2025 Millionaire Exodus: Where the World’s Rich Are Moving

"Follow the money – literally." In 2025, a unique shift is currently taking place in global wealth migration. As powerhouses such as the United Kingdom, China, Spain, and France lose high-net-worth individuals (HNWIs), countries such as Turkey and the UAE are emerging as magnets for millionaires.

What’s driving this exodus? And more significantly, why are Turkey and Dubai emerging as some of the most attractive landing zones for the wealthy?

The Global Millionaire Migration: 2025 Rankings

According to the latest Henley Private Wealth Migration Report 2025, over 142,000 millionaires are projected to relocate in 2025, a new record. These individuals are not tourists, they are global investors, business owners, and families seeking lower taxes, increased returns, and stable lifestyles.

Data shows that the top 10 countries losing HNWIs are:

Why Millionaires Are Leaving: The Push Factors

1. High Taxation in Traditional Economies

Countries around the world are increasing tax rates to historical highs. In the EU, France, Denmark, and Austria now impose top personal income tax rates of over 55%. Turkey has a progressive system capping income tax at 40% for the highest earners, while the UAE imposes a personal income tax rate of 0%.

2. Overregulation and Surveillance

New measures and transparency rules, including KYC, CRS, FATCA, and beneficial ownership registries, make it harder to discreetly increase wealth in the UK and the EU. Many HNWIs are tired of this “Big Brother”-type jurisdiction and are seeking countries with less regulation and more flexibility.

3. Political Instability and Lifestyle Fatigue

Monthly strikes in Paris, energy crises in Germany, rising crime in São Paulo, immigration issues in the EU – are making wealthy individuals question the long-term future and security of the West. Countries like Turkey and the UAE offer modern infrastructure, endless sunshine, peace of mind, and low crime, especially in Dubai and Turkish coastal towns such as Bodrum.

Where the Wealth Lands: Turkey and the UAE in the Spotlight

1. Dubai – A Zero-Tax, High-Luxury Haven

Topping the list of cities with HNWI inflows is Dubai. Data suggests that 10,000 millionaires will move to the UAE in 2025 alone. Once just a playground for luxury extravagance, Dubai is now a hub for strategically managing wealth, raising families, and long-term living.

Why Millionaires are Choosing Dubai:

- Zero Personal Income Tax: Dubai imposes zero tax on its residents, including: salaries, capital gains, and wealth.

- Golden Visa Programme: A 10-year residency programme available to those who purchase $550,000 USD worth of property or deposit $2 million USD into a UAE bank.

- Trophy Assets and Rental Yields: Prime areas including Dubai South and JVC are favoured for investment with 7% to 8% net yields expected. Luxury projects in DIFC and Palm Jumeirah attract high capital.

- Geopolitical Stability and Gateway: Dubai is a stable city, offering a neutral, rule-of-law platform for investors. Dubai is the gateway for travel between the Middle East, Europe, and Africa.

- Business and Banking Ecosystem: DIFC (Dubai International Financial Centre) is home to more than 3,600 financial companies and operates under English common law courts.

2. Turkey – The Mediterranean Wild Card

A 2024 report by Knight Frank showed that Turkey’s HNWI inflows increased by 10% compared to the previous year as more millionaires moved to cities including Istanbul, Bodrum, and Antalya. Turkey offers a unique blend of luxury lifestyle, strategic location, and easy-to-obtain residency options.

Reasons HNWIs are Choosing Turkey:

- Citizenship by Investment: Invest $400,000 USD in qualifying real estate and you can obtain full Turkish Citizenship within 6 months. A Turkish Passport provides visa-free or visa-on-arrival travel to 110+ countries.

- Growth Potential: The IMF predicts that Turkey’s GDP will grow by 2.7% in 2025. This is higher than the UK’s 1.1% projected growth, and ahead of the EU average estimation of 1.2%.

- Luxury Property Market: Expected CAGR of 6% until 2030 – in areas where foreign-buyer demand is high, including: Bodrum, Istanbul, and Fethiye.

- Light Surveillance: Unlike Spain or France, Turkey has no EU-style wealth tax and business-friendly Free Zones. Personal rates are capped at 40% compared to 55% in some EU states.

- Strategic Location: Istanbul Airport offers flights to over 50 capital cities within a few hours. Turkey is the natural bridge between Europe, Asia, and the Middle East.

- International Schools: 300,000 international students live in Turkey, making it the eighth most popular country for education. HNWIs place their children at British, IB, and American schools.

- Wellness and Lifestyle: Turkey has a lifestyle portfolio that caters towards every taste – from organic markets in Bodrum, vineyards in Urla, to cosmopolitan culture in Istanbul.

How Turkey Compares to Traditional “Safe Havens”

Case Study: Bodrum – New Lifestyle Capital

Luxury buyers and HNWIs in 2025 who want to remain close to Europe are increasingly favouring Bodrum. Once a sleepy summer town, Bodrum is now a jet-set favourite for the wealthy.

- Branded Residences: Aman, Mandarin Oriental, and Ritz-Carlton have developments within the Bodrum Peninsula.

- Rental Yields: Luxury villas in Türkbükü and Yalıkavak now provide 5% to 7% annual yields, with year-round and short-stay demand rising.

- Digital Nomad Integration: New co-working spaces, gourmet markets, and international schools make Bodrum ideal for young families with mobile income.

Case Study: Istanbul – Global Wealth Hub

Istanbul is Turkey’s financial and cultural capital, attracting investors who want the perfect mix of urban sophistication, rising returns, and a strategic location.

- Capital Growth: Since 2018, average property prices in Istanbul have increased by 82%. Prices are projected to grow by 17.4% in 2025.

- Global Connectivity: Istanbul Airport and Sabiha Gokcen Airport offer direct flights to more than 300 worldwide destinations – unmatched connectivity for global citizens.

- Prime Rental Yields: Sought after districts including Şişli, Levent, and Beşiktaş yield 5% to 8% annually with high demand from expats, diplomats, and short-term lets.

- Lifestyle and Education: British, American, and IB schools, Michelin-starred restaurants, international hospitals – Istanbul caters to families as well as professionals.

- Business Infrastructure: For entrepreneurs and start-ups, Istanbul is an appealing base city with a new International Financial District and proximity to Eurasian trade routes.

The Bigger Picture: Follow Talent, Capital, and Policy

As 2025 progresses, one truth becomes clear: the global centre of wealth is shifting. Traditional hubs such as London, Paris, and Berlin are seeing record outflows of capital. Regions that offer stability, climate, and citizenship pathways are winning the war for global talent. Cities such as Dubai and Istanbul welcome HNWIs with golden carpets, sunshine, and double-digit yields.

One Istanbul-based wealth manager said: “It’s no longer just about how much you earn. It’s about how much you keep – and how easily you live.”

At Property Turkey, we specialise in helping international investors succeed in the Turkish real estate market. Whether you're seeking a citizenship-approved apartment in Istanbul, a luxury seafront villa in Bodrum, or a high-yield investment property along the Aegean coast, our expert team offers personalised guidance every step of the journey. Contact us today to speak with our local advisors – we are happy to assist.