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.
Good way to put it. Italy has absurd taxes and Switzerland isn’t great either, but people will pay that for the quality of life.
Doesn’t help that Canada now frames being part of the 60% that didn’t vote for the gov, should just leave.
The division may work to get them elected but few of the people telling the losers to leave are getting what they want. On the other hand, those with in-demand talent aren’t fighting—they’re just going.
Italy has very aggressive tax incentives for foreigners to move. For very wealthy people, they have a 15 year fixed flat tax option of 100kEUR, and for researchers there’s a 90% tax abatement, falling to 50% for skilled workers.
https://www.agenziaentrate.gov.it/portale/documents/20143/233483/Tax+incentives+for+attracting+human+capital+in+Italy_Tax_incentives_for_attracting_human_capital_in_Italy.pdf/f4a91a80-8ed0-92a5-0186-424a9013bfc3
There are three problems with the situation in canada. First is stating that we are or are not in a ‘recession’ is a fools errand. A recession is 2 cpnsecutive quaryers of gdp contraction. So if we eek out 1 month of 0% gdp growth in 6 mos, viola no recession?
Thats assuming that stats cans data is correct, that inflation has not created monetary expansion disguised as gdp growth and that 0% growth isnt the same as – 0,2% for 2 qurters?
Secondly, as anyone living in canada wohld know, outside of wage growth in govt, finance, trades and real estate, wages have fallen well behond col. So no matter what sc says, our standard of living has eroded sibstantially since 2014. To get back to whete we were thenn would mean gdp per cspita growth of 40+% …. so 1, 2, 5% isnt going to help.
Finally gdp from govt and quasi govt sources isnt helping anyone. To grow our economy we need export led growth. Hiring more bankers, bureaucrats, and so on is just taking mode of our money yo pay people who literally do nothing. The fact that layoffs in energy sector and the end of projects lije the 9B dow chemical plant in ab show that canaxa is losing the jons we need in exchanve for use less ones.
Toronto’s mink mile is almost vacant. They can do construction on almost every road and make it feel busy, but the store vacancies tell the truth about the traffic.
It’s unfortunate to watch this happen in the city I love.
Same problem in Vancouver. The junkie to independent shop-ratio is out of control, and once there’s no reason to visit a spot it just falls into disrepair.
What the article fails to specify is the profile of the typical “Millionaire Migrant”. Let’s not kid ourselves, I’m pretty sure that a portion of them became millionaire in a shady way, back home. Probably not the most honest citizens that you want to attract.
Doesn’t really matter, the benefit to the public is the currency inflows. Weaker CAD without it.
Actually it DOES matter. Once a thief, always a thief.
This is a positive development. The economy will eventually stabilize on its own. Who really needs millionaires? Their presence contributes to homelessness. Canada should restrict Chinese investments in real estate since many properties remain unoccupied. We have over 200,000 individuals experiencing homelessness in Canada, and the crime rate is rising. Newer vehicles are being stolen and shipped to Africa. Women face safety concerns here, as law enforcement often neglects cases unless the victim fits a certain profile. How can police from developing countries genuinely care about women of color when they often mistreat their own? Canada should redirect funding from shelters to provide individuals with homes they can take pride in. Housing should not be treated as a commodity. Nations that contribute to homelessness often face consequences such as poverty and conflict. This is a reality that some deserve. With all the entitled individuals in this country, along with developers destroying forests for profit, it’s a relief that the millionaires are leaving. They should take their wealth elsewhere, especially if it was acquired through questionable means. Canada tends to attract undesirable elements, and those millionaires might find themselves losing their fortunes due to the fentanyl crisis, potentially becoming homeless themselves. Access to adequate healthcare is also a challenge; private healthcare is often necessary because the public system is inadequate. Many are turned away, especially those on OAS, and their funds may be redistributed to benefit others.
This is good. Now the economy will reset itself. Who needs millionaires? They are causing homelessness. Canada shouldn’t even allow the Chinese to buy houses here because no one is living in them. We have over 200,000 homeless people in Canada. Meanwhile, the crime rate is high. Newer cars are being stolen and sent to Africa. Women are unsafe here because the police don’t do anything unless you’re a nasty Karen or white. And what do the cops from third-world countries in the police force care about women of color? They beat their women too. Canada should stop funding shelters and start giving people homes that they can be proud of. Home should not be a commodity. God punishes countries that cause homelessness by bringing them poverty and war. You all deserve it. With all the Karens living in this country—the nasty Karens and the developers burning down forests just so they can build on them—thank goodness the millionaires are gone. Go take your money elsewhere. It was probably earned by illegal means. Canada takes in garbage and criminals. You’ll probably lose your money because of the fentanyl here; they’ll likely make you addicted, and you’ll end up being one of the homeless people. And good luck getting proper healthcare. You’d have to get private healthcare because the free public healthcare isn’t real. They’ll reject you, especially if you go on their OAS. They’ll kill you and then redistribute your funds back into Canada for all the Nazi Karens and Chads to use.
Re: the 60% centi-millionaires and billionaires who “often start businesses in their new country, creating local jobs and industry”, how many of those are real estate developers/speculators/realtors/flippers and/or landlords? Because if it’s more than less, they are not adding value to Canada, they’re extracting wealth from Canadians. Likewise, how much of being “shielded from the global political and economic challenges observed elsewhere” is in context of Canada being a known safe haven for mortgage-fraudsters (and other fraudsters) and money-launderers? If it’s even a small percentage, good riddance. We don’t want them here.
To be fair out of those 10 countries we’re the only one with shitty weather for at least half the year.
Canada requires only 3 years of residency in the last 5 to get citizenship. Australia is 4 years, NZ and US are 5 years. Other countries are up to 10 years, and Singapore is only about 2.5 years.
So Canada is an easy mark for someone wanting a second passport in a safe country, and getting it with the least time living there.
Canada increased immigration in 2021, and so we may be getting both NPRs and PRs leaving from that high peaks of 4 years ago.
BUT GDP/capita is dropping, and many immigrants are finding it hard to prosper here… those that are not rich enough to not need a job are the ones leaving, I assume.
But we should go up to at least 5 years of residency to get citizenship.