The global distribution of millionaires is shifting, with wealth increasingly concentrated in a handful of tax‑friendly jurisdictions. Recent data show both the current per‑capita concentration of millionaires and where new wealth is expected to flow over the next decade.
Current per‑capita concentrations
- Switzerland leads with ≈ 15 % of residents classified as millionaires.
- Australia follows at ≈ 9.4 %.
- The United States sits near 8.8 %, while Luxembourg, Hong Kong, and the Netherlands each range between 6 % and 8 %.
- Sweden, Denmark, New Zealand, Belgium, Canada, and Singapore cluster around 5 %–7 % of the adult population. Singapore’s 5.5 % figure is likely under‑reported; alternative metrics suggest a much higher share.
These percentages depend on how “millionaire” is defined—whether net worth includes home equity, liquid assets, or a combination of cash, securities, and real‑estate holdings.
Projected leaders by 2030
A report from HSBC, cited by Singapore’s The Straits Times and The Star, projects the following shares of adults with at least US $1 million in net assets:
| Country/Region | 2025 | 2030 |
|---|---|---|
| Singapore | 9.8 % | 13.4 % |
| Australia | 12.5 % | — |
| Hong Kong | — | 11.1 % |
| United States | — | 9 % |
| Japan | — | 7.2 % |
| China | — | 4.4 % |
Singapore’s rapid rise reflects its long‑standing reputation for political stability, robust legal protections, and relatively low tax rates for high‑net‑worth individuals, even though it is not a tax‑free jurisdiction. Dubai, by contrast, offers a zero‑income‑tax regime, making it attractive for those whose primary goal is tax minimisation.
Migration trends among high‑net‑worth individuals
- Renunciation of U.S. citizenship: Record numbers of Americans—predominantly high‑net‑worth—are relinquishing citizenship to avoid U.S. worldwide tax obligations.
- Russian millionaires: Ongoing geopolitical pressures are prompting many to relocate to Western Europe and other safe‑haven markets.
- Ukrainian wealth flight: Similar patterns are observed among Ukrainian elites moving to Montenegro and other destinations.
- Preferred destinations:
- Puerto Rico (U.S. territory) – offers significant tax incentives for qualified residents.
- Portugal – the “non‑habitual resident” regime provides a flat tax rate on foreign income.
- Malaysia – lower cost of living stretches a million‑dollar net worth further than in many Western economies.
- Singapore and Dubai – continue to attract entrepreneurs and investors seeking a combination of stability, infrastructure, and favourable tax treatment.
- Mexico City – despite higher taxes, draws interest for lifestyle and market access reasons.
Practical considerations for relocating
- Tax regime: Evaluate the overall tax burden, not just income tax. Some jurisdictions (e.g., Singapore) tax corporate profits but offer exemptions for foreign‑sourced income, while others (e.g., Dubai) impose no personal income tax at all.
- Cost of living: A million‑dollar net worth provides markedly different purchasing power across regions. For example, the cost of living in Monaco exceeds US $4,000 per month, whereas the same amount affords a considerably higher standard of living in Malaysia or Portugal.
- Legal residency options: Countries differ in the pathways available to high‑net‑worth individuals—investment visas, entrepreneur passes, or permanent residency programs. Singapore’s “EntrePass” and similar schemes enable business owners to obtain residency while maintaining substantial asset thresholds.
- Inflation impact: In high‑inflation environments (e.g., the United States), the real value of a US $1 million net worth erodes faster than in low‑inflation economies such as Switzerland.
Outlook
The concentration of millionaires per capita is expected to remain highest in small, tax‑advantageous jurisdictions. Singapore’s projected 13 % share by 2030 would outpace even the United States, while Australia, Hong Kong, and other Asian financial centers will also see notable increases. Simultaneously, geopolitical and fiscal pressures are driving wealth out of traditional strongholds like Russia and the United States toward these emerging hubs.
For high‑net‑worth individuals, the choice of residence increasingly hinges on a blend of tax efficiency, political stability, and cost of living, rather than merely the prestige of a location. Monitoring policy changes—especially potential new taxes in Singapore—and staying aware of migration trends will be essential for preserving and growing wealth in the coming decade.
