Millionaire Migration 2026: What It Means for Marbella Property

By Manuel Huerta July 8th, 2026 · 23m. reading time

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Henley & Partners has forecast that as many as 165,000 millionaires could relocate internationally in 2026, following an estimated 142,000 relocations in 2025. This latest wave of millionaire migration is striking, but the more useful question for Marbella is not simply how many wealthy people are moving. It is how internationally mobile families now choose where to live, invest and build long-term optionality.

That is where the Henley Private Wealth Migration Report 2026 becomes relevant. Published on 16 June 2026, the new edition moves beyond a simple ranking of millionaire inflows and outflows. Its Global Wealth Mobility Framework examines the structural factors that shape wealth-mobility decisions, including tax treatment, rule of law, quality of life, access, family inclusion, geopolitical stability and capital mobility.

For Marbella, this creates an interesting paradox. Spain's property-linked Golden Visa route ended on 3 April 2025, and the country's wealth-tax system remains a consideration for internationally mobile families. Yet Marbella continues to attract buyers who could choose almost anywhere. Our view is that the explanation lies in a broader shift: wealthy families are increasingly building lives across several jurisdictions, and a Marbella home often serves a different purpose from a tax base, business hub or passport strategy. It is the lifestyle node in a wider international portfolio.

• Wealth mobility is at an exceptional level. Henley's migration series recorded 120,000 millionaire relocations in 2023, 134,000 in 2024 and around 142,000 in 2025, with its forecast for 2026 reaching as high as 165,000.
• The 2026 report changes the lens. Rather than publishing a new country-by-country inflow and outflow ranking, it introduces a framework assessing jurisdictions across 12 weighted dimensions that influence wealth mobility.
• Marbella is not primarily a visa or tax proposition. Spain ended its property-linked Golden Visa route in April 2025, while taxation for high-net-worth individuals remains complex and depends on residence, asset location, structure and personal circumstances.
• Drumelia sees a broader change in the buyer. Prime buyers are becoming younger, more product-driven and, in many cases, more focused on family relocation and year-round living than on a traditional seasonal second home.

The table below separates Henley's 2026 migration forecast from the specific analytical focus of the new 2026 report. That distinction matters: the forecast and the framework are related, but they are not the same dataset.

The headline trend is clear: internationally mobile wealth is no longer a niche phenomenon. Henley's historical migration series shows a sharp increase in estimated millionaire relocations after the pandemic period, rising from 120,000 in 2023 to 134,000 in 2024 and approximately 142,000 in 2025. Its forecast for 2026 reaches as many as 165,000 relocations.

But the 2026 report deliberately asks a different question. Instead of focusing only on where millionaires are moving, it looks at why certain jurisdictions attract, retain or lose competitiveness for internationally mobile wealth.

Its Global Wealth Mobility Framework assesses jurisdictions across 12 weighted dimensions. The largest weights go to tax treatment and rule of law & quality of life, followed by factors such as investor and HNWI pathways, permanent-residence and naturalisation routes, family reunification, geopolitical stability and capital mobility.

This matters for Marbella because wealth mobility is not simply a tax race. Henley's own analysis stresses that tax is only part of a wider decision involving business opportunity, education, lifestyle, succession planning, access, legal certainty and geopolitical considerations. For families capable of distributing their lives across several countries, one place no longer has to do everything.

Millionaire migration is difficult to measure precisely. Wealthy individuals can maintain several homes, businesses, tax connections and residence rights at the same time, while countries record arrivals and departures differently. Henley's own 2026 methodology discussion is explicit about these limitations.

That does not make the trend irrelevant, but it does change how the numbers should be read. We see the 165,000 figure as a directional signal of extraordinary global mobility, not as a precise headcount of every wealthy person crossing a border. The more useful part of the 2026 report is the structural analysis of what internationally mobile families value and how quickly their decisions can respond to policy, access and uncertainty.

Spain is not the obvious European answer for someone whose only priorities are a property-linked residence permit or the lowest possible tax exposure. The investor-residence provisions that included the real-estate route were repealed with effect from 3 April 2025. Foreign buyers can still purchase property in Spain, but buying a home no longer grants investor residence.

The wealth-tax position also requires more nuance than a simple statement that "Spain has a wealth tax". Spain retains wealth-tax legislation, but the practical position depends on tax residence, the location and nature of assets, liabilities, personal circumstances and regional rules. In Andalucía, the interaction between the regional Wealth Tax rules and the state-level Solidarity Tax on Large Fortunes has also changed the practical treatment for affected taxpayers. The Junta de Andalucía publishes the current framework and filing rules.

The practical point is simple: tax and residence planning should happen before a purchase, not after it. A property decision, immigration status and tax residence are separate questions and should be assessed together with independent legal and tax advisers.

Yet the absence of a property Golden Visa does not remove Marbella's appeal. It clarifies what that appeal is actually based on.

Henley's framework evaluates jurisdictions, not cities, so it should not be read as a direct scorecard for Marbella. But the framework is useful because several of the questions it asks at country level are also the questions we hear from internationally mobile families at property level: Can my family live well here? Is the environment predictable? How easy is it to reach my business markets? What are the schools and healthcare options? Will the home work for daily life, not just for August?

Marbella's proposition is strongest when viewed through that lens. The city combines year-round living, established prime residential areas, international education options, private healthcare, a large international community and access to a major airport. Aena currently lists 161 destinations operated by 66 airlines from Málaga-Costa del Sol Airport.

For families considering a permanent move, the relevant decision is therefore much broader than the property itself. Our guide to international schools in Marbella, for example, exists because area choice, school choice and property choice are often part of the same relocation decision.

This is why we believe Marbella's role in the new mobility landscape is different from that of a jurisdiction chosen primarily for tax or immigration efficiency. Marbella is often the place a family chooses because they genuinely want to spend time here. That can make it one deliberate part of a wider international structure rather than the single answer to every wealth, residence and business objective.

Global reports are most useful when tested against what is happening locally. Drumelia works with clients from more than 20 nationalities, and our recent market discussions point to three changes that connect directly with the wider wealth-mobility story.

1. The prime buyer is becoming younger and more product-driven

At the Forbes Real Estate Forum Costa del Sol, Drumelia CEO Artur Loginov described a clear change in the prime buyer profile: younger buyers, often connected to technology, software and entrepreneurship, are more willing to consider a wider range of locations if the property itself is exceptional.

The old hierarchy of address first and house second has not disappeared, especially in Marbella's most established prime areas. But product quality, design, privacy, views, natural light, technology and service increasingly carry more weight in the decision.

2. The conversation is shifting from second home to relocation

The traditional seasonal buyer remains important. At the same time, we increasingly work with people asking questions associated with moving a life, not arranging a holiday: school routes, healthcare, airport access, privacy, office space, internet infrastructure and whether an area works twelve months a year.

This changes what buyers value. A trophy address can still matter enormously, but a home that works operationally for a family often matters more than it did in the classic second-home model.

3. Demand is becoming more geographically diverse

Central and Northern European markets remain important pillars of demand in our experience, including Germany, the United Kingdom, Sweden and Norway. At the same time, we see growing relevance in two broader groups: buyers from the Americas — including the US, Canada and Latin America — and buyers from Gulf Cooperation Council countries, particularly at the ultra-prime level.

We do not interpret this as proof that every globally mobile millionaire is a potential Marbella buyer. That would be an overclaim. The relevant signal is narrower: the pool of internationally mobile families is large, their geographic origins are diversifying, and more of them are evaluating European lifestyle bases alongside business, residence and investment arrangements elsewhere.

Henley uses the term "sovereign portfolio" to describe the growing tendency of wealthy families to diversify residence rights, citizenships, investments and business interests across several jurisdictions. We think the same idea helps explain Marbella's place in a globally mobile family's life.

One jurisdiction may be the business base. Another may provide a particular residence route. Assets may be held and managed across several financial centres. A Marbella home can serve a different role: the lifestyle node — the place selected for daily life, family time and long-term personal use.

That distinction matters. It explains why Marbella should not try to compete with every destination on the same terms. Its strongest case is not that it offers the simplest tax system or a residence permit attached to a property purchase. It is that, for the right buyer, the city can be the place in the portfolio that people actually want to use most.

It also changes how we think about property selection. When a home is bought for real use, the specific property matters more than a generic market average. Privacy, orientation, light, noise, security, access, architecture, service and the practical routine of the family become decisive. This is one reason why broad statements about "the Marbella market" can be misleading: two homes with similar size and postcode can perform very differently depending on their precise qualities and positioning.

• Start with your life structure, not the listing portal. Decide how often you will use the home, whether you may become tax resident, where children will study, how often you need the airport and which parts of your business life must remain accessible.
• Separate the property decision from the immigration decision. Buying real estate in Spain no longer creates investor residence. Assess available residence routes independently.
• Model taxation before committing. The correct analysis depends on your personal facts. Use independent tax and legal advisers before signing, particularly if you have assets or residence connections in several jurisdictions.
• Judge the property as a place to live. For relocation buyers, commute times, school routes, privacy, service, orientation and year-round practicality can matter as much as the address.
• Use local evidence. Our Marbella Purchase Guide explains the buying process, legal steps, due diligence, taxes and costs in detail.

• A large global mobility trend does not automatically lift every property. International demand remains selective. Buyers compare locations, countries and individual homes more easily than ever.
• Product quality needs to be communicated precisely. Privacy, views, architecture, service, orientation, construction quality and daily usability should be demonstrated, not described with generic luxury language.
• International reach matters, but correct pricing matters more. Global exposure cannot compensate indefinitely for a price that does not match the property's market position.
• Use area-level evidence. Drumelia's Live Market Report provides a local view of listings, sales activity and price positioning across Marbella's luxury market.

This article is informational. It is based on Henley & Partners' published wealth-mobility research, official Spanish legislation, Junta de Andalucía tax information and Drumelia's market observations. Forecasts, policy and tax rules can change. Always verify current information and obtain independent legal, immigration and tax advice before acting.

What is the Henley Private Wealth Migration Report 2026?

It is Henley & Partners' 2026 report on global wealth mobility. Published on 16 June 2026, the edition introduces the Global Wealth Mobility Framework, which evaluates jurisdictions across 12 weighted dimensions that influence their attractiveness to internationally mobile wealth.

How many millionaires are expected to relocate in 2026?

Henley's migration series and 2026 outlook forecast that as many as 165,000 millionaires could relocate internationally in 2026, following approximately 142,000 in 2025. These figures should be read as estimates and directional indicators rather than exact census counts.

Where are wealthy families moving in 2026?

The 2026 report is not a new country-by-country inflow ranking. Henley identifies jurisdictions including Singapore, Italy, Switzerland, Greece, Hong Kong and New Zealand as attractive wealth-mobility destinations or markets in 2026, while describing the UAE as the leading destination for millionaire migration over the previous two years. The report also highlights strong demand among US nationals for additional international residence and citizenship options.

Can you still get Spanish residency by buying property in Marbella?

No. Spain's investor-residence provisions linked to qualifying investments, including the real-estate route, were repealed with effect from 3 April 2025. Foreigners can still buy property in Spain, but the purchase itself no longer grants investor residence. Other residence routes may be available depending on individual circumstances.

Does Andalucía have a wealth tax?

Spain retains Wealth Tax legislation, while Andalucía has its own regional rules and a specific interaction with the state Solidarity Tax on Large Fortunes. The practical result depends on the taxpayer's circumstances, residence status, assets and liabilities. High-net-worth buyers should obtain current case-specific tax advice before purchasing.

Why do wealthy buyers still choose Marbella without a property Golden Visa?

In Drumelia's experience, many buyers evaluate Marbella primarily as a place to live rather than as an immigration product. The decision often centres on lifestyle, family needs, privacy, schools, healthcare, community, year-round use and access to international transport.

What is a sovereign portfolio?

Henley uses the term to describe a strategy in which internationally mobile families diversify residence rights, citizenships, investments and business interests across several jurisdictions instead of relying on one country for every objective. In our view, a Marbella home can serve as the lifestyle base within that wider structure.

The most important signal in the wealth-mobility story is not the headline number alone. It is the change in behaviour behind it. Internationally mobile families are becoming more deliberate about where they live, where they hold access rights, where they do business and where they spend their time.

Marbella does not need to be every node in that network. Its strongest position is clearer than that: for many internationally mobile families, it can be the lifestyle node — the place chosen not because a property purchase unlocks a visa, but because the family genuinely wants a home and a life here.

That is a more durable basis for a property decision than any temporary incentive. The right question is not whether every mobile millionaire will choose Marbella. They will not. It is whether Marbella continues to earn a place in the lives of the specific families for whom lifestyle, connectivity, family infrastructure and high-quality property matter most. Our experience says that it does.

Contact Drumelia for a confidential, no-pressure conversation about buying or selling prime property in Marbella and across the Costa del Sol.