Between the azure waters of the Adriatic and the rugged peaks of the Dinaric Alps, Montenegro has seen a staggering increase in the number of dollar millionaires over the past decade — 124%, according to data from the Henley Private Wealth Migration Report 2025 (HPWM Report).
This surge is part of a global phenomenon known as “the great wealth migration”. Experts estimate that this year more than 142,000 millionaires will move in search of political stability, favorable taxation, and a comfortable lifestyle, and in 2026 a new record is expected — 165,000 people.
Wealthy individuals are increasingly taking political risks into account when choosing a country to live and invest in. The most attractive destinations remain Switzerland, the USA and the UAE, but in recent years less obvious locations have also been gaining popularity — such as Montenegro, Malta and Poland.
Why Montenegro?
According to Henley & Partners, the Balkan country with a population of just over 600,000 today has around 2,800 millionaires. That is not much by global standards, but the growth rate is impressive and even outpaces recognized leaders — the UAE, Switzerland, and Malta.
The decisive role was played by:
- Favorable tax system — a flat income tax rate, no inheritance tax, and no gift tax.
- The Citizenship by Investment program, or “golden passport,” which was in effect in the past.
- Mediterranean lifestyle — a combination of a mild climate, developed tourist infrastructure, and luxury coastal real estate.
“Montenegro is a unique combination of financial flexibility, European accessibility, and stunning views. For investors focused on quality of life, it has become a real find,” says Dominic Volek, Head of Private Clients at Henley & Partners.
Other countries among the leaders in millionaire growth
Among the leaders in growth in wealthy residents are the UAE (an increase of about 9,800 millionaires in a year), Switzerland, Italy, Portugal and Greece. Their advantage is political stability, business-friendly laws, and residency programs for investors.
Malta also shows impressive growth — 87% over 10 years, and Latvia — 70%, which points to growing interest in small but economically open countries in Eastern Europe.
Western Europe is losing wealth
If some countries in Eastern and Southern Europe are benefiting from capital migration, then major Western European economies are experiencing an outflow.
- The United Kingdom has, for the first time in a decade, become the global leader in millionaire departures: in 2025, the departure of 16,500 people is expected (assets worth ~$91.8 billion). Reasons: the consequences of Brexit, political uncertainty, and the abolition of the non-dom regime, which increased taxes on capital and inheritance.
- France, Spain and Germany also record a negative balance of inflow and outflow of wealthy citizens. Among German millionaires alone, the number of requests for alternative citizenship rose by 114% over the year.
Experts warn: such dynamics could weaken Europe’s financial stability and hurt its innovation potential.
What does this mean for Montenegro?
The rapid growth in the number of wealthy residents could become a driver for luxury housing construction, the development of yacht infrastructure, and investment inflows into tourism. However, experts warn that for long-term success the country needs to maintain political stability and preserve competitive tax conditions.
Montenegro has already proven that it can surprise. And if the trend continues, the small country has a chance to secure its place in the global club of elite destinations for the world’s richest people.
Research methodology in the Henley Private Wealth Migration Report
Data on the global migration of millionaires (HNWIs) in the Henley Private Wealth Migration Report 2025 were prepared in partnership with the research company New World Wealth, which specializes in analyzing the movements of wealthy individuals. The methodology was based on diverse sources: official data from investment programs (“golden visas,” citizenship by investment), internal client inquiries at Henley & Partners, registration data on real estate and companies, as well as activity in professional networking profiles — LinkedIn, etc. The size of the projected increase or outflow of millionaires is calculated as the product of the number of migrating individuals and the average volume of liquid assets of each of them.
However, the methodology has been criticized by specialists at Tax Justice Network, who point out the lack of transparency, the use of digital models with clear bias (for example, the prevalence of “round” numbers in reports), and warn, that “they are counted where millionaires claim to work,” not where they actually live.