As internationally mobile wealth searches for security, stability and quality of life, Portugal is emerging as one of the principal beneficiaries of a profound change in where Europe’s wealthy choose to live.
The movement of private wealth between countries is becoming one of the more revealing economic trends of the decade.
In 2024, an estimated 134,000 millionaires moved internationally. That increased to a provisional 142,000 in 2025, while New World Wealth forecast that as many as 165,000 millionaires could relocate internationally in 2026.
These are not simply movements of capital. They represent entrepreneurs, investors, business owners and families deciding where they want to establish homes, educate their children, invest and, increasingly, structure the next stage of their lives.
And within Europe, an interesting geographical realignment is taking place.
The United Kingdom, once one of the world’s great magnets for international wealth, recorded an estimated net loss of 10,800 millionaires in 2024, followed by a provisional net outflow of 16,500 in 2025. Henley & Partners estimated that the latter group represented approximately US$91.8 billion of investable wealth.
Portugal, by contrast, recorded a projected net inflow of 1,400 millionaires in 2025, representing approximately US$8.1 billion of migrating wealth.
The contrast is difficult to ignore.
| Country | 2025 net millionaire migration | Estimated migrating wealth | Direction |
|---|---|---|---|
| Italy | +3,600 | US$20.7bn | Strong inflow |
| Switzerland | +3,000 | US$16.8bn | Strong inflow |
| Portugal | +1,400 | US$8.1bn | Strong inflow |
| Greece | +1,200 | US$7.7bn | Strong inflow |
| Malta | +500 | US$3.6bn | Inflow |
| Monaco | +200 | US$1.1bn | Inflow |
| Ireland | −100 | US$0.6bn | Outflow |
| Germany | −400 | US$2.1bn | Outflow |
| Spain | −500 | US$3.2bn | Outflow |
| France | −800 | US$4.4bn | Outflow |
| United Kingdom | −16,500 | US$91.8bn | Major outflow |
Portugal’s position is particularly significant. Henley’s 2025 data ranked it among the world’s leading destinations for migrating millionaires, while its 2026 Global Wealth Mobility Framework gives Portugal a Wealth Mobility Competitiveness Score of 72.5, placing it among a second tier of particularly strong international performers alongside jurisdictions including Italy, the Netherlands, Cyprus and the Cayman Islands.
The 2026 research therefore suggests that the forces which made Portugal attractive have not disappeared. They are becoming part of a wider competition between countries for internationally mobile wealth.From the UK to Portugal
Britain provides perhaps the clearest example of this change. The UK went from a net millionaire outflow of approximately 4,200 in 2023, to 10,800 in 2024, and a provisional 16,500 in 2025.| Year | UK net millionaire migration |
|---|---|
| 2023 | −4,200 |
| 2024 | −10,800 |
| 2025 | −16,500 |
Henley identifies several contributing factors: the abolition of the UK’s non-domicile tax regime, changes to inheritance tax treatment, capital gains taxation, the closure of the Tier 1 Investor Visa and a broader sense of fiscal and policy uncertainty.
The trend has continued into 2026. Henley reports that applications from people with UK addresses increased 15% between 2024 and 2025, while British citizens have become one of its largest client groups globally.
Importantly, however, this should not be interpreted simply as a tax story. Affluent families increasingly appear to be asking a much broader question:
If our wealth gives us a genuine choice about where to live, where offers the best combination of security, lifestyle, connectivity and long-term certainty?
Portugal increasingly features in that conversation. Henley’s research specifically identifies Portugal among the European destinations attracting British investor migrants, alongside Italy, Greece and Malta.
The Irish connection
Ireland presents a somewhat different story.
It remains an exceptionally safe, successful and internationally connected economy. Indeed, Ireland ranks fifth globally in the 2026 Global Peace Index.
Nevertheless, Henley’s 2025 migration estimates indicated a modest net loss of approximately 100 millionaires.
For Portugal — and particularly the Algarve — the significance of Ireland goes considerably beyond that national migration number.
British and Irish buyers already form a deeply established component of the Algarve’s international property market. Recent industry research estimates that British and Irish purchasers together account for approximately 45–50% of transactions in the Algarve luxury segment.
Separate H1 2025 luxury-property data recorded British buyers at 39% and Irish buyers at 14% of one major Algarve agency’s purchasers.
The Algarve is therefore not attempting to introduce itself to the British and Irish market. Decades of tourism, property ownership, golf, aviation links and family connections have already established the relationship.
The transition from holiday-home ownership to semi-permanent or permanent residence is consequently a much smaller step.
Safety has become a luxury asset
Perhaps the most underestimated element of Portugal’s appeal is safety. The 2026 Global Peace Index ranks Portugal 7th out of 163 countries worldwide.
| Country | 2026 Global Peace Index rank |
|---|---|
| Iceland | 1 |
| New Zealand | 2 |
| Switzerland | 3 |
| Slovenia | 4 |
| Ireland | 5 |
| Austria | 6 |
| Portugal | 7 |
| Singapore | 8 |
| Finland | 9 |
| Japan | 10 |
The Index assesses 23 indicators across societal safety and security, ongoing domestic and international conflict, and militarisation.
At a time of heightened geopolitical tension, that ranking has considerable significance for internationally mobile families.
For a HNW or UHNW household, personal security is not an abstract national statistic. It influences where children can grow up, how freely a family can live, whether a second home can become a permanent home and ultimately where capital feels safe being anchored.
Portugal offers something relatively rare: the security and institutional framework of Western Europe combined with a relaxed Mediterranean lifestyle.
We are seeing a fundamental change in the way internationally mobile families think about Portugal. It is no longer simply somewhere to own a holiday home or spend a few weeks each summer. For many buyers it is becoming a serious long-term base for their family, their lifestyle and part of their wealth.
Geography matters
Portugal’s advantage over some competing international wealth destinations is surprisingly simple: it is close to home.
For British and Irish families, relocating to Portugal does not necessarily mean disconnecting from existing businesses, families or professional networks.
London and Dublin are only a short flight from Faro. So too are many of Europe’s important financial and wealth centres, including Frankfurt, Geneva and Zurich.
That creates a very different proposition from relocating to Dubai, Singapore, Miami or the Caribbean.
A business owner can establish a family base in the Algarve while continuing to maintain commercial interests in London, Dublin, Frankfurt or Zurich.
Children and grandchildren can remain accessible. Business meetings do not necessarily require intercontinental travel. Existing European professional relationships can be maintained.
For internationally mobile wealth, Portugal can therefore provide geographical diversification without geographical isolation.
Lifestyle is no longer a secondary consideration
Historically, discussions about millionaire migration concentrated heavily on tax.
That is changing.
Henley’s research identifies safety and security, taxation, retirement, business opportunities, climate and scenery, schooling, healthcare and standard of living among the principal motivations for HNW migration.
Portugal performs unusually well across several of these simultaneously.
The Algarve adds another layer.
The region combines an established international community with beaches, golf, marinas, international schools, private healthcare, restaurants, outdoor living and a climate that makes year-round residence practical.
Within the Golden Triangle — particularly Quinta do Lago, Vale do Lobo and the surrounding central Algarve — this infrastructure has been developing around affluent international residents for decades.
For many families, therefore, moving to the Algarve does not feel like moving into an emerging expatriate destination. The ecosystem already exists.
Why the Algarve may benefit disproportionately
Portugal attracting 1,400 net new millionaires in a single year does not mean those individuals will all purchase luxury property.
But millionaire migration has consequences extending well beyond the individuals counted.
Internationally mobile HNW families bring capital, businesses, professional networks, consumption and demand for private services. They require lawyers, accountants, wealth managers, schools, healthcare, architects, designers and property professionals.
And many purchase substantial residential property.
The Algarve is particularly well positioned to capture this demand because its buyer profile already mirrors many of the countries producing or considering internationally mobile wealth.
| Source market | Relevance to Algarve |
|---|---|
| United Kingdom | Established ownership base; exceptionally strong HNW migration pressure |
| Ireland | Long-standing Algarve connection and significant luxury buyer presence |
| Germany | Large affluent population; 2025 millionaire outflow |
| Switzerland | Major European wealth centre with established Algarve buyer presence |
| Netherlands | Growing international buyer market |
| United States | Rapidly expanding luxury-property interest |
| France | Increasing HNW mobility |
| Northern Europe | Strong lifestyle and second-home demand |
This is already visible in the market.
SARDO’s own analysis of the Algarve during 2025 found resilient demand across premium resorts despite geopolitical uncertainty and higher interest rates, with lifestyle continuing to be one of the defining motivations of international buyers.
That fits directly with SARDO’s focus on understanding not simply properties but the wider Golden Triangle lifestyle and the expectations of UHNW clients.
A structural change rather than a temporary migration
The most interesting conclusion from the 2026 data may be that wealthy migration is evolving again.
Henley describes the emergence of what it calls the “sovereign portfolio”: affluent families spreading residence rights, citizenship, investments, businesses and property across multiple jurisdictions rather than relying entirely upon one country.
That concept is particularly relevant to Portugal.
The future British buyer may not completely “leave Britain”.
The Irish entrepreneur may not cease doing business in Dublin.
The German industrialist may retain interests in Germany, while the Swiss family may maintain financial relationships in Zurich or Geneva.
Instead, Portugal can become another strategic anchor: a home, an investment, a European base and a lifestyle jurisdiction within a wider international family structure.
For the Algarve, that distinction matters enormously.
Portugal does not have to replace London, Dublin, Frankfurt or Zurich.
It simply has to make a compelling case for becoming part of the lives of the people who have accumulated wealth there.
With Portugal ranked 7th in the world for peacefulness, a proven record of attracting millionaire migration, strong European connectivityand one of Europe’s most established luxury lifestyle markets, that case is becoming increasingly persuasive.
The migration of global wealth is accelerating. For Portugal and particularly for the Algarve, the opportunity is not simply to attract that wealth. It is to become the place where internationally mobile families decide they want to live.
