Key facts
- Italy, Greece, and Switzerland are emerging as top European destinations for wealthy migrants.
- The UK, Germany, and France are experiencing difficulties in retaining affluent residents.
- Cyprus led European rankings with a score of 73.5, followed by the Netherlands, Portugal, Italy, Switzerland, and Greece.
- The UK's challenges are attributed to the abolition of the non-dom tax regime and changes to inheritance tax.
- Globally, the UAE, Singapore, and New Zealand show high scores for wealth mobility.
- Wealthy Americans are showing increased interest in European residency programs.
A new report by Henley & Partners, the Henley Private Wealth Migration Report 2026, indicates a significant shift in where millionaires are choosing to reside within Europe. While countries like Cyprus, the Netherlands, Portugal, Italy, Switzerland, and Greece are seeing increased interest from high-net-worth individuals, traditional European hubs such as the UK, Germany, and France are facing challenges in retaining their affluent populations.
The report utilizes a Wealth Mobility Competitiveness Score out of 100, factoring in elements like tax treatment, rule of law, quality of life, and political stability. Cyprus led the European rankings with a score of 73.5, followed closely by the Netherlands (72.8) and Portugal (72.5). Italy, with a score of 72.3, is attracting wealth due to its flat-tax regime for new residents, favorable inheritance tax, and EU market access, with Milan emerging as a financial hub.
Greece (70.5) is benefiting from changes in investment migration landscapes, including Spain's closure of its golden visa scheme and Portugal's withdrawal of its property-linked route. Switzerland (70.8) is drawing individuals seeking stability amid geopolitical uncertainty.
Conversely, Germany (69.7), Norway (69.0), the UK (68.3), and France (65.7) are classified as competitive but under pressure. The UK has seen a 15% rise in applications from individuals with UK addresses between 2024 and 2025, and has become a top source market for Henley's clients. This is attributed to the abolition of the non-dom tax regime, changes to inheritance tax, and the closure of the Tier 1 Investor Visa.
Germany and France also show increased interest from their nationals seeking opportunities abroad, with Henley recording a 16% rise in enquiries from German nationals and France moving into Henley's top 15 source nationalities. Henley's head of Europe noted that these countries have not become unattractive but have lost ground as rivals strengthened their offers.
Globally, the UAE scored 85.3, Singapore 79.5, and New Zealand 75.8. The US, despite its wealth creation, scored 62.3, with a doubling of applications from US nationals in 2025, many of which were directed towards European programs, indicating a growing interest among wealthy Americans in overseas residency.