Portugal has emerged as one of the top destinations for millionaires relocating from the United Kingdom, as more than 11,000 wealthy individuals left London in 2024, largely due to tax concerns and post-Brexit consequences.

According to a new global wealth report by investment consultancy Henley & Partners in collaboration with New World Wealth, Portugal is gaining traction among high-net-worth individuals (HNWIs) seeking stability, tax efficiency, and lifestyle appeal. The country now ranks alongside traditional wealth havens such as the United Arab Emirates, Spain, Italy, and even offshore jurisdictions like Saint Kitts and Nevis.

The report defines millionaires as individuals with liquid investable assets (excluding real estate) worth at least $1 million. These wealth holders are increasingly looking to Portugal for its favorable residency programs, including the D7 visa and the recently reformed Golden Visa pathway, which continues to attract international investors despite the removal of real estate from eligibility.

London, once a top magnet for global wealth, saw its millionaire population drop from 227,000 in 2023 to 215,700 in 2024—a decline of over 5%. This continues a decade-long downward trend, totaling a 12% reduction since 2014. In contrast, cities like San Francisco, Singapore, and Dubai are seeing sharp increases in their wealthy populations.

Andrew Amoils of New World Wealth noted that the United States and Asia, particularly tech-driven cities, are dominating new wealth creation. But for those looking for lifestyle, safety, and EU access, Portugal stands out. “Portugal combines political stability, a favorable climate, and residency options that appeal to affluent individuals seeking a base in Europe,” Amoils said.

Other key factors driving millionaires away from the UK include capital gains and inheritance tax burdens, the impact of Brexit, and the relative decline of London’s financial markets compared to Frankfurt and Dubai.

Globally, New York tops the list with 384,500 millionaires, followed by San Francisco, Tokyo, and Singapore. While London still ranks in the top six, its slipping status reflects a broader shift in global wealth dynamics—one that increasingly favors destinations like Portugal.

As the landscape of wealth migration evolves, Portugal’s mix of strategic location, quality of life, and residency opportunities positions it as a rising hub for global investors and high-net-worth individuals seeking a fresh start.