The number of dollar millionaires in the Philippines has surged by 32% over the past decade, outstripping growth in several advanced economies and regional peers, even as a quiet but notable outflow of wealth begins to take shape.

According to Henley & Partners’ Private Wealth Migration Report 2025, the Philippines is now home to 12,800 high-net-worth individuals (HNWIs)—defined as those with at least $1 million in liquid assets. The figure includes 70 centi-millionaires with over $100 million and 12 billionaires, collectively controlling more than $19 billion (P1.08 trillion) in liquid assets.

“This consistent growth reflects the country’s emerging entrepreneurial class, its maturing financial markets, and its expanding real estate and services sectors,” said Scott Moore, managing director for Southeast Asia at Henley & Partners.

The consultancy, which specializes in investment migration, said the country’s millionaire population grew at a faster pace than in most of the top 10 global wealth hubs—behind only the United States (78%) and China (74%). In comparison, Germany and Japan—third and fourth in overall millionaire numbers—recorded significantly lower growth over the same period.

But as wealth deepens, a slow drip of capital flight has emerged. Henley projects a net outflow of 50 Filipino millionaires in 2025, equivalent to around $600 million (P34 billion) in estimated capital. While modest in scale, the trend hints at a broader shift in the priorities of the country’s elite.

“When any families are looking to relocate to other countries, generally they’re looking to have optionality for their families, for their children, for their businesses,” Moore said. “Perhaps they’re looking to expand their businesses overseas, perhaps they see better work opportunities for themselves or their children in other countries.”

Though Moore emphasized that the departure of 50 millionaires is “very insignificant” in context, it underscores growing interest in overseas investment migration—especially to wealth hubs such as the United Arab Emirates, the U.S., and Singapore.

The Henley report, based on data from over 150,000 HNWIs tracked by New World Wealth, ranks the Philippines among the more resilient Southeast Asian nations. While Indonesia is projected to lose 250 millionaires and Vietnam 300, the Philippine outflow remains comparatively small.

Still, the report’s broader forecast suggests intensifying competition among global wealth destinations. In 2025, 142,000 millionaires are expected to migrate—8,000 more than last year. The top destinations are countries offering robust investment migration programs: the UAE, U.S., Italy, Switzerland, Saudi Arabia, Singapore, Portugal, Greece, Canada, and Australia.

By contrast, the UK is poised for the sharpest net loss, with a projected outflow of 16,500 millionaires—tied to post-Brexit uncertainty and recent changes in its tax regime.

While the Philippines isn’t yet a magnet for foreign millionaires, Moore noted that its “stability and growing wealth base stand out and create a strong foundation for future investment migration.”