Picture a world map with arrows flowing away from Paris, London, Beijing, and Madrid — and all pointing toward sunny coastlines, tax-friendly skylines, and vibrant cities straddling continents. In 2025, there is an unprecedented movement: high-net-worth individuals (HNWIs) are choosing new homes — places that promise higher returns, greater stability, lower taxes, and better lifestyle.
Who’s Leaving — And Why
Over 142,000 millionaires are expected to relocate this year alone — not for vacation, but for opportunity. The top countries seeing the biggest outflows include:
| Country | Estimated # of Millionaires Leaving | Main Reasons |
| United Kingdom | 16500 | Uncertainty, changes in “non-dom” tax status, post-Brexit regulatory shifts. |
| China | 780 | Capital control, heavy tax burdens, families seeking schooling abroad. |
| India | 4300 | Political risk, desire for global education, planning real estate globally. |
| South Korea | 1200 | Rising taxes, quality-of-life concerns. |
| Others (Russia, Brazil, France, Spain, Germany, South Africa) | Varying combinations of taxation, regulation, instability, safety issues. |
So the forces pushing people out are strong: high taxes, intrusive regulation (“surveillance” in financial regulations, rules over ownership etc.), political or social unrest, unpredictability of policy, concerns about crime or general instability.
The Destinations Winning Big
So where are people moving to? Two places stand out: Dubai (UAE) and Turkey. They are rising fast on the list of “landing zones” for the wealthy. Let’s explore what draws them in.
Dubai: The Luxe-Zero-Tax Oasis
Imagine a city of glittering skyscrapers, islands shaped like palm fronds, and beaches edged with luxury resorts. That’s part of the pull — but also:
- Zero personal income tax: No tax on salaries, no capital gains, no wealth tax.
- Golden Visa / Long-term residency: Properties or bank deposits above certain thresholds grant long stays.
- Prime real estate yields in high-end districts (Palm Jumeirah, DIFC, etc.) are strong, with rentals in the 7-8% net return range.
- A stable, business-centric environment, where finance hubs like the Dubai International Financial Centre offer legal frameworks and prestige.
- Also appealing: climate, infrastructure, safety, prestige.
Turkey: The Mediterranean Wildcard
If Dubai is the ultramodern oasis, Turkey blends old-world charm with modern conveniences, strategic geography, and enticing perks. Key attractions:
- Citizenship by investment: Buying qualifying real estate (~USD 400,000) grants access to Turkish citizenship in 6 months. With that comes travel freedoms (visa-free or visa-on-arrival to 100+ countries).
- Lower ceilings on taxes: Income tax tops out at ~35%, far lower than many European countries’ 50-plus percent. No wealth tax or EU-style burdens in many cases.
- Strong property market growth: Luxury areas like Istanbul, Bodrum, Antalya and Fethiye are showing rising demand, increasing property values, and solid rental income potential. For example, certain districts in Istanbul are expected to post 5-8% rental yields, with property price growth at double digits.
- Lifestyle play: From cosmopolitan city life in Istanbul (international schools, world-class medical facilities, vibrant culture and dining scenes) to tranquil coastal retreats (sun, sea, vineyards, wellness, seasonal cycles) in Bodrum and along the Aegean.
- Geography & connectivity: Turkey straddles continents; major airports, international flights, time zones; you’re close to Europe, Middle East, Central Asia. For many, this means being “in between” rather than being completely abroad.
Visualising the Movement
Imagine two kinds of settings:
- A London home: Expensive property taxes, regulatory filings, constantly changing tax laws, complicated rules about moving money or owning abroad.
- Contrast that with a villa overlooking the Aegean: You wake up to olive trees, local produce markets, ability to send kids to an international school, enjoy warm weather for much of the year — and pay significantly less in personal income tax.
Or:
- Dubai skyline at sunset: glinting glass towers, yacht-marina promenades, restaurants serving global flavors, and expatriates rubbing shoulders with global business leaders.
These are not just fantasies; for many millionaires, they are rapidly becoming real, preferred alternatives.
Side-by-Side Comparison: Traditional Safe Havens vs Emerging Sweet spots
Here’s a quick breakdown:
| Feature | UK / France / Spain / Germany | Turkey | UAE / Dubai |
| Top personal income tax rate | ~45-55% | ~20-35% | 0% |
| Wealth / property ownership regulation | High, frequent revisions, complex | Moderate, many investment incentives, lighter surveillance | Low to moderate, many incentives |
| Citizenship / residency via investment | Rare / limited | Available (real estate investment route) | Available (golden visas etc.) |
| Growth prospects (property / capital) | More modest; some saturation | Strong projections in several regions | High in prime luxury segments |
| Lifestyle & climate trade-off | Established infrastructure but colder climate, more regulation | Mediterranean lifestyle, cultural richness, strategic location | Ultra-modern infrastructure, sunny all year, luxury amenities |
Case Studies: Bodrum & Istanbul
Three wo places in Turkey especially capture the imagination and interest:
- Antalya: A radiant gem on Turkey’s Mediterranean coast, Antalya has evolved from a classic holiday hotspot into a thriving investment and lifestyle hub. Its blend of stunning beaches, modern infrastructure, and a rich cultural backdrop creates an irresistible allure for both local and international buyers. The city offers exceptional rental yields driven by strong year-round tourism and increasing numbers of digital nomads and retirees seeking sun-soaked living. From luxury sea-view apartments and golf villas in Belek to contemporary residences near Konyaaltı Beach, Antalya provides diverse real estate options that combine resort-style comfort with urban convenience — making it one of Turkey’s most promising and dynamic property markets. Antalya is one of the major tourism destinations with luxury hotels, luxury marinas, golf courses, luxury properties and hotel investments. Individual taxes are between 20- 35% max after deduction of all expenses from profit. Corporate taxes are 20% after deduction of all expenses from profit.
- Bodrum: Once a seasonal getaway, now morphing into a destination for year-round residents. Luxury villas, branded residences (names people recognize globally) are going up. Rental yield is not only in summer months; short-stay & tourist rentals plus increasing demand by expats are keeping occupancy high. Think turquoise water, coastal living, food culture, social life, and privacy all in one.
- Istanbul: The cultural and financial heart. A metropolis that never feels static. Neighborhoods like Beşiktaş, Şişli, Levent see growing property price appreciation. Modern business districts, international schooling, global connectivity, and the possibility to live in a sophisticated urban setting while being reasonably close to nature (coast, countryside) are big draws.
What This Means Overall
For those who can choose where to live: the equation has changed. It’s no longer just “where can I earn money?” but “where can I keep it — and enjoy life”:
- Policies (tax, residency, investment, regulation) are becoming a deciding factor.
- Climate, lifestyle, cultural richness, safety, connectivity matter just as much as financial returns.
- Locations that were once seen as fringe, or only seasonal, are now full-fledged contenders in the global wealth migration.
Key Takeaways
- Tax policy matters greatly — A few percentages points difference on top rates, wealth taxes, capital gains, etc., make a huge impact when you’re dealing with millions.
- Regulation & oversight fatigue — HNWIs are increasingly uncomfortable with opaque, changing, heavy regulatory environments. They prefer transparent, stable legal systems.
- Residency / citizenship by investment is a game changer — The ability to gain residence or citizenship through investment is opening up many more options for wealthy individuals.
- Location + lifestyle + return must align. It’s not enough for a place to offer financial incentives — it must also provide pleasing surroundings, good schools, good healthcare, ease of travel.
- Emerging destinations are flexing their muscles — Turkey and the UAE are no longer back-seats; they are strong competitors for capital and people.
