If you became a newly minted millionaire, where would you migrate to? Due to inertia, I bet most of you would stay right where you are. A lot of us are afraid of change, which is why we stay at jobs we hate and suffer through broken marriages for too long.
But how about being more adventurous instead and relocating to another country. After all, you've got more money than 94% of the American population and 99% of the world. Live a little!
Depending on where you would move to once you become a millionaire depends on where you currently live, how happy you currently are, and what stage of life you're in. Let me share where I would have moved to in my younger days. Then we'll get to the big data.
Millionaire Migration In My 30s
If I could rewind time to 2012, when I left my job and didn't have children yet, I would have spent a year living in Malaysia and then China for a year. I had a blast living in Kuala Lumpur during middle school, and always fantasized what life would be like if I actually had some spending money. The people are great and the food is hands down top 3 in the world in my book.
Meanwhile, I first visited China in 1997 as a college junior studying abroad for six months. It was extremely evident back then that the country was going through an economic boom. But when I got a job offer to work and help manage an eyeglass parts manufacturing company in Shenzhen in 1999, I chickened out for the safer route of a Wall Street job.
By returning to China, I would fulfill my uncertainty of not going as a 22 year old and improve my Mandarin. Then I would attempt to do something entrepreneurial so I won't look back on life with regret for not trying. With millions of dollars in investments, I would feel free to experiment with new ideas. I'm sure I could easily make friends, partly by being a gregarious newcomer.
Millionaire Migration In My Late 40s
Today, if you were to tempt me to move away from vibrant San Francisco with $10 million, I would obviously move to Oahu. I've been to most states in America and over 60 countries so far, and Hawaii provides one of the greatest qualities of life.
As a bonus, you might even get to live longer, with Hawaii as the highest life expectancy state at 79.9 years according to the CDC. Once you've won the financial lottery, your health can no longer take a back seat. Your goal should be to live as long and healthy of a life as possible to enjoy your wealth for longer.
Sadly, my hunger for adventure and exploration has waned. For all you younger folks out there, take advantage of your motivation while you've still got it. Eventually, you'll no longer want to live in youth hostels and backpack around the world.
Today, I mostly want to live in an area with year-round sunshine and comfortable weather. I love being outdoors and moving my body in some capacity every day. Further, I want to be there for my parents, who are in their late 70s.
Where Millionaires Are Moving Around The World
Based on The 2025 Henley Private Migration Report, more millionaires are migrating than ever. The UAE is attracting the most millionaires, followed by USA, Italy, Switzerland, and Saudi Arabia.
Conversely, the UK is losing the most millionaires, followed by China, India, South Korea, and Russia.
What's going on here? The answer is a country's tax policy. Given millionaires earn the most and have the most assets, they also tend to face the highest tax rates. Therefore, one of the easiest ways to minimize taxes is to relocate to a country with lower taxes, and preferably, a higher quality of life.
UAE Is Drawing Millionaires In, While the U.K. Pushes Them Out
If you’re a high-net-worth individual looking to optimize for taxes and lifestyle, it’s easy to see why the UAE is one of the top destinations. With zero income tax, long-term golden visas, and a luxury lifestyle in a strategic global location, the UAE has become a magnet for migrating millionaires.
So far, most millionaire migrants to the UAE have come from India, Russia, Africa, and the broader Middle East. But more Brits and Europeans are expected to follow as tax policies in places like the U.K. become increasingly unfavorable.
The U.K., in particular, is losing appeal fast. The government is phasing out the long-standing “non-dom” status, which used to shield foreign residents from paying taxes on overseas income. That change alone will likely drive many wealthy residents to consider relocating.
Add in Labour Party plans to slap a 20% VAT on private school tuition, and you’ve got another reason for affluent families to look elsewhere. When the government keeps raising the cost of staying, it’s only natural to explore what life might look like somewhere more welcoming.
Hard To Save On Taxes By Migrating As An American
If you’re a wealthy American thinking about moving abroad to lower your tax bill, here’s the reality: the IRS doesn’t care where you live. So long as you hold a U.S. passport, you owe taxes on your worldwide income, regardless of your physical location.
This makes America one of only a few countries in the world with citizenship-based taxation. In other words, even if you move to a tax haven, the U.S. still wants a piece of your financial pie.
That said, there are ways to reduce your tax liability—but not eliminate it.
Foreign Earned Income Exclusion (FEIE)
For 2025, the Foreign Earned Income Exclusion allows you to exclude up to $130,000 in earned income if you qualify via the physical presence test (330 full days abroad in a 12-month window) or the bona fide residence test. If you’re married and both of you qualify, that’s potentially $260,000 of income shielded from federal income tax.
But keep in mind, this exclusion only applies to earned income—your W-2 wages or freelance/contractor income. It does not apply to investment income, rental income, dividends, or capital gains. So if your wealth is largely passive, the FEIE won’t help much.
Foreign Tax Credit (FTC)
If you’re living in a higher-tax country, the Foreign Tax Credit lets you offset U.S. tax liability dollar-for-dollar based on the income taxes you pay abroad. This can be especially useful for those earning significant passive income.
However, you can’t double-dip. If you exclude income using FEIE, you can’t also claim the FTC on that same income. And while the FTC can reduce your tax bill significantly, it rarely brings it to zero—especially if you’re living in a low-tax jurisdiction.
State Taxes Still Lurking
Some states, like California, don’t give up easily. They will hunt you down like the Predator does in one of my favorite movies. Unless you completely sever ties—no property, no driver's license, no voter registration—they may still argue you owe state income taxes too. It’s a good reminder that just because you move doesn't mean the state lets go.
Want True American Tax Freedom? Renounce Citizenship
If you want to completely cut ties with the IRS, there’s only one way: renounce your U.S. citizenship.
But before you go booking a one-way ticket to St. Kitts, know that this move comes with consequences. If your net worth exceeds $2 million or your average income over the past five years is above a certain threshold (~$200,000+), you may owe an exit tax. This tax treats all your assets as if they were sold the day before you renounce—triggering potential capital gains taxes on unrealized gains.
You’ll also be giving up the right to live and work freely in the U.S., face limitations on banking and travel, and lose access to certain legal protections. And once you renounce, there’s no going back.
For most people, especially those with deep roots or business interests in the U.S., renunciation is a nuclear option—not a clever tax optimization move. It's much easier to relocate to one of the no state income tax states instead.
Related: How You'll Feel Reaching Various Millionaire Milestones: $1 – $20 Million
Live in the Best Place Money Can Buy
Each time we moved, I was sad to leave friends behind, but it was also exciting to see new parts of the world. That kind of exposure gives you perspective. You start to appreciate where you live—and more importantly, you start to understand what’s possible elsewhere.
Unfortunately, even if you work remotely and have millions in investments, chances are you won’t actually move to a new country for a better life. It’s hard to leave behind the comfort of the familiar—your routines, your friends, your community. If you have young kids, it becomes even harder because you don't want to disrupt their sense of stability.
Think about it. No rational multi-millionaire would voluntarily spend winter in frigid Winnipeg, Canada or Duluth, Minnesota when they could be enjoying life in Honolulu, Hawaii. And yet, plenty of millionaires stay put. Why? Because they've built deep roots in their communities. That connection outweighs climate and even tax savings.
When you’re younger and still building wealth, go wherever the best opportunities are. But once you achieve financial freedom, don’t forget to upgrade your environment. Live in the best place money can buy—not just for comfort, but for quality of life.
Readers, if you were to inherit $1 million or $10 million, where would you move—and why? If you’re currently living in the UAE or the U.K., I’d love to hear what your lifestyle and tax experience has been like. Would you recommend it to others seeking financial freedom or a better quality of life?
Reevaluate Your Portfolio Before You Relocate
If you’re thinking about moving for a better life—or just sitting on a large cash windfall—it’s worth getting a second opinion on your finances. One smart move is to take advantage of a free financial check-up from Empower.
If you have $100,000 or more across taxable accounts, IRAs, savings, or a 401(k), an Empower advisor can help you uncover hidden fees, spot unbalanced allocations, and identify ways to improve your risk-adjusted returns. It’s a no-obligation way to stress-test your strategy—especially if you're considering a dumbbell portfolio or shifting more assets internationally.
Before you migrate your life or your money, make sure your portfolio is working as hard as you are.
This statement is provided to you by Financial Samurai (“Promoter”), who has entered into a written referral agreement with Empower Advisory Group, LLC (“EAG”). Click here to learn more.
Your Roadmap to Wealth—No Matter Where You Live
Thinking about migrating for a better lifestyle, lower taxes, or more freedom? Before you move, make sure your finances are on solid ground.
In my USA TODAY national bestseller, Millionaire Milestones: Simple Steps to Seven Figures, I break down the practical, step-by-step strategies I used to build wealth from scratch. Whether you're still grinding toward your first $100K or you’re strategizing around multi-million-dollar decisions like geographic arbitrage and tax efficiency, the book offers a clear path forward.
Money gives you options. And once you have options, you can live where—and how—you truly want.
Grab your copy today and start making moves with confidence.
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In Massacusetts, they impiemented a 4% tax on high earners in 2022 and we got the usual libertarian/right-wing claptrap about how it is going to hurt the state economy, as high wealth individual are going to flee the state. What has happened since then? The number of millionaires in MA has increased! Goes to show that using fear as a weapon doesn’t always work, and as your article state, there are reasons why millionaires stay in place.
https://www.boston.com/news/local-news/2025/04/28/report-number-of-millionaires-in-mass-has-actually-gone-up-since-new-tax-took-effect/
From the article:
“The positive impact of progressive and wealth taxation cannot be overstated,” IPS’s report said. “If well designed and targeted to those at the very top of the income and wealth distribution, it has the potential to not only improve economic and racial equity in the tax code, but also to raise significant revenue that can help balance budgets, spur productive public investment, grow existing social programs, and create new economic initiatives that empower the working-class.”
One idea I had recently is summering / Henderson, NV. No income tax and negligible property tax. Within a 4 hour drive to our beach condo in Playa Del Rey. Decent schools for the kiddos. Lots of amenities for the wifey. Incredible playgrounds and parks. And adventure to boot. Just gotta get out during the summers…
I have lived in Orange County, CA for over 30 years and have traveled to many countries all over. I would never move elsewhere. We have the best beaches (Laguna Beach), best climate year round, great schools (Irvine), and a diversity of cultures and beautiful people!
I can surf in Dana Point and go skiing in Big Bear on the same day! Oahu is too humid for me and I would get island fever for living there too long. Money does give you options and no matter how much I have I’ll always choose OC as my home.
The OC is great. My one complaint is that you and the kiddos can’t comfortably swim or surf in the ocean without a wet suit for very long. At least most people can’t.
Another reason to be leaving England – the Islamization effect. Islam doesn’t easily tolerate free speech or deviancy from its tenets, and not just the religious ones. Islam is a total system – social, political, economic, religious, military, educational, legal. Since the Brits don’t have anything similar to our Constitution, which guarantees certain freedoms, many of their freedoms can well be on a whim. There are undoubtedly some Brits who are nervous about that.
As someone who grew up in Duluth MN the winters are what you make of it. I loved growing up and being able to make play outdoor hockey. I know lots of people who look forward to winter and wouldn’t give it up for a warm climate. Now with all that being said I do enjoy a nice tropical vacation in the winter too.
That’s great to hear! Home is where the heart is.
To clarify, is Duluth where you’d choose to retire to or go to once become a millionaire?
I’ve been working since I was 22. Rode the bus until I was 32. Saved aggressively, invested carefully, kept things simple. Still driving an 11-year-old car. Never bought the watch, never got the second home. Just stayed focused and built.
Now I’m getting close to my mid-40s, and honestly, I’m starting to wonder if I should’ve done it differently. Maybe I should’ve helped people around me… Because in 15 or 20 years, when I’m gone — and it won’t be much later — a huge chunk of what I’ve built is going straight to Uncle Sam and Uncle Washington.
I love Washington. If taxes weren’t what they are, I’d be looking at a bigger house right now. Maybe a second place in Leavenworth. But with how things are? No chance. I’m not handing that kind of money over just for staying put.
The estate tax here starts at about $3 million and ramps up to almost 20 percent fast. Then there’s the new 7 percent capital gains tax. And every year, there’s another push for a full-blown wealth tax. The message is clear: if you’ve done well, they want their cut now, later, and again when you die.
So yeah, when I stop working, I’m selling the house. I’ve talked to others quietly planning the same. It’s not emotional. It’s just math.
Once you’ve hit financial freedom, the question isn’t what more you can buy — it’s how much you can protect. Washington makes that hard.
I don’t know where I’ll land yet. I need no income tax, no estate tax, a Costco nearby, and a decent airport. And ideally, a place that doesn’t treat outsiders like they don’t belong.
Nevada’s on the radar. I don’t like the heat, but I can live with it. You pay for AC once. Washington keeps taking forever.
Hawaii’s tempting. Great lifestyle, food, connections to Asia, and yes… Costcos. But their estate tax hits 20 percent too, and everything costs more once it hits the dock.
I’m not trying to dodge anything. I just want what I built to go to my kid, not into a system that punishes discipline. That doesn’t feel like home anymore.
It’s funny, because as a California resident, I see Washington state (minus the weather) as a panacea for government taxation. No state income tax is great!
“a huge chunk of what I’ve built is going straight to Uncle Sam and Uncle Washington” – The new bill at least has the federal estate tax at $15 million per person starting in 2026, so that should help you and 99% of Americans who have less.
With the step up in cost basis, your kid will be able to inherit your real estate and assets without capital gains tax, and no estate tax if you’re below the threshold. Not bad!
From the outside, Washington looks tax-friendly. But if you actually live here and built something, it adds up fast.
Estate tax starts at $2.193M and hits 19% by $9M. No portability. Capital gains tax is 7% over $250K, jumping to 9.9% over $1M next year. That’s on top of federal.
Then you’ve got 10+% sales tax, every local levy imaginable, and speed cameras on every block. Buy a Tesla? Your car tab’s a thousand bucks a year to pay for a train I’ll never use.
This place isn’t built to keep people like me around. So I won’t.
Hey David – I’m in Washington state as well and face a similar dilemma. Washington would be great if not for the taxes and the kookiness on the westside (And Sam, while there’s no INCOME tax, there are plenty of other taxes to make up for it; including a business tax on REVENUE, not profit). We considered moving to Tennessee last year to avoid a potential high tax event that could materialize in 2 or 3 years. Also, the $15 million Federal Estate tax sounds good, but Washington’s is much lower. We hired a estate planning tax attorney to build a family trust to avoid Washington state estate taxes. Not sure what your situation would be. Still thinking about moving to NV, AZ, or TX at least for a couple of years. No plans to sell the family home in WA.
I’ve always thought about Washington as a place to make big bucks and not buy anything to avoid the sales tax. Just go to Oregon with no state tax and buy or just not buy, like I’m used to.
Estate planning will be more and more important as we get older.
I got to do more research on California and Hawaii.
Related: https://www.financialsamurai.com/states-with-no-estate-tax-or-inheritance-tax/
At age 72, we aren’t thinking of uprooting ourselves to another country–but sure would have done so a few years ago if circumstances allowed (New Zealand or London). We now split our time between San Francisco and the Big Island–mostly the latter for now for family reasons. Still love San Francisco’s energy and cultural diversity. And for sure love Hawaii for its beauty and its people.
Splitting time is a good hybrid approach. Keep the roots where you have the most friends and family, and go elsewhere for a change in scenery and climate. A good balance!
I’ve thought about San Francisco, Lake Tahoe, and Honolulu as my Tri-fecta of places I’ll stay long term. And I’m currently trying it now in Honolulu for 5+ weeks this summer. I’ve learned A LOT about living here long term that I’ll share in a future post.
Malaysia is the best choice Sam!!! great food, welcoming people, vibrant expat community, great weather all-year round, easy access to other parts of South-East Asia, good international schools, virtually no natural disasters, plus the US Dollar goes very far here!!! am scratching my head that you haven’t considered relocating here given your own positive experience
Moving is easier said than done, now that I have a family. I really like the weather and the excitement of San Francisco. AI, there was so many wealth building opportunities now. The buzz is all around.
How long have you lived in Malaysia and what do you do there?
“Just when I thought I was out, they pull me back in!” A couple years ago, I moved to Hawaii with plan of bringing my family with me. One parent was in 110%, though the one sibling thought it was too boring (Big Island). Spouse likes the island, but has strong ties to Europe, so it is “too far” to live year round.
This year, I lost the parent, inherited (with sibling) a house in the Midwest that needs to be sold and had water damage to a long-time property on the East Coast. So I am giving up, at least for the short term, living in HI, and returning to the inherited house to make ready for sale and to the East Coast property to repair the damage.
I feel sad every time I leave the Big Island, but family and other obligations are pulling me back to the Continental United States at this time. Never going to renounce citizenship because both my pensions are from the federal government. So Hawaii is the best fit for me.
Sorry about your parent. At least you got to experience the big island for a while and gave it to go back to the Midwest.
Congrats on getting a pension for life! I’ve come across many early retirees from the military who have their pensions here in Hawaii. They’ve got a great life! Don’t need to be a millionaire to live well.
My fiancée and I are planning to exit the USA in the next 2-3 years. Switzerland and Italy top our list, so it’s interesting to see we’re not the only ones. Disgust over how our taxes get spent in this country, ahem murdering people in foreign countries instead of safety net programs in our country, is a major reason to want to leave. So knowing we’d still be obligated to pay into the machine regardless of where we live throws a wrinkle into the equation. To renounce or not to renounce? That is the question. Good timely article. Thank you.
Good luck! Have you stayed in Switzerland before? It’s a beautiful place, but boy is expensive.
As a Canadian, I am glad you mentioned Winnipeg. A few folks told me the dry heat (40C) and dry cold (-40C) aren’t as bad as it sounds like.
The best place money can buy could be relative to the city and the country. After going to a few cities in the US, Canada, Europe and Asia, luxury Canadian neighbourhoods aren’t as elaborate as the (mental) equivalent in the US and other places. There are private schools in Canada, but plenty of well-to-do folks send their kids to the publicly funded schools in their neighbourhood. The folks in Asia normally hire maids to help with housework and babysitting but the equivalent could be out-of-reach for most folks elsewhere.
I dunno, a 80 C degree swing seems kinda bad!
Canadian here: I’ve lived in Toronto, Vancouver and now Calgary (1.6 mill for latter). I confirm that a dry heat and dry cold in the prairies is nicer than humid heat in Toronto (like NYC) or more humid, slushy winters in southern Ontario. There are a few lovely smaller cities if you especially focus on cities that have a local university. It will had more intellectual breadth to the region and for locals.
Just remember luxury neighbourhoods: you can’t a home from outside. There are some incredible homes walking in these 3 cities and of course, some with great window views.
The tax is higher and there is a challenge to find family doctor in some regions since we currently have some shortages.
I am always surprised at the popularity of the UAE. I wonder if those moving there actually spend much time there. I found Dubai to be one of my least favorite places I have visited and I’ve been to nearly 150 countries. The weather is awful and the landscape very monotonous.
Give me the money and I would consider French Polynesia – similar to Hawaii but without the nanny state rules of the US. The ocean water is warmer too.
The weather does seem pretty tough. But maybe you missed out on some of the fancy foods, clubs, and other entertainment for those who spend big bucks?
Maybe multimillionaires are just setting up residency there to save on taxes and then they go on vacation and live elsewhere part of the year.
Absolutely agree on the all year sun! I wouldn’t leave South Florida if I came upon a few million. Once you have those funds, you can always travel on occasion when you want some new scenery in the world. Enjoy reading your work. Thank you!
What about Singapore — it’s surprising that didn’t make the list … low taxes, great quality of life if you’re rich, etc.
Agree about Singapore. However, real estate is extremely expensive there now and it’s always so humid. Perhaps the wealth building opportunities are not as high anymore as China and Taiwan zoom ahead.
Oh wow I didn’t realize there’s such a thing as an exit tax. And although I knew about the wealthy exiting China and India I didn’t realize there’s such large exit from the UK. Good to know, thanks!
Really enjoyed reading. Also curious where decamillionaires are moving within the USA.
Thanks for reading. Probably very similar trend. The wealthier you are, the more you have to benefit from tax savings if you relocate.