Is France driving away its wealthy in vast numbers? The latest Henley & Partners Wealth Migration Report found that France saw a net loss of 800 millionaires in 2025.
At first glance, it would seem that the wealthy are fleeing the country. However, for context, there are still 2.4 million individuals in France with a net worth of over €1 million, according to the UBS Global Wealth Report.
While France remains an attractive place for the wealthy to live for obvious reasons such as its quality of life and joie de vivre, the overall trend, albeit small for now, is that some of France's wealthiest citizens are moving and – more importantly – taking their capital.
Last year, each departing millionaire took with them on average €5 million in personal assets, translating to roughly €4 billion leaving the country in total, according to the French Institute for Research on Public Administration and Politics (iFRAP).
Although the number of departing millionaires represents only a tiny fraction of France's wealthy population, economists point out that the loss of even a relatively small number of high-net-worth individuals can have an outsized economic impact because they often own businesses, fund investment and generate significant tax revenues.
