Narayan AmmachchiA record number of millionaires are fleeing Latin America. The region’s four largest economies — Brazil, Mexico, Colombia and Argentina — are set to lose around 1,600 high-net-worth individuals (HNWIs) by 2025.
The breakdown is stark. Brazil alone could see nearly 1,200 wealthy individuals leave. Colombia and Mexico will each lose about 150. Argentina will lose 100, according to consulting firm Henley & Partners.
The firm’s study tracks 150,000 HNWIs globally, using data from LinkedIn, property registries, and company filings. While Henley & Partners attributes the trend to “better opportunity abroad,” capital market experts point to deeper, systemic issues.
“The reasons vary by country but share common themes,” says Neevai Esinli, CEO of Tel Aviv-based Esinli Capital, which manages over $10 billion in assets.
“Security concerns amplify economic worries — wealthy families face kidnapping risks and extortion attempts across the region,” he said.
The threat is real and growing. “When Colombia implements wealth taxes up to 1.5% while crime rates soar, the calculus becomes clear: pay more for less safety.”
In Mexico, the law itself has become a risk. “Mexico’s judicial reform—making all federal judges elected by popular vote—has created deep uncertainty about rule of law,” Esinli added.
There’s also growing concern over health care and education. The promise of better living standards abroad makes emigration an increasingly attractive option.
Esinli calls it a seismic shift. “The Latin American millionaire exodus represents one of the most significant capital flights in modern history,” he says.
As an investment advisor, “I’ve observed this trend accelerate dramatically among our Latin American clients,” adds Esinli.
“These departing millionaires take entrepreneurial energy, foreign exchange reserves, and job creation with them.”
According to Henley & Partners, Brazil alone could see $8.4 billion leave with its millionaires. Mexico and Colombia may each lose $1 billion. Argentina stands to lose $700 million.
The exodus is decreasing the number of wealthy individuals with each passing month. According to a recent study by Capgemini Research Institute, the region’s HNWI population fell 8.5% to 587,000 in 2024.
Where are they going?
Brazilians on the move are mostly landing in Portugal. Language, culture, and ease of integration make it a natural choice. Wealthy Colombians, Argentines, and Mexicans are choosing Miami or Spain.
“Spain has become the new Miami — Madrid’s Salamanca district now houses 17% wealthy Latin Americans,” said Neevai Esinli.
“Since 2020, Mexicans alone invested over €700 million (US$819 million) in Spanish real estate. The appeal? Shared language, fast-track citizenship (2 years vs 10 for others), and EU access. Miami maintains its pull — JPMorgan manages $180 billion from Latin America across its US centers.”
Many of those relocating aren’t cutting ties with home altogether. According to Esinli, most Latin Americans moving to Spain continue to manage and invest in their home-country businesses. Some of them are simply choosing Spain as a safer, more stable global base.
How to reverse the trend?
While some Latin American countries bleed millionaires, others are quietly reaping the rewards. A few Central American and Caribbean nations are rising as new havens for the rich.
“Some Central American and Caribbean nations are poised to attract record numbers of wealthy migrants to their shores,” notes the Henley & Partners report.
Panama and Costa Rica lead the list, followed by the Cayman Islands and Bermuda. The Cayman Islands alone are set to welcome 200 wealthy individuals. Bermuda will attract around 50.
With them comes money. Costa Rica could receive $2.8 billion in fresh capital. Panama is expected to see inflows of $2.4 billion.
So what must Latin America do?
Esinli says Latin American countries must prioritize judicial independence, property rights, and personal security if they hope to win back their millionaires.
Security isn’t optional — it’s foundational. “Across the region, private security often outnumbers public police,” he said, citing the 2023 study by OpenEdition Journals.
Tax clarity matters too. “Without harmonized tax and residency policies, countries inadvertently push capital to neighbors,” Esinli quoted from ICRICT’s report on Latin America’s wealthy.
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