Canada’s Inflow of Millionaires Falls 70%, No Longer In The “Safe 8” 

Canada’s appeal as a magnet for millionaires is slipping fast. A new report shows that while global millionaire relocations are rising sharply—up 10% in 2025—Canada’s net inflow is expected to fall roughly 69%, with only about 1,000 high-net-worth individuals choosing to move there this year. That decline is the steepest drop on record, reversing a decade of steady growth.

Canada used to rank within the top three global destinations for migrating millionaires. But as of mid-2025, it has dropped out of the elite group known as the “Safe 8” countries—considered among the most stable and investor‑friendly nations. Canada now sits in ninth place, just below the Safe 8 members like Switzerland, Singapore, the UAE, Australia, Malta, Mauritius, Monaco, and New Zealand.

These wealthy individuals often look for countries with political stability, strong institutions, and high quality of life. That’s why the Safe 8 have long been trusted havens, especially during global economic or political uncertainty. Their choice reflects confidence that they and their assets will be protected—factors Canada is now losing ground on in this elite circle.

Why does this matter? Migrating millionaires frequently bring investment capital and entrepreneurial energy with them. About 15% are founders or entrepreneurs, rising to over 60% among centi‑millionaires and billionaires. Their arrival often fuels local markets, creates jobs, and boosts foreign exchange reserves when they bring capital into the country.

In Canada’s case, migrants arriving in 2025 are expected to bring about US $5.7 billion (CA $7.8 billion) in capital. While substantial, that amount is significantly lower than past years and reflects a drop in appeal that may hamper currency strength and economic sentiment. Meanwhile, Canada also faces rising numbers of citizens leaving for new opportunities abroad, making net flows weaker from both sides.

Canada's fall from the Safe 8 signals more than just fewer millionaires—it reflects growing concerns about its global standing as a top-tier haven. As competition heats up, countries like the UAE, United States, Italy, Portugal, Greece, and Saudi Arabia are lifting flows of high-net-worth migrants with attractive tax and residency programs. If Canada hopes to regain its appeal, it may need to renew its strategies to attract and retain global capital.