Millionaires are packing their bags en masse in search of safer places for their wealth, as the global economy suffers from armed conflicts and trade wars. This trend, known as the “great wealth migration,” is among the key themes highlighted in a recent article by the American magazine Fortune.
Fortune published today an article titled “How Montenegro Became the World’s Fastest-Growing Hub for Millionaires.”
Nestled between the blue waters of the Adriatic Sea and the towering Dinaric Alps, Montenegro has, according to the Henley Private Wealth Migration Report 2025, seen a 124% increase in the number of millionaires within its borders over the past decade. It is, in fact, now the world’s fastest-growing hub for millionaires. Its Prime Minister, Milojko Spajić, says this transformation is no coincidence — nor merely the result of pleasant weather.
“We are very committed to bringing the smartest and most capable people in the world to Montenegro,” said the 37-year-old leader at the Fortune Global Forum in Riyadh, adding that low taxes are largely responsible for the influx of ultra-wealthy residents. “Our tax policy is very simple. We believe that people who tie their investments to Montenegro — whether they are investors, employees, workers, or managers — anyone who invests in Montenegro’s success should be rewarded with tax benefits.”
Montenegro boasts some of the lowest income and corporate tax rates in Europe — between 9% and 15%. Residents pay no tax on income up to €700, 9% on salaries between €701 and €1,000, and only 15% on gross monthly income above €1,000. (One euro equals 1.16 US dollars.) By comparison, the highest income tax rate in Switzerland can reach around 40%.
According to Spajić, the corporate tax rate in Montenegro will soon become the lowest in Europe.
“We also have by far the lowest labor tax in Europe,” the Prime Minister added. “And the reason is the same — we want people who come to Montenegro and tie their future to this country to feel privileged.”
Thanks to these low taxes, Spajić has also given Montenegro a monetary advantage: the country’s currency is effectively tied to gold.
“Another thing that might interest investors is that we live under a quasi-gold standard. For us, the euro is gold — to obtain it, we must sell our property, services, or goods. We must give something real in return, which means Montenegrin assets are fairly valued, not inflated by past quantitative easing. One reason Montenegro is a good investment opportunity is that our value is real,” he concluded.
Migration of the Ultra-Wealthy: The World’s Fastest-Growing Millionaire Hubs
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Montenegro – 124% increase in millionaires (2014–2024)
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UAE – 98% increase
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Malta – 87%
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Poland – 82%
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United States – 78%
Millionaires are increasingly relocating in search of safer havens for their wealth, as global economic turbulence intensifies due to wars and trade disputes. This phenomenon, called the “great wealth migration,” is expected to continue. According to the Henley Private Wealth Migration Report, around 142,000 millionaires relocated in 2025, with that number projected to rise to roughly 165,000 in 2026.
While Montenegro, with its 2,800 millionaires, still trails many larger nations, its growth rate is unprecedented.
“Montenegro’s low-tax regime, with flat income tax rates and no inheritance or gift taxes, has made it particularly attractive for wealth preservation. Combined with its Adriatic coastline, luxury real estate, and appealing Mediterranean lifestyle, the country has become a favorite destination for lifestyle-motivated investors,” said Dominik Volek, Group Head of Private Clients at Henley & Partners, in a statement to Fortune.
An individual becomes a tax resident of Montenegro after spending more than 183 days per year in the country.
Meet the Prime Minister Behind Montenegro’s Recent Success
Like the nation he leads, Montenegro’s Prime Minister is himself a success story — one of the youngest heads of state in the world. Before entering politics, Spajić had a career in finance, working as a credit analyst at Goldman Sachs and later becoming a partner at a venture capital fund in Singapore. His political career began in 2020, when he was appointed Montenegro’s Minister of Finance and Social Welfare. In July 2023, he was elected to parliament and subsequently became Prime Minister in October 2023.
By 2025, Spajić ranks as the fourth-youngest world leader, after Ibrahim Traoré of Burkina Faso, Daniel Noboa of Ecuador, and Kristrún Frostadóttir of Iceland.
Fortune is an American international business magazine headquartered in New York City. It is published by Fortune Media Group Holdings, a global media organization specializing in business journalism. The publication was founded by Henry Luce in 1929.