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The 2025 Henley Private Wealth Migration Report highlights the increasing mobility of wealth, accompanied by some fascinating geographic trends that illustrate the evolving wealth landscape across Asia.
The report forecasts a record 142,000 high-net-worth individuals ( HNWIs ) relocating globally in 2025, the highest total tracked over the past decade, as wealth becomes increasingly mobile and diverse.
Moreover, in an uncertain world where geopolitical risk is high and wealth taxation is increasingly focused on as a source of government revenue, it is perhaps no wonder that we’re seeing growing interest in flexible wealth planning solutions that transcend borders. This in turn is likely to boost demand for – and the adoption of – products that can meet these needs, such as insurance-based wealth solutions.
China is expected to see the second-highest number of HNWI outflows in 2025 after the United Kingdom, with 7,800 millionaires exiting the country. About 3,500 HNWIs are also projected to leave India this year.
Traditional wealth havens such as Singapore ( +1,600 ) and Japan ( +600 ) are expected to see inflows in 2025, albeit at slower rates than usual. Australia remains a popular destination for HNWIs and is projected to attract 1,000 HNWIs through the coming year, while Hong Kong ( +800 ) is also expected to benefit from a growing millionaire population.
Meanwhile, new destinations for wealthy individuals in Asia are starting to emerge, with Thailand ( +450 net millionaires ) now positioning itself as an alternative to Singapore.
Outside of Asia, the Middle East is the biggest winner and continues to compete aggressively for wealth flows. The United Arab Emirates is the world’s most attractive destination with forecast net inflows of 9,800 millionaires, while Saudi Arabia is also expected to receive 2,400 HNWIs into the country through 2025.
Shifting wealth, shifting needs
These emerging wealth migration trends outlined in the Henley Report underscore the urgency for flexible wealth planning solutions that transcend borders, marking an inflection point for wealth advisers.
As more HNWIs become globally mobile amid outflows from European destinations and intra-Asia competition, the need for bespoke and portable wealth planning solutions has never been greater.
Traditional wealth strategies often assume long-term residence and investments in a single jurisdiction.
But today's mobile clients need future-proofed structures that work across borders, accommodate multiple tax regimes, and support succession planning in a complex, international context.
Whether a family or their dependents are moving from Hong Kong to Australia or are simply unsure where or whether they might move in the future, pre-planning and portability will be essential to ensure their financial arrangements can travel with them.
This is especially true when moving from low-tax regimes to high-tax regimes, while assets are increasingly held in different geographies, creating multi-jurisdictional exposure and adding to the complexity around financial planning.
In the context of accelerating wealth transfer across Asia, it is easy to see how the demand for highly portable wealth solutions is rising rapidly. Clients are seeking advisers who can offer strategic, cross-border thinking.
It’s no longer just about managing investments – it’s about managing complexity and planning ahead for the future.
Bespoke wealth planning that accounts for mobility, legacy, and global compliance is now central to serving the needs of the modern HNWI.
Insurance-based wealth solutions
Solutions such as investment-linked life insurance, variable universal life ( VUL ), and private placement life insurance ( PPLI ) are increasingly becoming the go-to solutions for meeting these demands.
They allow clients to consolidate a wide range of investments into a single, tax-efficient solution that is portable between jurisdictions, while offering potential benefits such as enhanced legacy planning and control over succession, confidentiality, and long-term planning flexibility.
The flexibility of these products allows HNWIs to pair residency or citizenship planning with tailored wealth vehicles and policies anchored in stable jurisdictions in an uncertain world.
Client education will be pivotal – increasing awareness and comprehension of insurance-based wealth solutions around tax, global portability, and flexibility will support planning and improve outcomes as wealth migration continues to shift in Asia over the coming years.
Mark Christal is head of Asia at Utmost Wealth Solutions.
