Montenegro has recorded the world’s highest growth in the number of millionaires over the past 10 years, according to the Henley Private Wealth Migration Report 2025 by Henley & Partners. The report highlights a 124% increase in resident millionaires, placing Montenegro at the top of global rankings.
As of December last year, Montenegro had approximately 2,800 millionaires, 22 centi-millionaires (those with over $100 million), and two billionaires. In 2025, a net inflow of around 150 additional millionaires is expected.
The surge in wealth is attributed to factors such as the country’s Adriatic coastline, low taxes, EU accession prospects, and its now-discontinued economic citizenship program. This program, launched in 2020 and terminated by the end of 2022 under EU pressure, attracted high-net-worth individuals by offering citizenship in exchange for investments in government-approved development projects.
During the program’s operation, 1,113 applications were submitted. As of mid-2025, 866 individuals have received Montenegrin citizenship, while 239 applications were rejected due to due diligence failures or unmet criteria. Only eight pending applications are currently under final review.
The program is credited with triggering significant investment across the country, particularly in tourism and infrastructure projects.
