Asia’s ascent in the global wealth hierarchy is no longer a trend — it’s a transformation in full swing. As millionaire migration accelerates worldwide in 2025, the region is both a major origin and destination of this high-net-worth movement, signaling a dramatic realignment in global financial dynamics.
Global Millionaire Migration Hits New Peak
This year, an estimated 142,000 high-net-worth individuals (HNWIs) will move across borders — the highest number ever recorded. Asia sits at the core of this shift, with regional capitals not only producing wealth but attracting it from across the globe.
Singapore: Asia’s Premier Wealth Magnet
Singapore remains the region’s standout performer, despite a marginal decline from previous years. The city-state is projected to welcome 1,600 millionaires in 2025, retaining its place among the world’s top destinations for the affluent.
Why Singapore leads:
- Stable and transparent governance
- World-class financial regulations
- Favorable tax regime
- A high quality of life in a secure, cosmopolitan environment
Financial institutions like UBS and Standard Chartered continue to double down on Singapore, particularly in the fintech and wealth management sectors. Its adaptive financial infrastructure and commitment to innovation ensure that Singapore remains a preferred haven for both wealth preservation and growth.
Hong Kong & Japan: Reliable Regional Pillars
Hong Kong
For the first time in years, Hong Kong re-enters the global Top 10 for net millionaire inflows, reversing the outflow trend seen between 2019–2022. With 800 millionaires expected to arrive in 2025, its resurgence is fueled by:
- Renewed regional confidence
- An influx of wealth from tech-driven Shenzhen, just 30 km away
- Continued strength as a gateway to China’s economy
Japan
Japan is poised to attract 600 millionaires this year, thanks to:
- Economic resilience
- Cultural appeal
- Pro-investment reforms and immigration easing
Despite an aging population, Japan’s strategic policy shifts are bolstering its image as a stable and inviting base for regional investors.
China & India: Slower Outflows Amid Growing Confidence
China
While China will still see a net outflow of 7,800 millionaires, this marks a significant slowdown. The factors behind this shift include:
- Improved post-pandemic economic sentiment
- Greater regulatory transparency
- New domestic investment incentives
Research from Credit Suisse and Bain suggests that confidence in China’s internal markets is rebounding. However, geopolitical uncertainties and mobility concerns keep the desire for overseas diversification alive.
India
India will see 3,500 millionaires depart in 2025, down from previous years. This decline reflects:
- A booming technology ecosystem
- Investor optimism in the domestic economy
- Policy reforms and financial liberalization by the Reserve Bank of India
Still, challenges such as bureaucratic complexity and legal unpredictability mean many wealthy Indians continue to seek more globally mobile lifestyles, particularly in destinations with stronger legal frameworks.
South Korea, Taiwan & Vietnam: Diverging Wealth Paths
South Korea
Contrary to regional trends, South Korea’s outflow is expected to double to 2,400 millionaires. Key drivers include:
- Economic headwinds
- Aging demographics
- Regional security concerns
According to surveys by Knight Frank and Henley & Partners, Korean HNWIs are increasingly exploring relocation to the U.S. and Canada, drawn by business opportunities and lifestyle upgrades.
Taiwan
Taiwan’s economic engine continues to thrive, especially in semiconductors and electronics. But rising tensions with China have triggered caution among its elite, leading to a net outflow of 100 millionaires, with many eyeing destinations like Australia and Canada for their safety and political stability.
Vietnam
Vietnam, too, is experiencing a net outflow of its affluent class, with many opting for Thailand, the U.S., Canada, and Australia, as they seek broader financial and lifestyle opportunities.
Asia’s Wealth Surge: A Decade of Transformation
Over the past 10 years, Asia has emerged as the world’s wealth-creation powerhouse:
- China: Millionaire population grew by 74%
- India: Up 72%
- Taiwan: Increased 65%
- Singapore: Up 62%
- Thailand: Gained 50%
The driving forces? Urbanization, digitalization, and investment-friendly policies. According to the Asian Development Bank, ongoing infrastructure development and tech innovation are key to the region’s long-term wealth trajectory.
Conclusion: Asia’s Dual Role as Wealth Creator and Destination
As 2025 unfolds, Asia’s wealth narrative is one of ambitious growth balanced with pragmatic caution. Singapore and Japan stand as stalwart safe havens. China and India show early signs of reversing outflow trends. Meanwhile, South Korea and Taiwan underscore the influence of geopolitical risks on investor behavior.
In a world seeking resilience and opportunity, Asia continues to redefine the map — not just as a source of wealth, but as its future headquarters.
