Which European Countries Are Attracting Millionaires?
Poinews.com – In recent years, affluent individuals across Europe have been shifting their focus, with a growing number opting to relocate from traditional financial powerhouses to newer destinations. A comprehensive 2026 analysis by Henley & Partners, a leading firm in global investment migration, sheds light on the evolving landscape of millionaire migration across the continent. The report reveals that while some European nations are successfully capturing the interest of high-net-worth individuals, others are losing ground to more competitive alternatives. This trend highlights a significant change in how wealth is being distributed and where it is being concentrated in the region.
Understanding the Wealth Mobility Competitiveness Score
Henley & Partners introduced a new methodology to assess the competitiveness of countries in attracting millionaires. This which European countries are attracting index, called the Wealth Mobility Competitiveness Score, ranges from 0 to 100 and takes into account factors such as tax efficiency, legal frameworks, quality of life, and political stability. While the report identifies broad patterns, some experts question its accuracy, citing potential limitations in data collection as a key factor in its ability to precisely track millionaire movements.
Top European Destinations for Millionaires
According to the findings, Cyprus leads the pack with a score of 73.5, followed by the Netherlands (72.8), Portugal (72.5), and Italy (72.3). Switzerland and Greece also score highly, at 70.8 and 70.5 respectively. These countries stand out due to their favorable tax policies, streamlined residency processes, and high quality of life. Italy, for instance, benefits from its flat-tax system for new residents, a supportive inheritance tax structure, and a thriving financial sector in cities like Milan. Greece, meanwhile, has become a strong contender, aided by the closure of Spain’s golden visa program and Portugal’s adjustments to its property-linked pathways.
Switzerland, with its reputation for political stability and capital preservation, continues to attract those concerned about geopolitical risks. The nation’s strong banking sector and reputation as a haven for wealth management further solidify its position. In contrast, traditional hubs such as Germany, Norway, the UK, and France face increasing competition. Germany, despite its economic strength, scores 69.7, while France drops to 65.7, reflecting a decline in their appeal to wealthy migrants.
Why the UK and Germany Are Losing Ground
The UK’s declining appeal is attributed to several changes, including the removal of its non-domiciled tax regime, revisions to inheritance laws, and the closure of the Tier 1 Investor Visa. These reforms have prompted a 15% increase in applications from UK residents between 2024 and 2025, marking a shift from being the 20th-largest source market in 2018 to one of the top five in 2026. Similarly, Germany has seen a rise in inquiries from its nationals, with a 16% increase in applications during late 2025 and early 2026. According to Guenther Dobrauz-Saldapenna, Henley’s Europe head, “the UK and Germany have not become unattractive, but they’ve lost ground on the key factors wealth mobility prioritizes. As competing destinations strengthen their offers, these countries are struggling to maintain their appeal.”
Meanwhile, the US remains a paradox in the global wealth migration narrative. Despite being a major wealth generator, it scores just 62.3 on the competitiveness scale, with applications from U.S. citizens doubling in 2025. Nearly half of these applications are directed toward European programs, highlighting the continent’s growing role in attracting global wealth. Outside Europe, the UAE ranks exceptionally high with an 85.3 score, maintaining its appeal despite regional tensions. Singapore and New Zealand follow closely, with scores of 79.5 and 75.8, respectively.
As the competition for affluent investors intensifies, European countries must adapt their policies to remain relevant. The data underscores that the which European countries are attracting millionaires is not just about financial incentives but also about creating an environment that supports long-term residency and investment. The report serves as a crucial benchmark for nations seeking to refine their strategies in the global race for wealth mobility.
