Net outflows of 50 millionaires from the country plan to have another residence and citizenship overseas this year as its population of high net worth individuals expanded by 32 percent in the past decade, Henley & Partners (H&P) said Tuesday.

"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 it to the world's 10 wealthiest countries or W10," H&P Managing Director for Southeast Asia Scott Moore said in a media briefing at The Peninsula Manila in Makati City.

"This consistent growth reflects the country’s emerging entrepreneurial class, maturing financial markets, and expanding real estate and services sectors," he added.

Among the W10, the top three are the United States, China, and Germany.

Henley & Partners provides wealthy people advice on migration and foreign citizenship through residential or business investments. The company offers more than 40 migration investment options and has raised over $15 billion in foreign direct investments.

Based on its Henley Private Wealth Migration Report 2025, the Philippines' net outflows of millionaires include data from 12,800 high net worth individuals in the country. This group consists of 70 centi-millionaires and 12 billionaires in terms of US dollars.

In Southeast Asia, Moore said wealthy individuals mostly prefer migrating to Singapore and Thailand due to better infrastructure, tax incentives, and environments conducive to luxurious lifestyles.

Globally, the United Arab Emirates (UAE), the US, and Italy emerged as the most attractive migration destinations for over 3,000 wealthy individuals who have a net worth ranging from $20.7 billion to $63 billion.

"The UAE is experiencing a record-breaking net inflow of millionaires thanks to a comprehensive wealth attraction strategy, including zero income tax, political stability, and a streamlined Golden Visa program," Moore said.

Meanwhile, he said the US is attracting wealthy people through its robust entrepreneurial ecosystem, although he stressed Americans are signaling investment diversification offshore as they continue to acquire excess funds.

However, the United Kingdom, China, and India posted the expected largest millionaire outflows this year, with over 16,000 people and more than $172 billion in net worth.

Reasons for the migration include the peoples' opposition to Brexit laws and the lack of formal investment migration programs in the case of China.

Potential millionaire inflows

Moore said the Philippines could still acquire a bigger share of millionaire inflows as it continues to register faster economic growth.

"The Philippines is emerging as an attractive destination for people that want to do business just because of the above-average GDP growth when you're comparing to the W10," he said.  

For instance, government data revealed that the US economy contracted by 0.3 percent in the first quarter of the year while China posted 5.4 percent, similar to the Philippines.

However, the International Monetary Fund projects the local economy to expand by 5.5 percent this year and by 5.8 percent in 2026, faster than the United States' 1.8 percent and 1.7 percent for the respective periods. China's outlook is stable at 4 percent.

Moore said further reforms on tax, investments-based migration, Visa, business, and education policies will encourage more millionaires into the Philippines.

"Given that the Philippines is still a developing country, it presents huge opportunities for people to come and start businesses and capture success that would be impossible in developed countries," he said.

"They're coming to us to have better mobility in terms of visa-free access, open doors for their children. They would need to ensure that there is a good education environment," Moore added.