Brazil Faces Wealth Drain as Millionaires Move Abroad

Henley & Partners, which tracks global private wealth flows, projects that Brazil will lose about 1,200 millionaires in 2025. The consultancy estimates that this movement will remove around US$8.4 billion in investable assets from the country.

The projected outflow is 50 percent higher than the estimated 800 who left in 2024. Brazil ranks sixth globally for millionaire departures in 2025, behind the United Kingdom, China, India, South Korea, and Russia.

Over the past decade, Brazil’s millionaire population declined by about 18 percent, according to Henley’s long-term data. Families with more than US$1 million in liquid assets cite personal safety as the most decisive reason for relocating.

Despite a decline in homicide rates, with 20.8 violent deaths per 100,000 people in 2024, levels remain high compared to global averages, according to the Brazilian Forum on Public Security and national statistics.

Families with children often consider security concerns the final factor in their decision to move. Tax burdens and economic volatility also weigh heavily. Brazil closed 2024 with inflation at 4.83 percent, according to the Brazilian Institute of Geography and Statistics (IBGE).

High taxation combined with weak public services forces wealthier families to pay twice for health, education, and security. This fuels frustration and encourages the transfer of assets abroad.

The migration has visible effects on the domestic economy. Each millionaire departure means less capital for investment in startups, fewer jobs created, and weaker demand in real estate and consumer markets.

Luxury services and specialized professions such as wealth management and architecture also feel the loss. The fiscal impact is notable, as fewer high earners remain to contribute to tax revenues.

Preferred destinations for departing Brazilians include the United States, Portugal, the Cayman Islands, Costa Rica, and Panama. These countries offer stronger legal frameworks, predictable policies, and in some cases, favorable tax regimes.

The United Arab Emirates leads worldwide as a top destination, expecting 9,800 new millionaire residents in 2025. The United States follows with 7,500, while Italy, Switzerland, and Singapore also attract many.

Policy changes in Europe also shape flows. Portugal ended its Non-Habitual Resident tax regime in January 2024, replacing it with a narrower system.

Italy increased its flat annual levy for new residents on foreign income to €200,000 in 2025. Despite these barriers, both countries remain attractive destinations for Brazilians seeking stability and legal certainty.

Brazil’s outflow of wealthy residents signals wider concerns. When domestic elites shift capital abroad, they reduce confidence in the local market and discourage foreign investment.

The loss of 1,200 millionaires in one year does not collapse an economy, but it underlines deeper structural weaknesses.

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