Montenegro — a global leader in millionaire growth: +124% over ten years
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 — up 124%, according to the Henley Private Wealth Migration Report 2025 (...
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 —by 124%, according to theHenley Private Wealth Migration Report 2025(HPWM Report).
This surge has become part of a global phenomenon known asthe “great wealth migration”. Experts estimate that this year more than142,000 millionaireswill move in search of political stability, favorable taxation, and a comfortable lifestyle, and in 2026 a new record is expected —165,000people.
Wealthy individuals are increasingly taking political risks into account when choosing a country to live and invest in. The most attractive destinations remainSwitzerland,the United Statesandthe UAE, but in recent years less obvious locations have also been gaining popularity — such asMontenegro, MaltaandPoland.
According toHenley & Partners, the Balkan country with a population of just over 600,000 today has around2,800 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 factors were:
A favorable tax system— a flat income tax rate, and no inheritance or gift tax.
program, or “golden passport,” which was in effect in the past.
The Mediterranean lifestyle— a combination of a mild climate, developed tourism 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,” notes Dominic Volek, Head of Private Clients at Henley & Partners.
Other countries among the leaders in millionaire growth
Among the leaders in the growth of wealthy residents arethe UAE, with an increase of about9,800 millionairesin a year,Switzerland,Italy,PortugalandGreece. Their advantage lies in political stability, business-friendly laws, and residency programs for investors.
Maltaalso shows impressive growth —87% over 10 years, andLatvia—70%, indicating growing interest in small but economically open Eastern European countries.
Western Europe is losing wealth
If some countries in Eastern and Southern Europe are benefiting from capital migration, major Western European economies are experiencing an outflow.
The United Kingdomhas, for the first time in a decade, become the global leader in millionaire outflows: in 2025,16,500 peopleare expected to leave (with assets worth about ~$91.8 billion). Reasons:the consequences of Brexit, political uncertainty, and the abolition of thenon-domregime, which increased taxes on capital and inheritance.
France,SpainandGermanyare also recording a negative balance of inflows and outflows of wealthy citizens. Among German millionaires alone, the number of requests for alternative citizenship rose by114%over the year.
Experts warn that this trend could weaken Europe’s financial stability and hurt its innovation potential.
The rapid growth in the number of wealthy residents could become a driver for the construction of luxury housing, the development of yachting infrastructure, and an influx of investment into tourism. However, experts warn that for long-term success, the country must maintain political stability and preserve competitive tax conditions.
Montenegro has already proven that it can surprise. And if the trend continues, this small country has a chance to secure its place in the global club of elite destinations for the world’s wealthiest people.
Research methodology in the Henley Private Wealth Migration Report
The data on global millionaire migration (HNWIs) in theHenley Private Wealth Migration Report 2025were prepared in partnership with the research companyNew World Wealth, which specializes in analyzing the movements of wealthy individuals. The methodology is based on a range of sources: official data from investment programs (“golden visas,” citizenship by investment), internal client inquiries at Henley & Partners, real estate and company registration data, as well as activity in professional networking profiles — LinkedIn, etc. The size of the projected increase or outflow of millionairesis calculatedas the product of the number of migrating individuals and the average amount of liquid assets held by each of them.
However, the methodology has been criticized by specialists atTax Justice Network, whopoint outthe lack of transparency, the use of digital models with obvious bias (for example, the prevalence of “round” numbers in the reports), andwarnthat “they are counted where millionaires claim to work,” not where they actually live.
