Europe is experiencing a change in where high-net-worth migrants choose to settle, with traditional hubs like the UK, France, and Germany losing ground to smaller nations offering better conditions for wealthy individuals. A recent analysis from Henley & Partners, a firm focused on investment migration, highlights this trend, using a Wealth Mobility Competitiveness Score to evaluate countries based on factors such as tax policies, political stability, and quality of life.
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The Henley Private Wealth Migration Report 2026 takes a different approach compared to past versions by emphasizing rankings over raw figures. The report cautions that these rankings should be viewed with care, as some critics, including Dan Neidle from Tax Policy Associates, question the methodology used to track movements of wealthy individuals.
Henley acknowledges its findings reflect general trends rather than exact numbers. The firm, which provides guidance on citizenship and residency, has a clear interest in wealth mobility, a context readers should keep in mind when interpreting the report. Nevertheless, the data suggests a clear shift in preferences among the affluent. Italy, for instance, attracts migrants due to its flat-tax regime for new residents and access to the EU market, while Greece benefits from policy adjustments in other countries.
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Switzerland remains popular because of its reputation for stability and capital protection, especially during uncertain times. Meanwhile, Germany, Norway, the UK, and France face challenges. The UK, once a top destination, now ranks 68.3. Changes to tax rules, including the removal of the non-dom regime, have influenced this shift. France and Germany also see rising interest in migration programs, indicating their appeal is declining compared to rivals.
Henley’s Guenther Dobrauz-Saldapenna explains that these nations haven’t lost all appeal but have fallen behind as competitors improve their offerings. Globally, the UAE ranks highly, driven by diversification efforts. Singapore leads a different category, while New Zealand follows. The US, despite its role in wealth creation, scores only 62.3. Nearly half of these applications aim for European programs, showing growing interest in overseas residency among the wealthy.
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The report indicates a broader reordering of global wealth mobility, with European nations increasingly competing for international capital and talent. While some countries maintain their positions, others are adapting policies to stay competitive. For now, the shift highlights a growing gap between traditional hubs and newer destinations offering tailored incentives for the affluent.