Montenegro emerges as the world’s fastest-growing millionaire hub

In an era of global economic and political uncertainty, millionaires are increasingly seeking secure havens for their wealth. While traditional destinations like Switzerland, the United States, and the United Arab Emirates remain popular, Montenegro has emerged as the world’s fastest-growing millionaire hub.

According to Henley & Partners, a Swiss consultancy, the number of millionaires relocating to this Balkan nation has surged by an impressive 124% over the past decade, as reported by Fortune magazine.

This trend reflects a broader “great migration of wealth,” with approximately 142,000 millionaires worldwide planning to relocate in 2025, prioritising financial stability and lucrative opportunities.

Why Montenegro?

Montenegro’s appeal lies in its unique combination of fiscal advantages, strategic location, and lifestyle offerings. The country boasts a low, flat income tax rate, no inheritance or gift taxes, and a business-friendly environment. These factors, combined with its stunning Adriatic coastline and burgeoning luxury real estate market, make it a magnet for high-net-worth individuals (HNWIs).

Luxury real estate boom: Wealthy migrants, primarily from Europe, the Middle East, and North America, have invested over €1 billion in Montenegro’s property market, with €500 million directed toward luxury developments in Porto Montenegro, Budva, and Kotor by 2023, according to the Omnia Sarital Growth research team. These investments have bolstered both the real estate and tourism sectors.

Citizenship by investment legacy: Until its closure in 2022, Montenegro’s “golden passport” program allowed foreigners to gain citizenship through significant financial investments, drawing HNWIs from countries like Germany, Russia, Belarus, Ukraine, Turkey, and Israel.

Proximity to Western Europe: Montenegro’s strategic location, just a short flight from major European capitals, enhances its appeal. Its potential accession to the European Union by 2028 further boosts its attractiveness, promising greater integration with European markets.

Dominik Volek of Henley & Partners notes, “Montenegro’s low taxes, Mediterranean lifestyle, and proximity to Western Europe create a compelling case for investors. Its fiscal flexibility and luxury real estate offerings make it a top choice for wealth preservation.”

Global trends in millionaire migration

Montenegro is not alone in attracting wealth. Countries like the UAE, Malta, and Poland have also seen significant millionaire growth over the past decade, alongside the United States, China, Costa Rica, India, Latvia, and Panama. However, Montenegro’s 124% increase in millionaires—bringing its total to 2,800—sets it apart as the global leader in this metric.

Conversely, some nations are experiencing an exodus of wealth. The United Kingdom, for instance, is projected to lose 16,500 millionaires in 2025, representing $91.8 billion in wealth, due to Brexit, political uncertainty, and changes in non-resident tax policies, according to Fortune. Despite this, the UK remains a desirable destination for some, particularly Americans disillusioned with domestic politics, as noted by Jürg Steffen, CEO of Henley & Partners. Other European economies, including France, Spain, and Germany, are also seeing outflows of HNWIs.

Donald Trump’s election victory in November 2024 stunned many left-leaning Americans, prompting some to seriously consider relocating to Canada and Europe. According to Deutsche Welle, inquiries to immigration services have surged significantly in response. Numerous prominent Hollywood celebrities, including Richard Gere and Eva Longoria, have already taken action.

Montenegro’s path to EU accession

Montenegro’s ambitions extend beyond attracting wealth. Under Prime Minister Milojko Spajic, a 36-year-old former investment banker, Montenegro is pursuing aggressive reforms to meet EU accession criteria by 2028. Spajic’s “28 by 2028” strategy emphasizes judicial reforms, higher wages, and measures to combat money laundering and organised crime. The European Parliament has acknowledged Montenegro’s progress, adopting a resolution in 2025 with 470 votes in favor, recognizing the country as a leader in the EU enlargement process. However, the resolution also highlights challenges, including the need for accelerated reforms in electoral processes, judicial systems, and anti-corruption measures, as well as protection against external interference such as cyberattacks and disinformation.

Montenegro unilaterally adopted the euro as its official currency in 2002, despite not being a member of the European Union (EU) or the eurozone. The country is poised to join the Single Euro Payments Area (SEPA), enabling faster, cheaper, and more secure euro transactions. This move is expected to enhance the stability of its banking system, further appealing to investors.

While Montenegro’s growth as a millionaire hub is remarkable, it faces hurdles. The closure of the citizenship by investment program may slow the influx of HNWIs, though the country’s favorable tax policies and lifestyle continue to drive interest. Additionally, external threats like cyberattacks and geopolitical pressures require robust countermeasures to maintain investor confidence.

Other sources: Deutsche Welle, European Parliament press releases

Caption: Lustica Bay, Montenegro, RealEastate.LusticaBay.com