Affluent individuals are moving away from traditional European hubs such as the UK, France and Germany.

A recent analysis of high-net-worth relocation by Henley and Partners, a consultancy focused on investment migration and residency planning, reveals a growing split throughout Europe.

Several nations are strengthening their draw for mobile wealth, whereas some of the largest economies on the continent struggle more to hold onto their prosperous populations.

The Henley Private Wealth Migration Report 2026, released this week, adopts a new approach. Instead of tallying millionaire moves, it evaluates nations via a Wealth Mobility Competitiveness Score out of 100.

A higher score signals greater appeal for wealth mobility, derived from elements including tax policies, legal standards, living conditions and political steadiness.

These results merit careful consideration. Dan Neidle, who leads the nonprofit Tax Policy Associates and previously headed tax at Clifford Chance, has raised concerns about the data quality from Henley and partner New World Wealth, noting that collection methods may lack the rigor needed for precise tracking of millionaire shifts.

Henley maintains that its data highlights overall patterns instead of precise figures.

Readers should also recall that the firm offers residency and citizenship advice, giving it a business stake in wealth movement trends.

Leading European spots for wealthy arrivals

Cyprus led European scores at 73.5, with the Netherlands at 72.8, Portugal at 72.5 and Italy at 72.3. Switzerland reached 70.8 while Greece hit 70.5.

The scores provide only part of the picture. Although Cyprus, the Netherlands and Portugal ranked higher overall, the report singles out Italy, Greece and Switzerland among the strongest draws for affluent migrants.

Italy, Europe's third-largest economy, earned 72.3. The report links rising interest to its flat-tax setup for newcomers, supportive inheritance rules and EU market access, with Milan gaining as a center for finance and family offices.

Greece, scoring 70.5, stands out as a key gainer from shifts in European investment migration, especially after Spain ended its golden visa program and Portugal dropped its property-based option.

Switzerland, at 70.8, attracts those prioritizing stability and asset protection amid global tensions, according to the report.

At the lower end are major markets rated competitive yet strained: Germany at 69.7, Norway at 69.0, the UK at 68.3 and France at 65.7.

Henley notes rising strain in the UK, reporting a 15 percent increase in applications from UK-based individuals between 2024 and 2025.

The UK has climbed from the firm's 20th-largest client source in 2018 to a steady spot among the top five.

The report ties this to the end of the non-dom tax system, inheritance tax adjustments, closure of the Tier 1 Investor Visa and wider fiscal concerns.

Germany and France show parallel trends. Henley saw a 16 percent jump in queries from German nationals from late 2025 into early 2026, while France rose from the top 40 source nationalities in 2024 to the top 15 in 2026.

As Guenther Dobrauz-Saldapenna, the firm's Europe head, observed, the two nations remain appealing but have slipped on key wealth mobility factors even as competitors improved their offerings.

The broader international view

Outside Europe, the UAE achieved one of the study's highest marks at 85.3, holding its appeal despite local issues, with demand mostly tied to diversification rather than exit. Singapore topped the leaders list at 79.5, ahead of New Zealand at 75.8.

The US shows a contrast. Though it drives global wealth creation, it scored only 62.3, with applications from US nationals doubling in 2025.

Nearly half those applications targeted European programs, signaling rising interest among wealthy Americans in overseas residency and citizenship paths.

The report suggests these trends reflect a wider shift in global wealth mobility, as several European locations vie more actively for mobile capital and talent.