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Around 128,000 of the world’s richest people will find a new home in a foreign country this year, most often heading to the United Arab Emirates. It follows from reports from consultancy Henley & Partners 2024which shows where and to where the world’s rich most often migrate. It also estimates how many people with a hefty bill are likely to be looking for a new home in the next year.
The report refers to persons with liquid investable assets of one million US dollars or more as millionaires.
“128,000 millionaires are expected to move around the world this year, surpassing the previous record of 120,000 set in 2023. As the world grapples with a storm of geopolitical tension, economic uncertainty and social upheaval, millionaires are voting with their feet in record numbers,” he comments. moving the rich Dominic Volek, Head of Private Clients at Henley & Partners.
“In many ways, this great migration of millionaires is a leading indicator that signals a profound shift in the global landscape and tectonic plates of wealth and power, with far-reaching implications for the future trajectory of the nations they leave or those that become their new home,” he adds.
According to Henley & Partners, the wealthy move for reasons such as security, taxes, work and business opportunities, lifestyle, climate or education.
The rich are disappearing en masse from China and Britain
The report predicts that by far the largest outflow of dollar millionaires awaits China this year. A total of around 15,200 rich people should leave here in 2024, which represents a record outflow for the country. Most often, wealthy Chinese go to Singapore, the United States, Canada, and recently also to Japan.
The second country with the largest expected outflow of the wealthy is Great Britain, which is the only European country in the top ten. Although Britain, particularly London, has long been seen as a bastion of the wealthy, attracting affluent families from around the world, according to Henley & Partners, the trend began to reverse about a decade ago. Between 2017 and 2023 (post-Brexit), the UK lost a total of 16,500 dollar millionaires to migration. Now the British government has also targeted the extremely rich through changes in the tax system.
According to the report, the UK is expected to see 9,500 wealthy people leave the country in 2024, more than double the 4,200 millionaires who left the country last year. Even then, it was a record, because in 2022, only 1,600 wealthy people left the country.
Among the most popular destinations for dollar millionaires leaving the UK are, for example, Paris, Dubai, Amsterdam, Monaco, Geneva, Sydney and Singapore, but also popular destinations for retirees such as Florida, the Portuguese Algarve, Malta or the Italian Riviera.
India also continues to lose a large number of millionaires (4,300), mainly to the United Arab Emirates. But according to Henley & Partners, the outflow is nothing to worry about because India continues to produce far more new mobile people than it loses. In addition, most of the wealthy who leave India keep business interests and second homes in the country.
According to the report, the outflow of rich people from South Korea should also increase, a decrease of 1,200 millionaires is expected here (compared to 800 in 2023). On the other hand, the wave of millionaires fleeing Russia after the outbreak of war is declining. Only a thousand of them should move this year. In 2022, however, there were 8,500 people and last year 2,800.
The remaining places in the ranking of countries from which millionaires leave are occupied by Brazil, where an outflow of 800 people is expected this year, as well as the Republic of South Africa (-600), Taiwan (-400) and Vietnam and Nigeria, where 300 millionaires should leave.
According to Henley & Partners, China and India are experiencing high net outflows due to the success of their economies, which are creating new millionaires. While China’s wealth growth slows, which could cause more losses over time, many Indian millionaires, like the rich from Brazil, Vietnam, South Africa and Nigeria, are leaving their countries in search of a better lifestyle, security and better healthcare.
Concerns about the security situation, especially in connection with the victory of Donald Trump, lead to a further outflow of wealthy individuals from South Korea and Taiwan. According to journalist Misha Glenny, the growth in the number of centi-millionaires and billionaires in Asia confirms a global economic trend: the rise of Asia and the relative decline of Europe.
They are seeking asylum in the United Arab Emirates
Zero income tax and golden visas are luring dollar millionaires to the United Arab Emirates, where 6,700 of them are set to move this year. Wealthy people from India, Russia, the Middle East or Africa are heading here, and according to Henley & Partners, a greater influx of Europeans can also be expected this year.
Around 3,800 millionaires will also travel to the USA this year, where the famous “retirement paradise” Florida is a big attraction. Singapore and Australia also remain popular.
From European destinations, four countries can expect dollar millionaires in large numbers: Italy, Switzerland, Greece and Portugal. In Italy, the wealthy, of whom 2,200 will head there this year, especially liked Liguria and Lombardy, and in Switzerland Geneva, Zug or Lugano.
The report also shows how quickly the geopolitical situation can transform a country’s attractiveness. For the first time, Israel dropped out of the ranking, which had been among the top ten destinations to which the rich emigrated for decades.
“This sharp shift underscores how quickly conflict can erode a country’s attractiveness to the wealthy and globally mobile. The ongoing war has not only tarnished Israel’s image as a safe haven, but also threatens to overshadow its economic achievements,” Dan Marconi, Senior Client Advisor at Henley & Partners Israel, comments on the change in the report.
What the migration of the rich means
Affluent immigrants can bring many advantages to their new homeland. When moving to a new country, they usually take their money with them and in their new homeland they exchange, save and spend money, or invest it.
In addition, roughly twenty percent of affluent migrants are entrepreneurs and business founders who can potentially set up businesses in their new homeland and create jobs. For dollar millionaires and billionaires, this share increases to more than 60 percent. Some wealthy entrepreneurs also publicly trade their companies on the local stock exchange.
Last but not least, the wealthy indirectly contribute to the creation of well-paid jobs through their purchasing power. Especially in sectors such as luxury hotels, quality restaurants, luxury retail, fashion, hi-tech, the automotive industry, real estate or asset management.
According to Henley & Partners, data on millionaire migration is also an important overall indicator of the health of the economy, especially when it comes to outflows. If a large number of rich people are emigrating from a country, it is probably due to serious problems. It can also be a negative sign for the future, as rich people are often the first to leave.
Migrating Millionaires: The Rich are Off to Find a Better Life!
So, picture this: 128,000 of the world’s wealthiest people packing their bags, ready to flit off to new, tax-friendly pastures. The latest report from consultancy Henley & Partners reveals that many of these millionaires are making a beeline for the United Arab Emirates. You know, the place where you can wear a pair of sandals in the winter and still feel your toes! Talk about a migration for style—and zero income tax!
Why They’re Leaving: The Unfortunate Truth
Now, let’s break that down. The report suggests that the rich are getting out of Dodge mainly due to issues like geopolitical tension (how lovely), economic uncertainty (thanks for that, 2023) and the tragic mishaps of social upheaval. Who knew living in a country that resembles a reality show wasn’t that appealing? And listen to this—millionaires are described as folks with a cool million dollars in liquid assets. So, it’s not like they’re just penny-pinching their way through life.
Countries Losing Their Wealth: China and the UK
Brace yourselves: China is anticipated to see a whopping 15,200 millionaires tap out this year—a record outflow that would make even the Titanic look like a joyride. The wealthy are heading to glamorous hot spots like Singapore and the United States. Meanwhile, the UK, which has historically been a magnet for the rich, is experiencing the same kind of mass exodus. It’s hard to believe that this was once where the poshest of the posh waltzed about in Bowler hats and tweed, sipping tea while discussing investments. Now, it seems like even the upper crust is more into beach vibes, heading to sunny places like Dubai and the alluring Italian Riviera.
Australia and the USA: New Homes for the Wealthy
Across the pond, the USA is also seeing a shift with about 3,800 millionaires making their way stateside. Florida is practically rolling out the welcome mat—or perhaps that’s just the sand at the beach?—while Singapore and Australia continue to beckon with promises of sunshine and, apparently, better sandwiches than one might find in Britain these days.
What This Means for Us Common Folk
So, what does all this wealthy migration mean for the rest of us? Well, affluent immigrants can actually bring a smorgasbord of benefits to their new locales. They typically come with their suitcases full of cash—yes, please!—and those “migrants” often sprinkle a bit of entrepreneurial spirit into the local economy. If about twenty percent start new businesses, imagine what happens within elite circles—more than sixty percent, folks! They could be creating jobs like you wouldn’t believe, from luxury hotels to exclusive restaurants, adjusting our taste in caviar, and dressing up our real estate scene like no tomorrow.
Wrapping It All Up
In a nutshell, while these affluent folks are hopping from one fabulous locale to another, it’s essential to think about the broader implications for countries losing their millionaires. When the rich are packing their precious assets, it might just raise some red flags about the state of things at home. After all, the wealthiest are often the first to board the next flight when things go awry. Let’s hope our leaders take notes on how not to scare off the big bucks because, well, nobody wants to turn into a ghost town, right?
For those interested, an audio version of the article is available for listening.
This year, approximately 128,000 of the wealthiest individuals across the globe are poised to relocate to foreign countries, with the majority gravitating towards the United Arab Emirates. This data is derived from the 2024 Henley & Partners Private Wealth Migration Report, which meticulously tracks the migration patterns of affluent individuals, detailing the origins and destinations of these high-net-worth individuals. Furthermore, the report forecasts the potential influx of wealthy migrants seeking new homes in the next year.
The report categorizes individuals with liquid investable assets amounting to one million US dollars or more as millionaires.
Dominic Volek, the Head of Private Clients at Henley & Partners, notes, “128,000 millionaires are expected to move around the world this year, surpassing the previous record of 120,000 set in 2023. As the world grapples with a storm of geopolitical tension, economic uncertainty, and social upheaval, millionaires are voting with their feet in record numbers.” He emphasizes the significance of these migration trends amidst global challenges.
Adding further context, Volek suggests, “In many ways, this great migration of millionaires serves as a leading indicator of a transformative shift within the global landscape and the balance of wealth and power, signaling profound implications for the trajectories of both their home nations and the countries that welcome them.” The reasons driving these individuals to relocate are varied, encompassing considerations of security, tax incentives, employment prospects, lifestyle enhancements, climate preferences, and educational opportunities.
The rich are disappearing en masse from China and Britain
China is projected to experience the highest net outflow of dollar millionaires this year, with an estimated 15,200 affluent individuals expected to depart, marking a significant record for the nation. Wealthy Chinese citizens frequently choose to relocate to major destinations such as Singapore, the United States, Canada, and, more recently, Japan.
Great Britain ranks second for the largest anticipated outflow of affluent individuals, positioning it as the only European nation among the top ten countries. Historically, cities such as London have been magnets for wealthy families globally, but Henley & Partners indicates that this trend has begun to reverse over the past decade. Following Brexit, between 2017 and 2023, the UK witnessed an exodus of 16,500 dollar millionaires.
The report anticipates that approximately 9,500 wealthy residents will leave the UK in 2024, a significant rise from the 4,200 who relocated the previous year. The outflow in 2023 was already a record high, with only 1,600 affluent individuals leaving in 2022. Major cities like Paris, Dubai, Amsterdam, Monaco, Geneva, Sydney, and Singapore have emerged as preferred destinations for those departing the UK.
India is also seeing a considerable outflow, with 4,300 millionaires expected to relocate, predominantly to the United Arab Emirates. However, Henley & Partners reassures that India continues to generate a larger number of new millionaires than it loses. Many of those departing maintain strong business ties and second homes within the country, indicating a continuous connection to their homeland.
The report highlights that South Korea is also projected to see an increasing number of affluent individuals leaving, with an expected decrease of 1,200 millionaires, compared to 800 in 2023. Meanwhile, the migration trend from Russia, which peaked after the outbreak of the war, is on the decline, with only a thousand anticipated to move this year, down from 8,500 in 2022 and 2,800 last year.
They are seeking asylum in the United Arab Emirates
The appeal of the United Arab Emirates is drawing in wealthy expatriates, with zero income tax and attractive golden visa programs leading to an influx of around 6,700 millionaires this year. This trend is particularly evident among affluent individuals hailing from India, Russia, and various regions in Africa, with expectations of increased migration from Europe as well.
An additional 3,800 millionaires are set to relocate to the USA this year, with Florida’s reputation as a “retirement paradise” acting as a major draw. Singapore and Australia remain popular alternatives as well.
Within Europe, four countries are expected to attract large numbers of dollar millionaires: Italy, Switzerland, Greece, and Portugal. Italy, in particular, will welcome around 2,200 affluent individuals, with preference for regions like Liguria and Lombardy, while Swiss cities such as Geneva, Zug, and Lugano are also popular destinations.
The report emphasizes how swiftly geopolitical events can alter a country’s desirability. Notably, Israel has dropped out of the rankings for the first time, despite previously being among the top ten destinations for wealthy emigrants for decades. Dan Marconi, Senior Client Advisor at Henley & Partners Israel, comments, “This sharp shift underscores how quickly conflict can erode a country’s attractiveness to the wealthy and globally mobile.” He stresses that the ongoing war has adversely impacted Israel’s reputation as a safe haven and could overshadow its economic accomplishments.
What the migration of the rich means
Affluent immigrants present numerous benefits to their new countries. When relocating, they typically bring significant financial resources, stimulating local economies through expenditures, investments, and savings.
Furthermore, approximately twenty percent of affluent migrants are entrepreneurs and business founders who have the potential to establish new enterprises in their adopted countries, creating job opportunities. Notably, for dollar millionaires and billionaires, this entrepreneurial representation exceeds sixty percent. Many of these wealthy entrepreneurs may even choose to list their companies on local stock exchanges, further contributing to the economic landscape.
Their purchasing power also indirectly fosters job creation in sectors such as luxury hospitality, high-end retail, fashion, technology, automotive industries, real estate, and asset management.
According to Henley & Partners, analyzing millionaire migration serves as a crucial indicator of economic health, especially concerning outflows. A significant departure of affluent individuals is often indicative of underlying national issues, suggesting potential challenges for the future as wealthy citizens are typically among the first to leave in times of distress.
What factors are driving high-net-worth individuals to relocate in recent years?
Several years. This shift underscores the increasing importance of stability and security in attracting high-net-worth individuals.
the global migration of millionaires paints a vivid picture of how addressing issues such as taxation, lifestyle, and geopolitical stability is vital for countries wishing to retain their wealthy residents. As millionaires continue to find refuge in sun-soaked, tax-friendly havens, the implications for both their home countries and the new nations they choose to settle in are profound. The wealth can boost local economies, creating jobs and stimulating new business ventures, while simultaneously raising questions for the countries they leave behind about how to maintain their allure to affluent citizens. As we watch this trend unfold, it’s clear that the rich are reshaping the global landscape—and it raises the question of what countries need to do to ensure their own stability and attractiveness in this competitive game of wealth migration.
