BUSINESS DAY
Millionaire migration continues to be a significant indicator of a country’s economic health. The movement of high-net-worth individuals (HNWIs) often signals underlying challenges that affect the stability and future outlook of these nations. Many wealthy individuals relocate for reasons linked to safety, financial concerns, taxes, and lifestyle preferences.
According to “The Henley Private Wealth Migration Dashboard” by Henley & Partners, about 128,000 of the world’s millionaires are projected to migrate to a new country in 2024, with the UAE and the USA topping the list of destinations.
Why Millionaires Move
According to the report, families with significant wealth often leave their home countries due to a combination of factors, including political instability, high crime rates, and financial concerns such as changes in tax policies or declining economic conditions.
Many relocate to seek better business and investment opportunities, while lifestyle factors like favourable climates, natural beauty, and a higher standard of living can also attract them. Additionally, the desire to provide their children with high-quality education in safer environments and access to advanced healthcare services, especially as they age, are strong motivators for their move.
Here are the top 10 countries projected to face significant net outflows of millionaires in 2024.
1. China —15,200 millionaires
China is set to experience the highest net outflow of millionaires in 2024. Wealthy Chinese families are likely looking for more stable political and economic conditions abroad, despite the nation’s strong economy.
2. United Kingdom — 9,500 millionaires
Economic uncertainty post-Brexit, coupled with high taxation policies, continues to drive the wealthy out of the UK. London, once a financial hub, has seen an exodus of high-net-worth individuals in recent years.
3. India — 4,300 millionaires
Despite its rapid economic growth, India’s wealthy are seeking better opportunities abroad. The appeal of education, healthcare, and a higher standard of living is often a deciding factor.
4. South Korea — 1,200 millionaires
South Korea’s high-net-worth individuals are increasingly moving abroad, possibly driven by the search for better business opportunities and lifestyle benefits in other countries.
5. Russia — 1,000 millionaires
Political instability and economic sanctions continue to push wealthy Russians to seek safer and more stable environments for their assets and families.
6. Brazil — 800 millionaires
Brazil’s wealthy population is being drawn to countries offering better financial stability, security, and business opportunities, with rising concerns about safety in their home country.
7. South Africa — 600 millionaires
Crime and political instability have led many South African millionaires to seek safer havens abroad, despite the country’s beautiful landscapes and growth potential.
8. Taiwan — 400 millionaires
The political tensions surrounding Taiwan are prompting its wealthy residents to look for more stable homes abroad.
9. Nigeria —300 millionaires
The ongoing economic challenges in Nigeria, coupled with concerns about infrastructure and safety, have led many wealthy individuals to relocate in search of better opportunities.
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