Europe’s wealth‑migration map is shifting, with several traditional powerhouses losing ground to smaller, tax‑friendly nations, according to a new ranking that uses a Wealth Mobility Competitiveness Score.
Cyprus leads, followed by the Netherlands and Portugal
Cyprus topped the European list with a score of 73.5. The island’s appeal rests on its low‑tax regime for new residents and a relatively simple residency process. Close behind, the Netherlands earned 72.8, while Portugal posted 72.5. Both countries combine favorable tax policies with high quality‑of‑life rankings, attracting affluent individuals seeking stability after recent market turbulence.
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Italy, Greece and Switzerland also rank high
Italy, scoring 72.3, benefits from a flat‑tax option for newcomers and a liberal inheritance‑tax framework. Milan’s growing reputation as a hub for family offices adds to the draw. Greece earned 70.5, a rise linked to the shutdown of Spain’s golden‑visa program and Portugal’s shift away from property‑based routes. Switzerland posted 70.8, with investors valuing the country’s political stability and reputation for capital preservation amid geopolitical uncertainty.
Traditional economies feel the pressure
Germany, Norway, the United Kingdom and France scored below the top tier, with numbers ranging from 69.7 to 65.7. The United Kingdom fell to 68.3 after the abolition of the non‑dom tax regime, changes to inheritance tax and the closure of the Tier 1 Investor Visa. Applications from UK‑addressed individuals rose 15 % between 2024 and 2025, yet the country slipped in attractiveness compared with rivals.
Germany’s score of 69.7 masks a 16 % increase in enquiries from German nationals in late‑2025, suggesting rising interest but also growing competition. France, at 65.7, saw its share of high‑net‑worth enquiries rise from the firm’s top‑40 source list in 2024 to the top‑15 in 2026. According to the firm’s head of Europe, Guenther Dobrauz‑Saldapenna, these shifts do not mean the markets have become unattractive; rather, they have been eclipsed on dimensions that matter most to mobile wealth, such as tax treatment and legal certainty.
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Outside Europe, the UAE and Asia stay strong
Beyond the continent, the United Arab Emirates achieved the highest score at 85.3, maintaining its pull despite regional tensions. Singapore followed with 79.5, and New Zealand earned 75.8. The United States, while a leading engine of wealth creation, scored only 62.3. Applications from U.S. nationals doubled in 2025, with nearly half targeting European residency programmes, indicating a growing appetite for overseas options among American high‑net‑worth individuals.
Tax incentives drive the shift.
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Methodology and cautionary notes
The findings come from the Henley Private Wealth Migration Report 2026, which replaces earlier head‑counts with a scoring system based on tax treatment, rule of law, quality of life and political stability. Critics, including Dan Neidle of Tax Policy Associates, question the reliability of the underlying migration data, arguing that the methods lack the precision needed to track millionaire movements accurately. The analysis acknowledges that its figures illustrate broad trends rather than exact counts, and notes its own commercial interest in promoting global wealth mobility.
Despite the caveats, the data suggest a reordering of wealth flows across Europe. Smaller jurisdictions with competitive tax regimes and stable governance appear to be gaining traction, while larger economies grapple with policy changes that may deter affluent migrants. Policymakers in Germany, France and the United Kingdom may need to reassess fiscal and regulatory frameworks if they wish to retain high‑value residents.