The distribution of wealth across Europe is undergoing significant change. While the United Kingdom is experiencing its sharpest decline in millionaire numbers since the 2008 financial crisis, several Southern European countries and traditional financial centres are attracting increasing numbers of wealthy individuals.
Britain is now home to around 442,000 millionaires, approximately 7% fewer than a year earlier and the lowest figure since 2008. Analysts attribute the decline to tax reforms, the abolition of the non-dom regime, weaker asset values and the relocation of many high-net-worth individuals abroad.
Elsewhere in Europe the picture is more positive. According to the latest UBS Global Wealth Report, France added around 35,000 new millionaires during 2025, representing annual growth of roughly 1.5% despite relatively modest economic expansion.
Italy has emerged as one of Europe’s fastest-growing destinations for wealthy migrants thanks to its favourable tax regime. International estimates suggest the country could record a net inflow of around 3,600 millionaires during 2026, placing it among Europe’s leading destinations for private wealth.
Switzerland continues to strengthen its position as one of the world’s leading financial centres and is expected to attract approximately 3,000 millionaires this year, supported by political stability, a strong banking sector and an attractive investment environment.
Economists argue that Europe is not becoming poorer overall. Instead, wealth is increasingly being redistributed across the continent. While the UK is losing affluent residents, countries such as Italy, Switzerland and, to a lesser extent, France are benefiting from more competitive tax systems, stable institutions and favourable investment conditions.
Experts believe competition among European countries to attract entrepreneurs, investors and private capital will intensify over the coming years as governments seek new sources of economic growth.
