How Montenegro became the world’s fastest-growing hub for millionaires

Its Prime Minister, Milojko Spajić says the shift isn’t just a happy accident—or down to the good weather. “We are very keen to bring the smartest and brightest of the world to Montenegro,” the 37-year-old leader said on stage at Fortune’s Global Forum in Riyadh, adding that low taxes are to thank for the influx in ultra-wealthy residents.

“Our tax policy is very simple. We think the people that tie their investing into Montenegro, be it investors, employees, workers, managers—whoever is invested into Montenegro’s success—we give them tax benefits.”

Montenegro boasts one of the lowest personal income tax and corporate income tax rates in Europe, with rates ranging from 9 to 15%. Residents can expect to pay nothing up to €700, 9% tax on their earnings between €701 and €1,000, and just 15% on the portion of their gross monthly salary exceeding  €1,000. (One euro is worth $1.16.) By comparison, Switzerland’s top personal income tax rate can reach around 40%.

And according to Spajić, the country’s corporate income tax will soon be the lowest in Europe. 

“And we have by far the lowest labor tax wedge in Europe,” the leader added. “And the reason is, again, because people who come to Montenegro, to tie their destiny to Montenegro, we want them to feel benefited.”

With low taxes doing the heavy lifting, Spajić pitched a monetary edge to Montenegro too: The country’s currency is linked to gold.

“Another thing that’s probably interesting for investors is that we live in a quasi gold standard. For us, euro is gold; to acquire euros, we need to sell our assets, services or goods. So we need to give something real in return for euros, which makes the pricing of Montenegro assets fair and not inflated by QE’s of the past.

“So one of the reasons why Montenegro is a good investment opportunity is because we are reasonably priced,” he concluded.

Ultra-wealthy migration: The world’s fastest-growing millionaire hubs

Montenegro, 124% increase in millionaires between 2014 and 2024 

UAE, 98% increase 

Malta, 87% increase

Poland, 82% increase

USA, 78% increase

Millionaires are packing their bags in droves in hopes of finding more secure places for their money as the global economy is riddled by ongoing armed conflict and trade wars. It’s being dubbed the ‘great wealth migration.’ 

An estimated 142,000 millionaires uprooted themselves in 2025, but next year is expected to bring an even greater number of millionaires on the move—about 165,000 are anticipated to migrate in 2026, according to the Henley Private Wealth Migration Report. And while its population of 2,800 millionaires is still dwarfed by many other countries, Montenegro is seeing an unprecedented surge within its borders.

“Montenegro’s low-tax regime, with flat income taxes and no inheritance or gift tax, has made it particularly attractive for wealth preservation,” Henley & Partners’ group head of private clients Dominic Volek previously told Fortune.

“Paired with its Adriatic coastline, luxury real estate offerings, and appealing Mediterranean lifestyle, the country has become a destination of choice for lifestyle-motivated investors.”

An individual becomes a tax resident of Montenegro if they spend more than 183 days in the country.

Meet the prime minister behind Montenegro’s recent success

Just like the nation he runs, Montenegro’s prime minister is his own success story: He is one of the world’s youngest leaders.

Before entering politics, Spajić had a career in finance. He worked as a credit analyst for Goldman Sachs and later became a partner at a venture capital fund in Singapore. His political career began when he was appointed as the Minister of Finance and Social Welfare in the government of Montenegro from 2020 to 2022. In July 2023, he was elected to the Montenegrin Parliament and subsequently appointed as Prime Minister in October 2023.

As of 2025, he is the fourth-youngest serving state leader in the world, after Ibrahim Traoré of Burkina Faso, Daniel Noboa of Ecuador, and Kristrún Frostadóttir of Iceland.