Costa Rica on Top: It’s a Millionaire Boom! Here’s Why It’s the New Favorite Destination in Latin America
The migration of high-net-worth individuals is a key indicator of a country’s stability and attractiveness. In an increasingly uncertain world, those with significant capital are actively seeking destinations that offer security, favorable tax regimes, and, more and more, a high quality of life.
This global competition to attract wealth is reshaping the investment map. A new international study predicts which countries millionaires will choose to relocate to by the end of 2025 — and Costa Rica stands out as the number one destination in all of Latin America.
According to the Henley & Partners Private Wealth Migration Report, Costa Rica is set to become the most popular Latin American country among individuals with a net worth of at least one million dollars. By the end of 2025, the country is projected to register a net gain of 350 millionaires.
The report tracks net inflows and outflows of millionaires, placing Costa Rica ahead of many other investment destinations in the region. On a global scale, the United Arab Emirates, Australia, and Singapore are expected to attract the most wealth.
More specifically, the rankings show that the UAE (+9,800), United States (+7,500), and Italy (+3,600) will be the countries drawing the highest net inflow of high-net-worth individuals.
Why are millionaires choosing Costa Rica?
The choice is far from random. A survey by the National University’s Institute of Social Studies on Population (Idespo-UNA) collected insights from foreign residents and identified the factors that, according to Costa Ricans, influence this decision the most.
Climate ranks as the top factor: 87.9% of respondents consider it highly influential. It’s followed by foreigners’ ability to afford the cost of living (74.8%) and the investment opportunities the country offers (73.3%). Political stability (55.3%) and the quality of the healthcare system (62.5%) also weigh heavily in the decision-making process.
Net Migration of Millionaires in the Americas (2025 Projection)
| Country | Projected Net Inflow/Outflow | Estimated Wealth of Millionaires (USD billion) |
|---|---|---|
| United States | +7,500 | 43.7 |
| Canada | +1,000 | 5.7 |
| Costa Rica | +350 | 2.8 |
| Panama | +300 | 2.4 |
| Cayman Islands | +200 | 3.7 |
| Argentina | -100 | 0.7 |
| Mexico | -150 | 1.1 |
| Colombia | -150 | 1.0 |
| Brazil | -1,200 | 8.4 |
But it’s not all sunshine: concerns over gentrification grow
While the arrival of foreign residents is generally welcomed for its economic benefits — 43.1% believe it boosts local consumption — the same Idespo-UNA survey reveals deep concerns about the social and economic impact of this trend, known as gentrification.
The rising cost of living and skyrocketing property prices risk displacing local residents. Here’s how Costa Ricans perceive the issue:
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86.8% believe that foreigners are “taking over land in coastal areas.”
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76.9% think that this “raises property prices to the detriment of the local population.”
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66.2% feel that this trend “increases the cost of living” for everyone else.
The concern is so widespread that 82.4% of respondents believe Costa Rica needs a law to regulate the sale of land in areas of high scenic value.
So while there’s a clear openness toward expatriates, there’s also growing anxiety over the transformation of the territory and the diminishing access to resources for the local population.
This millionaire boom, especially from South and Central America, is also creating unique business opportunities for Europeans.
The influx of high-value capital is driving growth in the real estate market and boosting investments, which in turn raises property values and expands the local economy. For those looking to invest in a stable destination with an excellent quality of life and growing economic potential, Costa Rica is clearly a country to watch.
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