ThoseMigration of millionaires
2025 fiscal attractiveness: the best ranking in Switzerland since 2022
According to a study by Henley & Partners, Switzerland is now in 4th position, behind the Emirates, the United States and Italy.
The beautiful houses of the hillside of Colagny. A destination of choice.
Laurent Guiraud/Tamedia
- Italy rose to third place in the favorite destinations of millionaires in 2025.
- The United States and the Emirates remain at the top of the ranking of attractive countries.
- About 142,000 millionaires worldwide would plan a change in tax residence.
- Political stability and legal certainty strongly influence the choices of wealthy taxpayers.
The tax debate opened by the departure of Renaud de Planta, a former senior partner of Pictet Bank, in Italy highlighted the attractiveness of a new fiscally attractive destination and opened a debate on the attractiveness of the Swiss square.
Italy in front of Switzerland
The 2025 study of Henley & Partnersan international financial consultancy and tax optimization company, on the migration of millionaires, brings some interesting elements to the debate. Thus, unknown to the battalion of the ten most attractive tax countries for large fortunes in 2022, Italy entered the 6th in 2024e place, just in front of Switzerland then 7e.
The big transalpine country seems to have continued its ascent this year, since it drops this time the 3e Place with 3,600 taxpayers weighing 20.7 billion, ahead of Switzerland, 4ein the 2025 ranking, with 3000 arrivals and 16.8 billion inputs.
We can therefore choose to take up that the success of Italy marks the appearance of a new competitor Or stress that Switzerland has never been so well placed in this very special global competition, in any case since 2022. And Geneva? The study does not speak of it. One might think that the canton is less attractive than others in Switzerland, but Geneva remains mentioned Like one of the most attractive Swiss cities in the world, behind Zurich. No other Swiss place appears in this ranking.
Global competition to attract millionaires
It is interesting to follow the rankings over several years. Aside from the regulars of the leading peloton, such as the United States, the Emirates, Switzerland, Singapore, Portugal, Greece, certain destinations make up and flash descents, like France, still 8e In 2023, but absent from the 20 most interesting destinations in 2025. This volatility is itself an advanced economic indicator of the situation in a country.
Why do countries try to attract large taxpayers? Henley&Partners evokes a source of income, business, the rise in stock market investments, the creations of potential jobs. This year, 142,000 millionaires worldwide would be ready to change countries to improve their situation.
But the question of taxation is not the only element of the equation taken into account. Among the reasons mentioned to justify departures are also security issues, professional opportunities, education, the healthcare system, the environment, legal security, political stability. To attract them, countries compete in creativity with Golden visa programsor even accelerated naturalizations, tax packages, etc.
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