Wealth is flowing from one country to another through millionaire migration as a result of instability, war and political crisis. The Russia’s war on Ukraine has had a big impact on wealthy individuals who seek to protect their wealth abroad.
According to Henley, India, UK and China have lost thousands of millionaires who will likely to leave the country. The UAE, Australia are some big winners in attracting affluent people. The UAE, Turkey has welcomed russian investments despite international sanctions. Nine of the top 10 countries for high-net-worth-individual inflows host formal investment migration programs and actively encourage foreign direct investment in return for residence or citizenship rights. Countries that attract HNWI individuals tend to be robust growth, with low crime rates, competitive tax rates, and excellent business opportunities.
Some 84,000 millionaires are expected to have relocated to new countries by 2022, destinations that traditionally attracted wealthy investors (eg. UK, USA) are losing their luster. The top five destinations for net inflows of high-net-worth individuals in 2023 are projected to be
- Australia,
- United Arab Emirates
- Singapore,
- United States.
- Switzerland.
On the flip side, the largest net outflows of millionaires are expected to come from China, India, the UK, Russia, and Brazil.
What is driving millionaires?
- Safe haven country assuring safety and security.
- Warm weather, nature, sea and beaches
- Highly diversified economy
- Low tax rates (corporate, no wealth or inheritance tax)
- Top-class healthcare system
- English spoken as main language.
- Prime and Lucrative real estate market offering high returns.
- Top international schools and universities
Top Inflows
| Top | Inflows Actual 2022 (millionaires) |
| 1. UAE | 5200 |
| 2. Australia | 3500 |
| 3. Singapore | 2900 |
| 4. USA | 1500 |
| 5. Switzerland | 2200 |
| 6. Canada | 1200 |
| 7. Portugal | 1200 |
| 8. Greece | 1000 |
| 9. Israel | 1200 |
| 10. New Zealand | 800 |
Outflows
| Top | Outflows Actual 2022 |
| 1. China | -10,800 |
| 2. India | -7,500 |
| 3. UK | -1600 |
| 4. Russia | -8500 |
| 5. Brazil | -1800 |
Source: Henley net inflows and outflows of HNWIs 2023
HNWI
A high-net-worth individuals (HNWIs) are people who own liquid assets valued at $1 million or more. The HNWI migration figures focus only on people with wealth of USD 1 million or more and who have truly moved — namely, those who stay in their new country more than half of the year. India, Australia and China projected to produce highest number of millionaires by 2030.
Notes:
- Millionaires or high-net-worth individuals (HNWIs) – Individuals with wealth of USD 1 million or more
- Multi-millionaires – Individuals with wealth of USD 10 million or more
- Centi-millionaires – Individuals with wealth of USD 100 million or more
- Billionaires – Individuals with wealth of USD 1 billion or more
