics with a wealth mobility competitiveness score, weighing factors like taxation, political stability, and quality of life.
Key Factors in Wealth Mobility Competitiveness
The report introduces a detailed scoring system that evaluates multiple dimensions of a country’s appeal to millionaires. Tax policies, rule of law, access to global markets, and quality of life are central to this model. Countries with higher scores are seen as more attractive for affluent migrants seeking stability, growth, and flexibility. For instance, Cyprus, the Netherlands, and Portugal consistently top the rankings, while Germany, France, and the UK show a decline in their positions. This framework aims to provide a clearer picture of where millionaires are moving and why.
“The competitiveness score captures both economic and non-economic aspects of a nation’s ability to attract wealthy individuals,” said the report’s authors. “It reflects how well a country supports long-term financial and personal goals for millionaires.”
Top Performers: Strategic Advantages
Cyprus remains the top performer with a score of 73.5, driven by its favorable tax system, efficient residency programs, and strong financial sector. The Netherlands and Portugal follow closely, scoring 72.8 and 72.5 respectively, thanks to streamlined processes for wealth mobility and high-quality infrastructure. Italy, with a 72.3 score, benefits from its flat tax for new residents and a business-friendly environment, particularly in Milan, which has become a hub for private wealth management. These countries are strategically positioned to meet the evolving needs of affluent migrants.
Greece scores 70.5, making it a notable beneficiary of changes in the European investment migration scene. This rise is partly due to Spain’s recent withdrawal from the golden visa scheme and Portugal’s pivot away from property-linked programs. Switzerland, at 70.8, maintains its appeal as a safe haven for capital preservation, even amid global uncertainties. The report emphasizes that these nations are not just attracting millionaires but are also redefining the criteria for wealth mobility in Europe.
Challenges for Traditional Powerhouses
Major European economies like Germany, France, and the UK are increasingly losing their edge in attracting millionaires. Germany’s score of 69.7 and France’s 65.7 indicate a decline, attributed to policy changes and perceived economic instability. The UK, scoring 68.3, has seen a 15% increase in applications from residents between 2024 and 2025, reflecting its weakened appeal. Experts suggest that the UK’s abolition of the non-domiciled tax regime and the closure of the Tier 1 Investor Visa have created uncertainty for potential migrants.
Despite these challenges, the UK remains a key source market for new clients. However, its rankings suggest it is no longer the top choice for those seeking to relocate. The report notes that countries like Cyprus and the Netherlands are surpassing traditional hubs by offering more attractive fiscal and regulatory environments. This competition underscores the importance of adaptability in retaining wealthy populations within Europe.
Global Trends: Europe’s Role in the Wealth Movement
The analysis extends beyond Europe, with the UAE leading the global rankings at 85.3. Its strong performance is linked to strategic investments in infrastructure and a reputation as a diversified financial hub. Singapore and New Zealand also rank highly, scoring 79.5 and 75.8, respectively, for their stability and tax-friendliness. While these nations excel in their own right, Europe’s shift in dynamics shows that the continent is still a major player in global wealth mobility.
As the report concludes, the future of millionaire migration in Europe hinges on how countries balance economic incentives with long-term stability. The question of “which European countries are attracting millionaires” is no longer just about traditional capitals but about emerging markets that cater to the needs of a changing global wealth landscape. This evolution ensures that the competition for high-net-worth individuals remains fierce and relevant.
