Overall, Montenegro remains especially attractive due to its European proximity and fiscal flexibility, according to Henley & Partners’ group head of private clients Dominic Volek. Plus, the views are unbeatable.
“Montenegro’s low-tax regime, with flat income taxes and no inheritance or gift tax, has made it particularly attractive for wealth preservation,” Volek told Fortune.
“Paired with its Adriatic coastline, luxury real estate offerings, and appealing Mediterranean lifestyle, the country has become a destination of choice for lifestyle-motivated investors.”
Next year is expected to bring an even greater number of millionaires on the move—about 165,000 are anticipated to migrate to greener pastures around the world, according to the report.
“As major powers become more directly entangled, global investors are increasingly factoring political risk into domicile and portfolio decisions,” Volek said.
While European nations like Montenegro, Malta, and Poland are experiencing sizable increases in millionaire growth, other parts of the continent are reeling from their wealthy citizens packing up and leaving. In fact, this year marks the first time in a decade that a European country leads the world in millionaire outflows, with the UK topping the list.
Fellow European powerhouses—including France, Spain, and Germany—also have worrying wealth-migration signs, Volek said. He explained that between 2023 and 2024, there was a 114% increase in enquiries for alternative residence and citizenship options among German millionaires, he said.
“This trend suggests a broader erosion of confidence among Europe’s wealthy elite, with potential long-term consequences for regional financial stability and innovation,” Volek said.
