The Philippines has seen a sharp rise in the number of millionaires over the past decade, outpacing many of its neighbors and even some of the world’s wealthiest nations, according to a new report by global investment migration consultancy Henley & Partners.
As of 2024, the country is home to approximately 12,800 high-net-worth individuals (HNWIs), defined as those holding at least $1 million in investable assets. This figure includes 70 centi-millionaires—individuals with at least $100 million—and 12 billionaires.
“This consistent growth reflects the country’s emerging entrepreneurial class, its maturing financial markets, and its expanding real estate and services sectors,” said Scott Moore, managing director at Henley & Partners, in a GMA News Online report.
The 32% increase in millionaires since 2013 places the Philippines among the top three fastest-growing countries in terms of wealthy individuals, trailing only the United States (78%) and China (74%).
While it remains outside the list of top destinations for incoming millionaires, Moore emphasized the Philippines’ “stability and growing wealth base” as strong indicators of its long-term potential for investment migration.
Globally, the United States remains the country with the highest number of millionaires—over 6 million—followed by China, Germany, Japan, and the United Kingdom.
Despite the local growth, the Philippines is expected to see a net outflow of 50 millionaires in 2025, with many likely heading to the UAE, the US, or neighboring hubs like Singapore.
“When any families are looking to relocate… they’re looking to have optionality for their families, for their children, for their businesses,” Moore explained. Still, he said, “The loss of 50 is very insignificant” compared to other countries like Vietnam and Indonesia, which are expected to lose 300 and 250 millionaires respectively.
This year, around 142,000 millionaires globally are expected to migrate, with the UAE, USA, and European countries like Italy and Switzerland topping the list of preferred destinations. The UK is projected to experience the largest outflow of wealthy individuals due to recent tax policy shifts and its earlier Brexit move.
