LONDON, June 18, 2024 /PRNewswire/ -- The UK is expected
to see an unprecedented net loss of 9,500 millionaires in 2024 —
second only to China worldwide,
and more than double the 4,200 who left the country last year,
which was itself record-breaking following the exodus of 1,600
HNWIs in 2022. For the third year running, the UAE looks set to
take first place as the world's leading wealth magnet, with a
record-breaking 6,700 moneyed migrants expected to make the
Emirates home by the end of the year, boosted by large inflows from
the UK and Europe.
The Henley Private Wealth Migration Report 2024, released today
by international investment migration advisory firm Henley
& Partners, features the most significant projected
millionaire migrant inflows and outflows globally as well as the
W15 ranking of the world's top 15 countries for millionaires,
centi-millionaires and billionaires.
China is again on track to be
the biggest millionaire loser globally, with an anticipated net
exit of 15,200 HNWIs this year (compared to 13,800 in 2023) whereas
India has stemmed its wealth
exodus, dropping down to 3rd place after the UK with
just 4,300 millionaires projected to leave the country in 2024
(compared to 5,100 last year). South
Korea's HNWI flight is expected to rise with a forecast loss
of 1,200 millionaires (compared to 800 in 2023) while the tsunami
of millionaires that fled Russia
following the outbreak of the Ukraine war appears to be abating with only
1,000 projected to relocate this year (compared to 8,500 in 2022
and 2,800 in 2023).
Dominic Volek, Group Head of
Private Clients at Henley & Partners, says 2024 is shaping up
to be a watershed moment in the global migration of wealth: "An
unprecedented 128,000 millionaires are expected to relocate
worldwide this year, eclipsing the previous record of 120,000 set
in 2023. As the world grapples with a perfect storm of geopolitical
tensions, economic uncertainty, and social upheaval, millionaires
are voting with their feet in record numbers."
UAE remains world's leading millionaire magnet
With its zero income tax, golden visas, luxury lifestyle, and
strategic location, the UAE has entrenched itself as the world's
number one destination for migrating millionaires and is poised to
attract nearly twice as many millionaires as its nearest rival, the
US, which is projected to benefit from a net inflow of 3,800
millionaires in 2024.
Singapore takes 3rd
prize again this year with net inflows of 3,500, while the
perennially popular destinations for migrating millionaires,
Canada and Australia, follow in 4th and
5th places with net inflows of 3,200 and 2,500,
respectively. European favorites Italy (+2,200), Switzerland (+1,500), Greece (+1,200) and Portugal (+800) all make it into this year's
Top 10 for net millionaire inflows along with Japan, which is on course to welcome 400
wealthy migrants, boosted in part by an accelerating trend of
Chinese HNWIs moving to Tokyo that
started post-Covid.
The other big millionaire losers in 2024
Besides China, the UK,
India, South Korea, and Russia, the remaining places in the Top 10
millionaire outflow ranking are taken up by Brazil where a millionaire drain of 800 is
projected this year, followed by South
Africa (-600), Taiwan
(-400), and Vietnam and
Nigeria, which are both set to see
300 millionaires take flight.
But as Dr. Hannah White OBE, Director and CEO of the Institute
for Government in London points
out, HNWIs are leaving these other countries for quite different
reasons from the UK: "Both China and India are seeing high net outflows because of
the success of their sizeable economies in generating new
millionaires, although slowing wealth growth in China in recent years could mean sustained
losses become more damaging over time. As do those from many other
developing nations, including notably Brazil, Vietnam, South
Africa, and Nigeria, Indian
millionaires often depart the sub-continent in search of a better
lifestyle, safer and cleaner environments, and access to more
premium health and education services. Elsewhere, regional threats
and uncertainty over the security stance of America following a
potential Trump victory in the 2024 US presidential election in
November mean that South Korea and
Taiwan are continuing to see net
outflows of HNWIs."
The surge in millionaire migration is fueling a corresponding
boom in the investment migration sector. Henley & Partners
has received record levels of enquiries about residence and
citizenship by investment programs over the past 12 months from
nearly 200 different countries. The top two nationalities currently
driving demand are Americans and Indians, with Brits, Filipinos,
and South Africans remaining in the Top 10 as they have done for
the last five years.
Read the full press release.
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