France keeps creating millionaires, but according to the latest reports, it may be struggling to keep some of its wealthiest and most mobile residents. In this episode, I break down what these figures actually mean and why I think the real shift is that expatriation is no longer reserved for the ultra-rich or corporate expats. I walk you through three destinations I find worth considering — Cyprus, Greece, and the UAE — and explain who each one might actually suit. My advice: don't start with the lowest tax rate, start with the life you want to build.
France gained almost 35,000 new millionaires in 2025, according to the UBS Global Wealth Report. At the same time, a separate report from Henley & Partners estimates that France recorded a net outflow of around 800 millionaires during the same year. These are two different studies measuring different things, but together they point to the same underlying shift: France keeps generating wealth, but it is struggling to retain some of its wealthiest and most mobile residents.
In the UBS report, a millionaire is not necessarily someone with 1 million euros sitting in a bank account. The figure refers to total net worth — property, investments, savings and other assets, minus any debts. Someone who owns a valuable home, a rental property and some investments could qualify as a millionaire without feeling particularly wealthy on a day-to-day basis. The report also measures wealth in US dollars, which means exchange rate movements can influence the numbers.
With that context in mind, France now counts more than 2 million US dollar millionaires and remains one of the world's largest centers of private wealth. That wealth comes from valuable real estate, successful entrepreneurs, investors and families who have built assets across generations.
The reasons vary. Some people leave to reduce their tax burden legally. Others are looking for better weather, greater stability or a different quality of life. Some want to grow their businesses in a more international environment. Taxation may accelerate the decision, but it is rarely the only factor.
The deeper change is who is now able to make that move. Expatriation used to concern mainly employees sent abroad by large corporations or people who were already extremely wealthy. Today, consultants, content creators, freelancers and small business owners can work with French clients without living in France. An online entrepreneur can manage a business from Cyprus, Greece or Dubai. An investor can hold assets across multiple countries. Wealth has become more mobile, and so have the people who hold it.
That said, leaving France is not as simple as booking a flight. A genuine change of tax residence requires a real break — if your family, your home and your entire business remain in France, registering a foreign company will not change your tax situation. But for those who have a mobile business and genuinely want to build a life elsewhere, several destinations are worth considering.
Cyprus can be relevant for entrepreneurs and investors who want to stay inside the European Union. It offers a Mediterranean climate, an international business environment and a tax system that can be attractive depending on the nature of your income. It may be particularly suitable for certain company structures, directors and investors.
Greece may be a better fit for someone who prioritizes lifestyle. Under certain conditions, new tax residents who move to Greece for employment or to develop a business may benefit from a 50% income tax exemption on qualifying income for seven years. This combines Mediterranean living with meaningful tax incentives, all while remaining within the European Union.
The UAE represents a more significant change. It attracts entrepreneurs through its international business environment and the absence of general personal income tax. However, the cost of living is high, the climate is very different from Europe, and moving there means leaving the European framework entirely. Lower personal taxation alone does not automatically make it the right choice.
Each of these options serves a different profile:
Moving abroad purely to pay less tax, while living in a country you do not enjoy, is not a sound strategy. The right destination depends on your business model, your income structure and the life you actually want to live.
France is not losing its ability to create wealth. The 35,000 new millionaires in 2025 confirm that. But the millionaires France creates now have more options than previous generations did. They can compare taxation, climate, safety and quality of life across countries before deciding where to settle. France is no longer competing only for companies and jobs — it is also competing to retain people who have the freedom to choose where they live.
If you are thinking about relocating, the starting point should not be finding the country with the lowest tax rate. It should be deciding what kind of life you want, and then identifying a country that matches both your lifestyle and your financial situation.
A millionaire in this report is someone whose total net worth reaches one million US dollars, which includes property, investments, savings and other assets minus any debts. This means someone could qualify as a millionaire by owning a valuable home, a rental property and some investments without necessarily feeling extremely wealthy. The figures are measured in US dollars, so exchange rate fluctuations can also influence the numbers.
No, the two figures come from completely separate studies and should not be confused. The UBS report tracks new millionaires created in France, while the Henley and Partners report tracks a net outflow of around 800 millionaires who chose to leave. Together they suggest France is still generating wealth but may be struggling to retain some of its most mobile wealthy residents.
No, the move must be genuine and well-structured to change your tax residence. If your family, your home and your entire business remain in France, setting up a foreign company will not be enough to escape French taxation. You need to truly build your life abroad for the change in tax residence to be legally valid.
The three destinations discussed are Cyprus, Greece and the United Arab Emirates. Cyprus may suit entrepreneurs who want to remain inside the European Union while managing an international business, Greece may appeal to those who prioritize lifestyle and could qualify for a 50% income tax exemption for seven years, and the UAE attracts entrepreneurs seeking a major international hub with no general personal income tax. The best choice depends on your business, your income and the lifestyle you genuinely want.
Taxation can accelerate the decision to leave but is rarely the only reason according to the episode. People also move for better weather, greater stability, quality of life, international business opportunities or simply a new experience. The host emphasizes that moving somewhere only to pay less tax while living in a country you do not enjoy is not necessarily a good strategy.