Record number of millionaires on the move as Portugal climbs the global rankings

A record 165,000 millionaires are expected to relocate internationally this year, an increase of more than 16% on last year. Some experts suggest only around 20% of high-net-worth individuals (HNWIs) considering a move go through with it, but the remaining 80% want a solid Plan B in place.

By Advertiser, in Golden Visa · 12 Nov 2026, 16:31 · 0 Comments

Credits: Supplied Image; Author: Portugal Pathways;

More and more of them are looking at Portugal.

Chris Marson, head of private wealth at Portugal Pathways, which supports clients with their life and investments in Portugal, explains the thinking behind it.

“A Plan B is about holding options. Clients secure residency and organise tax planning now and decide on relocation when they are ready.

“Think of it more as risk management rather than opportunity seeking.

“Tax is the most cited driver, but not the only one. A recent survey of billionaire clients put quality of life, geopolitics and tax efficiency as equally appealing.”

The UK is the largest source of departing millionaires. New World Wealth estimates that 16,500 left in 2025, taking US$92 billion (roughly €82 billion) of wealth with them. Changes to the UK’s non-dom tax regime are cited as the main trigger.

The movement is global, though. New World Wealth says 142,000 millionaires worldwide relocated in 2025, and disruption in the Middle East earlier this year is likely to add to the numbers.

Those building a Plan B tend to look for safe, secure countries where residency can be secured with minimal time on the ground. Portugal’s Golden Visa programme is proving especially popular on that front. It is open to eligible non-EU, non-EEA and non-Swiss nationals who make a qualifying investment into alternative investment funds under Portuguese legislation.

The programme needs just seven days’ presence in the first year, then 14 days every two years. All eligible family members gain EU and Schengen residence rights.

Credits: Supplied Image; Author: Portugal Pathways; A record number of millionaires are on the move in 2026

The fund route requires €500,000 in approved funds, or €250,000 for a cultural investment. Neither involves buying property.

On the tax side, Portugal’s IFICI (Tax Incentive Scheme for Scientific Research and Innovation) regime offers a 20% flat rate for ten years on qualifying activity.

Portugal’s wider standing is also climbing. Chris Marson adds: “Portugal sits seventh on the 2025 net inflow list, ahead of Greece, Canada and Australia, with about 1,400 net millionaire arrivals carrying roughly US$8.1billion of wealth.

“In addition, we’ve seen Lisbon enter the top 50 cities for millionaires for the first time – reinforcing Portugal’s momentum.

“HNWIs want to plan ahead for all eventualities, and Portugal ticks an awful lot of boxes in terms of the benefits and the ease of setting up that all-important Plan B option.”

To find out more about life and investment in Portugal, arrange a free discovery call with Portugal Pathways.

This article is for general information only and does not constitute legal, tax, investment or immigration advice. Portuguese immigration, nationality and tax legislation may change, and individual circumstances vary. Readers should seek independent professional advice before making any related decisions.