Philippines sees 32% rise in HNWIs over decade

A report by Henley & Partners reveals that the number of millionaires in the Philippines has increased by 32% over the past decade.

The country now hosts an estimated 12,800 high-net-worth individuals (HNWIs), including 70 centi-millionaires and 12 billionaires.

Scott Moore, Henley & Partners' managing director for Southeast Asia, attributes this growth to factors such as a developing entrepreneurial class, maturing financial markets, and expanding real estate and services sectors.

While the Philippines is not among the top destinations for incoming millionaires globally, it is expected to see a net outflow of 50 millionaires in 2025, primarily moving to countries like the UAE and USA.

Thailand is emerging as Southeast Asia's safe haven for wealth, with more than 450 millionaires forecast to relocate there in 2025.