THE PHILIPPINES’ strong long-term growth outlook and tax reforms for foreign investment are expected to attract interest from high-net-worth individuals (HNWIs), private client immigration consultancy Henley & Partners said.
“The Philippines is emerging as an attractive destination for people that want to do business just because of the above average GDP growth. (Many other) economies cannot grow as fast as the Philippines. And given that the Philippines is still a developing country, it presents huge opportunities for people to come and start businesses and capture success that would be impossible in developed countries,” Henley & Partners Managing Director for Southeast Asia Scott Moore said at a briefing on Tuesday.
The firm’s Private Wealth Migration Report 2025 projects the Philippines to experience a net outflow of HNWIs this year, which Mr. Moore described as less severe than the situation in regional neighbors.
“I would say it’s much more worrying that Vietnam is losing 300. Indonesia is losing 250. These are at the top of the list. The Philippines, compared to its regional neighbors, is losing much less,” he said.
He added that overall growth in Philippine HNWIs in the past decade of 32% also supports the outlook for economic growth and further inflows of HNWIs.
According to the report, the Philippines has 12,800 millionaires, 70 centi-millionaires, and 12 billionaires.
“So in terms of relevance for HNWIs in any country, it just signals economic progress and general health of the economy. If a country can create new millionaires, it means that the economy is growing and there are good opportunities,” Mr. Moore said.
He said Singapore and Thailand remain the policy leaders for nurturing HNWIs.
“If we’re looking at specifically Southeast Asia, Singapore and Thailand (benefit from) 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, as well as of course the lifestyle,” Mr. Moore said.
He added a golden visa for investors could make the Philippines more attractive to HNWIs.
He added that a weak peso could increase the Philippines’ HNWI intake.
“The weaker currency would mean foreigners coming in. It would make (the Philippines) more attractive.”
The firm’s wealth migration report listed the United Arab Emirates (UAE) as having the highest expected net inflows of millionaires at 9,800 this year.
“Dubai has amazing infrastructure and lifestyle for wealthy individuals. It’s basically built to cater to them. The UAE also has very stable politics while they have zero income tax they have very low corporate tax. It’s extremely easy to set up a corporation there and (obtain a) golden visa… It’s probably one of the most straightforward,” Mr. Moore said.
In the region Singapore had the highest expected net inflow of millionaires, estimated at 1,600.
“The number of millionaires coming into Singapore has started to go down a bit. And this is because those wealthy individuals are now moving to the UAE,” Mr. Moore said.
Meanwhile, the UK posted the highest expected net outflow of millionaires at 16,500, which Mr. Moore said was the largest single-year outflow in over a decade.
Brexit continues to prove to be a bad bet to attract and retain HNWI, but the real genesis of this huge outflow comes from major tax changes that were confirmed in 2024. — Aaron Michael C. Sy
