Philippines now has 12,800 dollar millionaires - report
GMA Integrated News
24 June 2025
The number of millionaires in the Philippines has grown by 32% in the past decade, outpacing regional peers and major economies, a report by Henley & Partners—a global consultancy firm on residence and citizenship by investment—released on Tuesday showed.
“This consistent growth reflects the country’s emerging entrepreneurial class, its maturing financial markets, and its expanding real estate and services sectors,” he said.
“While it is not yet among the top destinations for incoming millionaires globally, the Philippines’ stability and growing wealth base stand out and create a strong foundation for future investment migration,” he added.
Compared with the top 10 countries in the world ranked by the number of resident millionaires or W10, the Philippines’ 32% growth has outpaced the average, and came in third behind the United States of America (78%), and China (74%).
“The Philippines is actually growing the amount of high-net-worth individuals at a very good pace and definitely above average if you’re comparing with W10 countries,” Moore said.
The report shows that the USA has the biggest concentration of millionaires, with 6.041 million, followed by China with 827,900, Germany with 781,900, Japan with 714,000, and the United Kingdom (UK) with 578,400.
France followed with 490,800; Australia with 391,000; Switzerland with 384,500; Canada with 378,600; and Italy with 318,200.
Net outflow
For 2025, Moore said the Philippines is expected to post a net outflow of 50 millionaires, most of whom are expected to move to the top 10 countries for net millionaire inflows, led by the United Arab Emirates (UAE) and the USA, as well as nearby countries such as Singapore.
“When any families are looking to relocate to other countries, generally they’re looking to have optionality for their families, for their children, for their businesses,” he said.
“Perhaps they’re looking to expand their businesses overseas, perhaps they see better work opportunities for themselves or their children in other countries, but again, the loss of 50 is very insignificant,” he added.
There are a total of 142,000 millionaires expected to migrate this year, with the top 10 destinations being the United Arab Emirates (UAE), USA, Italy, Switzerland, Saudi Arabia, Singapore, Portugal, Greece, Canada, and Australia, all of which have investment migration programs.
The biggest outflow is expected in the UK, with 16,500 millionaires this year. If realized, this would be the biggest single-year outflow after the implementation of major changes to its tax regime in 2024 and its decision to leave the European Union in 2020.
The biggest net outflow of millionaires within Asia is expected in China, with 7,800 exits; Vietnam, with 300; Indonesia, with 250; Lebanon and Iran, with 200 each; and Taiwan and Pakistan, with 100 each.
“The loss of 50 is very insignificant, but we’re comparing it to other countries in the region. I would say it’s much more worrying in Vietnam that’s losing 300 millionaires, Indonesia's 250,” Moore said. — VBL, GMA Integrated News
No comments:
Post a Comment