Wealthy individuals are thinking more internationally than ever. The Henley Private Wealth Migration Report 2026 shows that Germany still benefits from strong institutions, legal certainty and financial infrastructure, but is losing ground when it comes to tax attractiveness and political predictability. For the location, this is a warning signal: capital rarely leaves overnight — but it starts looking for options.
Germany is losing ground in the international competition for wealthy individuals. This is shown by the new Henley Private Wealth Migration Report 2026. The report no longer looks only at where millionaires are moving, but increasingly at why wealth becomes mobile and which locations remain attractive for internationally oriented entrepreneurs, investors and families.
For Germany, the assessment is mixed. On the one hand, the country continues to benefit from strong institutions, legal certainty, efficient financial infrastructure, good education and a broad economic base. On the other hand, according to Henley, Germany’s competitive position is deteriorating in precisely those areas that matter most to internationally mobile wealth: tax frameworks, political predictability, international options and long-term planning security.
Germany scores 69.7 out of 100 points in the new “Wealth Mobility Competitiveness Score.” That is not a collapse, but it is a clear signal. The location remains solid, but it appears less agile for wealthy private individuals than competing countries that tailor their programs more specifically to mobile entrepreneurs, investors and families.
Tax policy becomes a location factor
At the center are tax policy debates. Henley points to discussions about tightening exit taxation, recurring proposals for a wealth tax and general fiscal pressure. Such debates do not necessarily lead to immediate emigration. But they change the sense of security among wealthy families.
Long-term predictability matters especially for entrepreneurial wealth. Anyone holding company stakes, investing internationally, preparing succession or structuring wealth across generations reacts sensitively to unclear tax conditions. Not because everyone immediately wants to leave, but because uncertainty triggers the search for alternatives.
According to Henley, inquiries from German nationals rose by 16 percent between the 4th quarter of 2025 and the 1st quarter of 2026. Germany also moved up as a source market for international residence and citizenship planning, from 24th place in 2024 to 19th place in 2025 and 13th place in 2026.
This is not only about leaving
It is important to note that this does not automatically mean wealthy individuals are leaving Germany en masse. Rather, the report points to growing international optionality. Wealthy families increasingly think like portfolio managers: they spread residences, citizenships, business structures, banking relationships and real estate across different jurisdictions.
The goal is often not a complete break with the home country. It is about security, access, tax predictability and freedom of movement. A second residence, a residence permit in another country or an additional citizenship can serve as a strategic reserve.
That is exactly why the trend still matters for Germany. When entrepreneurs and investors begin to think about their future more strongly outside their home market, the long-term connection between capital, succession planning and investment decisions changes.
Italy, Portugal and Switzerland benefit
Within Europe, according to the report, locations that combine strong institutions with clearer tax offerings are becoming more attractive. These include Italy, Switzerland, Portugal and Cyprus. Italy in particular has positioned itself as an alternative with its flat-tax model for wealthy newcomers.
This is uncomfortable for Germany because these countries do not necessarily offer weaker institutions. They compete not only through lower taxes, but through a broader package of quality of life, EU access, predictability, residence models and tax clarity.
Germany therefore cannot rely solely on legal certainty and economic size being enough. In a world of mobile wealth, wealthy families compare locations more soberly. They ask: Where is my capital protected? Where can succession be planned? Where is politics predictable? Where do I get access, quality of life and tax clarity?
Capital leaves quietly
The migration of wealthy private individuals is rarely spectacular. It does not begin with one big moving day, but with conversations, inquiries, second residences, new banking relationships, foundation structures and international residence rights.
That is exactly why such reports are politically sensitive. They measure not only actual migration flows, but also shifts in sentiment and planning. Henley itself is a provider in the field of residence and citizenship planning; its data is therefore not official government statistics. Still, it is an important early indicator of which countries are becoming more attractive to mobile wealth and which are losing trust.
For Germany, the message is therefore not: the wealthy are gone. The message is: they are looking around.
A warning signal for the location
The issue is bigger than private banking. Wealthy entrepreneurs and investors bring more than capital. They invest in companies, real estate, startups, family offices, foundations, jobs and innovation. If a country becomes less attractive to this group, it can affect growth, tax revenues and location dynamics in the long term.
This does not mean that politics should fully orient itself around the interests of the very wealthy. But a country that wants to retain capital and attract new investment must combine tax fairness with international competitiveness. Anyone who talks only about higher burdens and neglects predictability risks seeing wealth not protest — but quietly move.
The Henley report therefore points to an uncomfortable trend: Germany remains strong, but other locations are becoming more strategic. They actively compete for mobile wealth, offer clearer programs and create tax frameworks that are attractive to entrepreneurial families.
For Germany, this is no reason to panic. But it is a reason to look more closely. Capital rarely leaves loudly. It leaves quietly — and often only mentally at first.
SK
