The Philippines must reform its tax regime and investor visa to make it more attractive to wealthy individuals following the projected departure of 50 millionaires this year, according to a multinational investment migration firm.

Based on the 2025 Henley Private Wealth Migration Report by Henley & Partners, the Philippines currently has 12,800 millionaires, 70 centi-millionaires (those with ₱100 million and above), and 12 billionaires.

Henley & Partners Managing Director Scott Moore said this signifies that the country’s economy is on an upward trajectory, with a 32-percent increase in its population of high-net-worth individuals (HNWIs) in the past decade.

The strong growth since 2024 is attributed to the country’s growing entrepreneurial class, maturing financial markets, and expanding real estate and services sectors.

Moore said the Philippines is emerging as an attractive destination for foreigners that want to do business due to its above-average gross domestic product (GDP) growth.

Last year, the country saw a 5.7-percent GDP growth, which, while lower than the government’s projection, still outpaced even major economies.

“Given that the Philippines is still a developing country, it presents huge opportunities for people to come and start businesses and capture success,” said Moore in a press conference.

He said the high number of HNWIs in a country equates to the general health of their economy. Essentially, more millionaires means that the economy is growing.

This year, however, Henley & Partners estimate that approximately 50 millionaires will depart the Philippines. The research firm said this is a net amount, meaning more people are leaving than coming in.

Moore explained that millionaires typically relocate to other countries to find a more suitable setting for their family, to expand their business into a new market, or to move into a more fiscal-friendly environment.

In this regard, none had it worse than the United Kingdom (UK), which is poised to lose 16,500 millionaires this year, driven by post-Brexit policy changes and tax reforms.

Meanwhile, 7,800 millionaires are expected to move away from China as its rising domestic wealth creation offset the lack of formal investment migration programs.

For the Philippines, losing 50 millionaires is still relatively low compared to its Southeast Asian neighbors, Vietnam and Indonesia, which will see an outflow of 300 and 250 millionaires, respectively.

In the region, Singapore and Thailand are seen to attract an influx of millionaires, with the former projected to welcome 1,600 HNWIs, while the latter opening its doors to 450 HNWIs.

“It’s really government policy. Singapore [has] stability and attractive tax regimes for [HNWIs]. Thailand [has] ease of entry in terms of their visa options and very attractive tax incentives for foreigners to base themselves in, as well as the lifestyle,” explained Moore.

He said another enticing benefit for foreign millionaires is that the two countries do not tax offshore income.

On the back of a strong wealth attraction strategy, the United Arab Emirates (UAE) is set to reach a record-high net inflow of 9,800 HNWIs in 2025.

The United States (US), despite ongoing political volatility, is expected to bring in 7,500 wealthy individuals because of its ever-vibrant entrepreneurial ecosystem.

For the Philippines, Moore said the government should usher in an attractive tax regime to make the country more attractive.

“Thailand has very attractive tax for foreigners that are relocating there, and certainly would make the Philippines a very attractive place if they could look at mirroring some of those tax incentives,” he noted.

Moore added that the government should also improve the existing investor visa program, which would require the remittance of at least $75,000, upon the endorsement of the Board of Investments (BOI).

He told reporters that this program should be updated to make it straightforward, alongside an option to avail the visa remotely.