A fresh analysis by Henley & Partners, an investment migration consultancy, forecasts a record-breaking millionaires’ migration in the coming year. “An unprecedented 128,000 millionaires are expected to relocate worldwide this year, eclipsing the previous record of 120,000 set in 2023,” stated Dominic Volek, the group head of private clients at Henley & Partners.
Volek describes this mass migration as a significant indicator of global shifts in wealth and power. “This great millionaire migration signals a profound shift in the global landscape, with far-reaching implications for both the nations they leave behind and those they choose as their new homes.”
Millionaires’ migration
The report attributes this migration to ongoing global trends such as geopolitical tensions, economic uncertainty, and social upheaval. Countries attracting millionaires and billionaires often offer a combination of existing wealth, stability, and safety.
Countries losing the most millionaires
China faces the largest exodus, with 15,200 millionaires projected to leave in 2024. Unlike the UK, China’s millionaire outflow is attributed to its successful economy, which generates a high number of millionaires who then seek opportunities abroad.
The United Kingdom: 9,500 expected to leave in 2024, more than double the 4,200 who left in 2023. The lingering impacts of Brexit, government instability, and changes to tax laws are major factors.
India is set to lose 4,300 high-net-worth individuals in 2024. However, many Indian millionaires retain economic ties to their home country even after relocating, often seeking better lifestyles abroad.
South Korea is projected to lose 1,200 millionaires in the next year, continuing a trend of wealthy individuals relocating to countries like the United States, Canada, and Australia.
Russia continues to experience a significant outflow of high-net-worth individuals, with 1,000 millionaires expected to leave this year, a decrease from the 8,500 who left in 2022. Economic sanctions linked to its war in Ukraine are a primary driver of this exodus.
Countries gaining the most millionaires
The United Arab Emirates is projected to attract 6,700 millionaires in 2024. New high-net-worth immigrants typically come from the Middle East, Africa, Russia, and India, solidifying the UAE’s status as a premier destination for the ultra-wealthy.
The United States remains a leading destination for wealthy immigrants, seeing a 62% increase in its millionaire population over the past decade. An additional 3,800 foreign millionaires are expected to move to the U.S. this year, though political instability could affect future numbers.
Singapore continues to lure wealthy individuals with its robust economy and high standard of living. The growth of centi-millionaires and billionaires in Singapore reflects broader trends in Asia’s economic rise and Europe’s relative decline.
Canada remains a top destination for wealthy immigrants, particularly from Europe and Asia. The country’s millionaire population has grown by 29% over the last decade, with an estimated 3,200 high-net-worth individuals expected to move there this year.
Australia is expected to attract 2,500 millionaires in 2024, although this marks a decline from previous years when the country regularly drew upwards of 5,000 millionaires annually.
A unique lens
As global economic and political landscapes shift, the millionaires migration offers a unique lens through which to view emerging trends. The countries losing and gaining the most wealth provide insights into broader patterns of stability, opportunity, and growth in the international arena.
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Source:
The 5 countries millionaires are leaving the most and the 5 they’re going to
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