An estimated 9,500 high-net-worth individuals (HNWIs) are expected to leave the UK in 2024, with a substantial majority relocating to the European Union. According to the Henley & Partners Wealth Migration Report, more than 6,500 UK millionaires are likely to settle in EU countries by the end of December. This trend highlights an increasing preference for Europe, with Portugal emerging as a longstanding favourite for British expatriates seeking stability, quality of life, and tax advantages.
Over the past five years, applications from UK nationals for investment migration programs through Henley & Partners have surged by 337% (from 2019 to 2023 totals).
Portugal remains a prime destination for these affluent individuals, drawing investors from across Europe, the UK, Brazil, South Africa, China, Turkey, and the United States. By the end of 2024, it’s projected that Portugal will welcome over 800 new HNWIs, even with recent adjustments to incentive programs like the Golden Visa. Attributes such as a high quality of life and favourable tax conditions continue to make Portugal an attractive choice.
Portugal to Welcome 800 UK Millionaires in 2024 – The Great Wealth Migration
The pace and scale of global wealth migration have never been more intense. With the substantial rise in millionaires relocating, global investors and policymakers should closely monitor this capital movement, as it holds significant implications for local economies.
In 2024, approximately 128,000 millionaires are expected to change residence, surpassing the 120,000 record set the previous year. This 16% increase over pre-pandemic figures in 2019 (when 110,000 HNWIs relocated) signals a profound shift in global wealth movement, with direct impacts on both the countries they leave and those they join. This migration carries not only financial capital but also expertise, business networks, and entrepreneurial energy, stimulating economies wherever these individuals choose to settle.
Portugal’s appeal lies in its safety, high quality of life, mild climate, and strong infrastructure—all attributes that continue to attract this economic elite. To maintain and grow this interest, countries must go beyond tax incentives and residency programs; they must offer comprehensive value propositions, including wealth protection, a vibrant business environment, and a distinctive lifestyle. Programs like the Golden Visa and the Non-Habitual Resident (NHR) tax regime make Portugal a preferred destination for those seeking financial stability, asset growth, and a high-quality living environment.
As a result, the Portuguese real estate market is seen as one of the top global investment opportunities, with strong potential for appreciation. Constant demand growth, paired with economic stability, establishes Portugal as a prime choice for those looking to invest or relocate.
Looking to Invest in Portugal?
CAP International is a global real estate agency specializing in Portugal. We focus on premium properties and provide a personalised service that goes far beyond a simple real estate transaction.
We aim to be your trusted partner in Portugal, backed by a wide network of professionals to offer diverse support services for your relocation process.
My name is Bruna Barros, partner at CAP International, with over 12 years of experience in the global real estate market. I’d be delighted to discuss your goals for Portugal. Contact me directly on WhatsApp at +351 91 252 9806.