Why Millionaires in the UK Are Moving to Portugal

Updated: November 27, 2024

More than 3,000 millionaires left the UK in 2023, with many choosing to relocate to Portugal, and this number looks set to increase this year. This exodus of millionaires leaving the UK and setting their sights on Portugal goes hand in hand with the International Living Index, which ranks Portugal as being the most popular country for relocating to Europe and second on a global scale.

Why are millionaires fleeing the UK?

Due to increased political instability and the prospect of higher taxes under a new Labour government, the UK is losing its appeal as a top country for wealthy people, which could lead to a record number of millionaires leaving the country this year.

According to provisional estimates drawn from data from New World Wealth, as many as 9,500 individuals with at least $1 million in liquid, investable assets will depart the scene, more than double the number who left the UK in 2023. The report focuses on company founders, CEOs, directors, chairs, presidents, and managing partners who stay in a new country for more than six months.

Millionaires continue their departure from the UK in their droves, with 16,500 millionaires having left the country between 2017 and 2023, with the implications of Brexit and the fact that London no longer seems to be the epicenter of the business world each having had a significant impact.

Global Migration of Millionaires

Looking at global trends, we can see that around 128,000 millionaires are expected to relocate this year, a significant increase from last year, which saw around 120,000 do the same. There are a wide range of reasons for this, including strained geo-political tensions and economic uncertainty.

However, there are some countries that are feeling the impact more, with China predicted to face the most high net worth individuals leaving the country, followed by the UK.

Why are millionaires moving to Portugal?

Political instability and economic challenges in home countries have prompted a number of millionaires in recent years to move to Portugal. This includes affluent expats from Europe, Brazil, Canada, Hong Kong, and Singapore, alongside the USA and, increasingly, UK nationals. This trend of Portugal as the new hotspot for millionaires looking to relocate looks set to increase in the future.

Portugal’s high quality of life, culture, low cost of living, world-class healthcare, and quantity of top education establishments have moved the country up the rankings as one of the best destinations for millionaires. The safety aspect is also a significant draw, with Portugal ranking as the seventh safest country in the 2024 Global Peace Index, alongside the country’s progressive legislation in terms of human rights. The fact that English is widely spoken is perhaps the cherry on top.

Portugal’s proactive approach to attracting the attention of investors has also proved key to the country’s popularity. With a range of residency visas on the table, well-established expat communities in hotspot locations, a welcoming environment for the affluent, a booming real estate market, ample investment opportunities, and a stable economy, Portugal ticks a lot of boxes. For those relocating to enjoy life to the fullest, world-class golf courses, year round sunshine, water sport activities on offer across the country, pristine beaches, and wonderful locations are further attractions for the world’s most affluent.

New residents who live in the country for five years can also apply for Portuguese citizenship, provided they adhere to all the requirements under Portuguese nationality law, whereby Portuguese citizens are able to live, work, and study in any European Union member country and enjoy enhanced travel freedoms.

The Allure of Portugal's Thriving Real Estate Market for Investors

The real estate sector in Portugal is a key reason why an increasing number of the world’s rich are relocating to the country, with the property market here experiencing its highest growth in recent years. From modern villas with waterfront views to spacious mansions in the heart of the countryside, there is a wide range of property types in Portugal to cater to different tastes.

For those looking for more extravagant properties, vineyards, palaces, exclusive resorts, and luxury farms are also on the market. A quick comparison of property prices will also show that, compared to equivalent properties in Western Europe, luxury properties remain very affordable.

Security and privacy are essential for many high net worth individuals, alongside stunning locations and stunning properties. Many celebrities and wealthy expats relocate to Portugal with this firmly in mind, with the country increasingly popular due to the fact that it is one of the safest in Europe, in addition to luxury properties being equipped with the most cutting-edge technologies focused on ensuring security and privacy.

Portugal has diverse cities and stunning landscapes, which are key to making it a popular choice for millionaires relocating to or buying property in Portugal.

Some of the top locations include:mov