A landmark survey of German millionaires, the first to be conducted in the wake of the Federal Election, has found that more than 1 in 3 (37%) are now more likely to leave Germany than they were before the election.
Montreal, Canada: The first survey of German millionaires conducted after the Federal Election has revealed that more than 1 in 3 (37%*) of those surveyed say they’re more likely to leave Germany than before the election.
The Arton Capital Affluence & Elections Survey, commissioned by investor migration consultancy Arton Capital, uncovered which factors would lead wealthy Germans to leave the country. The research showed to what extent German High-Net-Worth Individuals are concerned about the future of Europe’s economy, immigration and high taxes. It also highlighted their preference for Golden Visas or citizenship by investment programs (CIPs) as an avenue for potential emigration.
Polarisation as immigration, the rise of the far right, and taxes top drivers for leaving
Wealthy Germans looking to leave the country are split along ideological lines, further reinforcing the polarisation observed during this year’s election. Immigration (47%) and the rise of the far right (42%) were the most commonly cited drivers for leaving. Respondents from right-leaning parties (AfD- Alternative for Germany, CDU/CSU- Christian Democratic Union/ Christian Social Union in Bavaria) most commonly chose immigration (59% and 48% respectively). Left-leaning voters (Alliance 90/The Greens, The Left) were far more likely to cite the rise of the far right (62% and 61% respectively).
The prospect of higher taxes for High-Net-Worth Individuals (HNWIS) also weighed heavily, with 30% of respondents citing it as a main driver to leave.
Alternative for Germany overperforms amongst young HNWIs
The AfD, which saw its share of the vote double to 20.8% in the election, overperforming among wealthy Germans. Asked who they voted for, 1 in 4 (25%) respondents said AfD. Males (30%) were nearly twice as likely to vote for the AfD as females (16%). The party also saw its popularity soar among younger voters, capturing the highest percentage of support for any party among respondents aged 18-34 (28%).
Overwhelming vote of confidence in Golden Visas
Golden Visas and Citizenship by Investment programmes around the world could be set for some new German applicants – 88%** of those surveyed said they were interested in accessing these programmes.
The UAE’s popularity among Europeans was proven last year when Arton Capital surveyed English and French millionaires following their respective elections. More than one-fifth (21 percent) of young British and French millionaires (aged 18-34) named the United Arab Emirates as the country they were most interested in emigrating to.
This popularity can partly be attributed to its Golden Visa program – 88% of German millionaires considering leaving said they were interested in accessing either a Golden Visa or Citizenship by Investment program.
With a potential exodus of German wealth an increasing possibility, Canada came first amongst millionaire’s preferences. More than a quarter (29%) of those surveyed listed the North American country as among their top two most preferred destinations. Australia came up second in surveyed Germans’ preferences at 22%.
The United States was the third most cited destination, with 16% of respondents choosing it as a preferred destination. With 1 in 4 (25%) of those surveyed not confident in the economic outlook for Europe, states outside the continent might be best poised to capitalise. The US’ strong growth figures and newly announced ‘Gold Card’ for wealthy investors may attract wealthy Germans interested in citizenship/residency by investment options.
Armand Arton, CEO of Arton Capital, commented: “Wealthy Germans are clearly feeling fatigued by the state of politics at home, and are looking elsewhere for a ‘plan B’.
“The global race to attract HNWIs is heating up. From our research into HNWI sentiment in the UK, France, and now Germany, there is a clear demand for alternative citizenship options from Europe’s wealthiest. Trump’s decision to implement a ‘Gold Card’ for the US is a statement of intent. Competition for the investment these HNWIs bring to their new host countries will only intensify as countries look to make their propositions as attractive as possible.”
About the Survey
The Arton Capital Affluence & Elections Survey was conducted by Walr for Arton Capital, which surveyed the following group between 24th February 2025 and 3rd March 2024:
- 1,000 German residents aged 18-70 with a net worth of at least €1 million.
- 18% of which had a net worth of more than €5 million.
