A fresh analysis of high-net-worth migration reveals a shifting landscape across Europe, with southern and Alpine states emerging as magnets for millionaires while traditional powerhouses like the United Kingdom, Germany, and France see their appeal wane.
The Henley Private Wealth Migration Report 2026, published this week by the investment migration consultancy, introduces a new metric: the Wealth Mobility Competitiveness Score, rated out of 100. This score weighs factors such as tax treatment, rule of law, quality of life, and political stability to gauge how attractive a country is for wealthy individuals considering a move.
Cyprus leads the European rankings with a score of 73.5, followed by the Netherlands (72.8), Portugal (72.5), and Italy (72.3). Switzerland scores 70.8, and Greece 70.5. Yet the report highlights Italy, Greece, and Switzerland as the most notable beneficiaries of current trends.
Italy’s Flat-Tax Appeal and Milan’s Rise
Italy, Europe’s third-largest economy, is drawing interest thanks to its flat-tax regime for new residents, a favourable inheritance tax framework, and access to the EU single market. Milan is increasingly positioning itself as a hub for financial services and family offices, adding to the country’s allure for globally mobile wealth.
Greece, scoring 70.5, is described as one of the clearest winners from recent upheavals in Europe’s investment migration sector. The closure of Spain’s golden visa scheme and Portugal’s withdrawal of its property-linked route have redirected demand toward Athens and the Greek islands. This shift comes as southern Europe sees a travel surge, further boosting the region’s visibility.
Switzerland, with a score of 70.8, continues to attract those seeking stability and capital preservation amid geopolitical uncertainty. Its robust banking sector and political neutrality remain key draws.
Pressure on the UK, Germany, and France
At the other end of the spectrum, several of Europe’s largest economies are classified as competitive but under pressure. Germany scores 69.7, Norway 69.0, the UK 68.3, and France 65.7. The report points to growing signs of strain in the UK, where applications from residents with a UK address rose by 15% between 2024 and 2025. The UK has also moved from being Henley’s 20th-largest source market for new clients in 2018 to consistently ranking among its top five.
This exodus is attributed 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, Henley’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. This dynamic is particularly relevant given climate-related economic risks that could further affect long-term appeal.
Caveats and Context
The findings should be treated with caution. Dan Neidle, founder of the non-profit Tax Policy Associates and formerly UK head of tax at Clifford Chance, has publicly questioned the reliability of migration data produced by Henley and its research partner New World Wealth. He argues that the methods used 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.
Global Comparisons
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, reflecting growing interest among wealthy Americans in overseas residence and citizenship options. This trend underscores Europe’s enduring appeal as a destination for global capital, even as internal dynamics shift.
