Canada’s reputation as a stable destination for wealth is quickly fading. H&P and New World Wealth (NWW) data shows the number of millionaires looking to migrate to a new country sharply increased in 2025. Despite the increase, Canada will see its net flow of HNWIs plunge, a sign its quality of life proposition is weakening. Previously in the top 3, Canada began its slide last year and officially fell out of the “Safe 8” countries known for being safe and shielded from emerging global political and economic challenges.
Attracting Millionaire Migrants: Not Just Simping For The Rich
If you had unlimited cash and could move anywhere in the world, where would you move? That’s exactly why millionaire migration is important—it’s not that an economy is just simping on the rich. The places they choose are known for residents having a high quality of life, and governments that focus on domestic stability instead of global conflicts. These residents are moving to enjoy countries where residents benefit from strong protections, and they’re fleeing countries that don’t.
The migration also impacts the economy at both the community and national level. About 15% of those migrating are entrepreneurs or founders of companies, a number that jumps to 60% when discussing centi-millionaires and billionaires. They often start businesses in their new country, creating local jobs and industry. Their spending can also boost local economies, especially when it comes to consumption and finance.
Migrating millionaires also play an important role at the national level, especially when it comes to currency strength.
“Migrating millionaires are a vital source of forex revenue as they tend to bring wealth with them when they move to a new country,” explains the report. “For instance, a migrant bringing USD 10 million is equivalent to a country generating USD 10 million in export revenue as both transactions generate USD 10 million of forex revenue for the country.”
Millionaire Migrants To See Double-Digit Growth
The world continues to mint new millionaires at a record rate, and migration is ramping up. NWW anticipates 142k millionaire migrants are in the process of moving in 2025, up 10.9% from last year. This is up 123% compared to a decade ago. Remember, this is the number migrating—not those newly minted.
Canada To See Millionaire Migration Fall 69% In 2025
Despite a global rise in millionaire relocations, fewer are chosing to move to Canada. The country is expected to see a new increase of 1,000 millionaire migrants in 2025, down 69% from last year. After seeing the net flow rise 26% from 2014 to 2024, the country is expected to have its weakest inflow on record (excluding the pandemic).
These migrants are forecast to bring US$5.7 billion (CA$7.8 billion) in capital in 2025. Numbers like this are so large that people may dismiss the size relative to the funds governments spend. However, last year’s inflows were likely enough to mitigate the weakening of the loonie from the EU trade surplus. It’s a lot of money, even if it doesn’t sound that way.
Canada Falls Out of The “Safe 8” As Global Tensions Rise
Source: Henley & Partners; NWW.
Canada has long been a top spot for net inflows but now it’s out of the “Safe 8.” The Safe 8 are the top 8 countries considered safe havens in the world. These safe havens provide a high level of security and remain shielded from the global political and economic challenges observed elsewhere. NWW notes the Safe 8 are currently: Switzerland, Singapore, the UAE, Australia, Malta, Mauritius, Monaco, and New Zealand.
Canada is just out of the club in 9th place in 2025, slipping from 4th last year. Prior to 2024, the country was consistently within the top 3 for at least a decade.
Most assume the drop in net flow is due to falling global appeal, but this may not be the case. Net flows are the balance of inflows and outflows, meaning either a drop in inflows or an increase in outflows can lower these numbers. Considering Canadians have begun to leave in record volumes, this may be a combination of declining appeal and rising professional emigration.
English (US) · 