Where are UK millionaires migrating to? Japan is among the top destinations
Last Updated: 3月 26, 2026
While millionaires are migrating out of the UK due to the rise in taxes, Japan is attracting more high-net-worth individuals. Find out the reasons why.
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Supervised By: 風戸 裕樹
Due to recent changes in political climate and economic policies, it is no surprise that the wealthy are migrating out of their countries. Based on the Wealth Migration Report by Henley and Partners, the United Kingdom will experience the most amount of millionaire migration in the world with an estimated 16,500 millionaires leaving the country. The major factors driving them to leave the UK are mainly due to rise in taxes and less favorable economic conditions.
Read more about why UK millionaires are leaving their country:
🔗 Wealth Migration 2025: Why are millionaires moving out of the UK? 🔗
This begs the question: where are the millionaires moving to? According to global reports, the UAE continues to reign supreme as the country with the most inflow of millionaires since 2024 with the USA ranking as second. But apart from Western countries, more Asian countries are emerging to be part of this broad wealth migration trend, such as Japan.
In this article, we will tackle Japan as one of the desirable destinations where UK millionaires move to, supplemented by a comparison between the UK and Japan in terms of their tax structures and ownership of property assets, which mainly affects the movement of the wealthy away from and towards the respective countries.
Where are UK millionaires moving to?
Since 2024, the UAE and USA rank high with the most millionaires entering the country in the wealth migration trend. Over 9,800 millionaires move to the UAE with wealth valued at approximately 63 billion USD in liquid assets. The USA follows in the rankings with over 7,500 millionaires with liquid assets valued at an estimated 43.7 billion USD. Italy rose to the rankings in 2025 with an inflow of over 3,600 millionaires with assets valued at 20.7 billion USD.
In reference to the Wealth Migration Report by Henley and Partners, 9 out of the top 10 countries with the highest wealth migration are from the West. However, Asian countries are slowly garnering the attention of the affluent and are rising in the rankings, notably Singapore, Hong Kong, Japan. Singapore leads the Asian region, ranking 6th with an inflow of over 1,600 millionaires with assets valued at around 8.9 billion USD. Hong Kong shies away from the top 10 list, ranking 11th with an inflow of 800 millionaires with assets valued at 5.3 billion USD.
Following Hong Kong on the list, Japan ranks 12th as the most migrated-to countries by wealthy people, receiving over 600 high-net-worth individuals globally with an estimated wealth of over 3 billion USD in liquid assets. Within Asia, Japan ranks as the 3rd most favored destination by millionaires.
Japan is receiving more and more migration
As aforementioned, Japan is expected to welcome over 600 wealthy individuals migrating to the country. According to Andrew Amoils, head of research at New World Wealth, what makes Japan attractive are the standard of living, healthcare, and safety and security, amongst other factors.
Tokyo, Osaka, Kyoto, and Kobe are the most popular areas to which these wealthy migrants choose. Notably, Osaka-Kyoto-Kobe area is experiencing a fast growth in its HNWI population due to its developing technology sector.
The regional competition in Asia for the wealthy among Singapore, Hong Kong, and Japan lies mainly in the income tax differences. Top income tax rates for Singapore and Hong Kong are much lower (24% and 17% respectively) than Japan (45%), which makes them the preferred countries for company headquarters.
However, what sets Japan apart from the other two countries is its property ownership for foreigners. This is a notable difference for foreign migrants who are looking for another country not only for investment, but also to settle down into.
Japan has no major limitations on what properties you can buy as a foreigner. It is possible to own freehold land as well as other structures. Whereas in Singapore and Hong Kong, foreigners face restrictions when buying land and HDBs. Other challenges include high interest rates for properties, in which, in this case, you could find better rates and better rental yields in other markets like Japan.
As with any country, Japan has its own tax implications when buying, owning, and selling real estate for foreign investors or buyers.
Read an in-depth guide about Japan’s real estate tax here:
🔗 Japan Property Tax for Foreigners 🔗
In case you are migrating from the West, namely from the UK to Japan, here is a quick yet comprehensive comparison of the tax structures based on the different real estate investment stages.
Why is Japan a favorable destination for migration
If you are worried about the cost of living, according to Numbeo’s Cost of Living Comparison, Japan is more affordable compared to the United Kingdom and other Western countries. Including rent, the cost of living in Japan is 24.8% lower than in the UK.
Beyond the cost of living, Japan offers a rich culture and a high-quality lifestyle that sets the experience apart from other countries. Educational opportunities are also widely available for expatriate families looking to settle down with their children in Japan. Proof of this is the University of Tokyo ranking 5th in the Times Higher Education Asia University Rankings for 2025.
Although challenges like a language barrier or a different work culture exist, the allure of the beautiful landscapes, career opportunities, and a safe environment make Japan a captivating destination for many.
Aside from lifestyle factors, Japan has become more appealing to business leaders and start-up entrepreneurs due to the country’s recent strong performance of the Japanese stock market.
Overall, Japan is a good and viable destination for foreigners to migrate to, especially with those with a long-term goal in mind.
Although this article mainly discusses the high-net-worth individuals of particular countries, PropertyAccess is not limited only to those. We offer consultations and services to all individuals of economic standing and nationality looking for ways to include Japan in their investment portfolio.
Our team of seasoned professionals at PropertyAccess is dedicated to helping you navigate Japan’s real estate market with confidence.
With deep local knowledge and a commitment to personalized service, our experts are here to guide you every step of the way.
🔗 Book a Free Consultation Session with Our Team 🔗
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