Introduction
In recent years, the migration patterns of high net worth individuals (HNWIs) have been closely monitored to understand the global movement of wealth and talent. According to the Henley Global Citizens Report, an estimated 88,000 millionaires are projected to move to new countries in 2022. This article delves into the countries attracting and losing the most millionaires and explores the evolving trends in Top Countries Millionaires Migrated.
Millionaire Migration Trends
The year 2020 witnessed a significant decline in millionaire migration due to pandemic-related lockdowns and travel restrictions. However, as countries gradually reopen their borders, the migration of millionaires is once again gaining momentum. The following table illustrates the number of HNWIs who migrated in recent years:
| Year | # of HNWIs that migrated | Y-o-y change |
|---|---|---|
| 2018 | 108,000 | 14% |
| 2019 | 110,000 | 2% |
| 2020 | 12,000 | -89% |
| 2021 | 25,000 | 108% |
| 2022P | 88,000 | 252% |
| 2023P | 125,000 | 42% |
Countries Millionaires Are Leaving
Several factors contribute to the decision of HNWIs to relocate, including political stability, economic opportunities, and lifestyle preferences. Escaping conflict is also a significant motivator for migration. The following countries are projected to witness the highest net outflows of millionaires in 2022:
Russia
Russia tops the list with an estimated 15,000 millionaires leaving the country, representing 15% of its HNWI population. Uncertainty and geopolitical tensions may be key drivers for this emigration trend.
China
China is expected to experience a significant loss in its millionaire population, with a projected outflow of 10,000 individuals. While this number is substantial, it is worth noting that China’s general wealth growth has declined recently, potentially influencing this migration trend.
India, Hong Kong, Ukraine, and Brazil
Other countries facing notable millionaire outflows include India, Hong Kong, Ukraine, and Brazil. Each of these nations presents distinct reasons for emigration, such as economic challenges, political unrest, or social factors.
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Countries Attracting Millionaires
On the other side of the spectrum, several countries have become attractive destinations for HNWIs seeking new opportunities and favorable living conditions. The following countries are projected to experience significant net inflows of millionaires in 2022:
United Arab Emirates (UAE)
The UAE is emerging as a millionaire magnet, with a projected influx of 4,000 HNWIs by the end of 2022. The country’s accommodating immigration policies tailored to attract private wealth and international talent contribute to its appeal.
Australia
Australia continues to attract HNWIs, with an estimated 3,500 millionaires moving to the country in 2022. Its low healthcare costs, absence of inheritance tax, and prosperous economy have made it an enticing destination for wealthy individuals.
Singapore, Israel, and Other Destinations
Singapore, Israel, and Portugal also make the list of countries experiencing significant inflows of millionaires. These nations offer various advantages, such as favorable tax regimes, high standards of living, and thriving business environments.
Conclusion
The migration of millionaires provides valuable insights into global wealth trends and the factors influencing HNWIs’ decisions. As the world evolves, political, economic, and social dynamics shape the movement of wealth and talent across borders. Understanding the countries attracting and losing the most millionaires can offer valuable perspectives on the shifting landscape of global wealth distribution. Top Countries Millionaires Migrated!
Where does this data come from?
