While longstanding favorites like Switzerland, the United States, and the United Arab Emirates (UAE) continue to attract their share of affluent individuals, one lesser-known eastern European nation has just been crowned the world’s fastest growing millionaire hub.

Nested between the blue-watered Adriatic Sea and the towering Dinaric Alps, Montenegro has experienced a 124% increase in the number of millionaires within its borders over the last decade, according to the Henley Private Wealth Migration Report 2025. 

And while its surging population of 2,800 millionaires is still dwarfed by many other countries, the Balkan nation attracted a wave of interest thanks in part to its former investment-for-citizenship program (often known as a ‘golden passport’). 

Overall, Montenegro remains especially attractive due to its European proximity and fiscal flexibility, according to Henley & Partners’ group head of private clients Dominic Volek. Plus, the views are unbeatable.

“Montenegro’s low-tax regime, with flat income taxes and no inheritance or gift tax, has made it particularly attractive for wealth preservation,” Volek told Fortune.

“Paired with its Adriatic coastline, luxury real estate offerings, and appealing Mediterranean lifestyle, the country has become a destination of choice for lifestyle-motivated investors.”

A standout time for millionaire migration

Next year is expected to bring an even greater number of millionaires on the move—about 165,000 are anticipated to migrate to greener pastures around the world, according to the report.

Recent geopolitical instability, macroeconomic headwinds, and sociopolitical fragmentation have only accelerated the ultra-rich desire to migrate, Volek said. So much so that some individuals have begun calling it the ‘great wealth migration.’

“As major powers become more directly entangled, global investors are increasingly factoring political risk into domicile and portfolio decisions,” Volek said.

The UAE has succeeded in attracting high-net-worth migrants in particular because the country is politically stable and business-friendly. The nation also has a Golden Visa program, which has helped it stand out as a popular destination for the wealthy. In fact, the country is expected to net about 9,800 millionaires this year—the most of any other country.

Wealth is migrating out of Western Europe

While European nations like Montenegro, Malta, and Poland are experiencing sizable increases in millionaire growth, other parts of the continent are reeling from their wealthy citizens packing up and leaving. In fact, this year marks the first time in a decade that a European country leads the world in millionaire outflows, with the UK topping the list.

Some 16,500 millionaires are expected to leave the British Isles this year, totalling about $91.8 billion worth. This translates to a 9% reduction in the UK’s millionaire population over the last decade, in part thanks to fallout from Brexit, political uncertainty, and non-domicile tax changes.

“Despite this outbound wave, the UK remains a desirable destination for high-net-worth individuals—particularly Americans disenchanted with the current Trump administration,” wrote Henley & Partners CEO Juerg Steffen in conjunction with the report release. “Yet without a viable entry pathway, the country is unable to offset the outflow, leaving a growing imbalance between incoming and outgoing wealth.”

Fellow European powerhouses—including France, Spain, and Germany—also have worrying wealth-migration signs, Volek said. He explained that between 2023 and 2024, there was a 114% increase in enquiries for alternative residence and citizenship options among German millionaires, he said.

“This trend suggests a broader erosion of confidence among Europe’s wealthy elite, with potential long-term consequences for regional financial stability and innovation,” Volek said.