The Massive Migration Of The World's Millionaires. Where Are They Running?
During these troubled times, a massive migration of wealthy people is taking place behind the scenes.
Which world powers are affected by the migration, and which countries welcome the millionaires with open arms?
The answer to these questions lies in a new study published by the investment migration consulting firm Henley & Partners, which has revealed an unusual phenomenon occurring in the world, especially in highly developed states.
Surprisingly, China ranks first in the world in terms of the exodus of millionaires in dollars, having lost 10,800 wealthy individuals in 2022, followed by Russia and India.
On the other hand, the countries that attract millionaires the most in 2022, in order, were the United Arab Emirates, Australia, and Singapore, according to Henley Global.
Where Are The World's Millionaires Running To?
China is facing the most significant exodus of millionaires in the world as its economy slows down. In 2022, the number of millionaires in dollars who fled the country and settled elsewhere was 10,800, and the forecast for 2023 is 13,500 wealthy individuals (with a net worth exceeding $1 million), increasing further.
According to new research, China, with the second-largest economy in the world and the second-largest population, will again experience the largest exodus of millionaires this year.
Russia ranked second in the world in terms of the exodus of millionaires from the country, with 8,500 wealthy individuals lost, primarily due to Putin's war in Ukraine. However, in 2023, the pace of departure will decrease, estimated at only 3,000.
India ranked third in the top countries where millionaires emigrated in 2022, with 7,500 individuals, but the number will slightly decrease while advancing to the global second position with 6,000 individuals. The following places in 2022 were occupied by Hong Kong – 2,400, Brazil – 1,800, the United Kingdom – 1,600, and Mexico – 800.
In 2023, the exodus of millionaires is expected to continue, and the top countries will be China, India, the United Kingdom, Russia, Brazil, Hong Kong, South Korea, and Mexico.
Countries That Welcome The Wealthy
Regarding the paradises that welcome migrating millionaires with open arms in 2022: 1. United Arab Emirates – 5,200, 2. Australia – 3,800, 3. Singapore – 2,900, 4. Switzerland – 2,200, 5. USA – 1,500.
The forecast for 2023 regarding the countries where fleeing millionaires end up is as follows: 1. Australia – 5,200, 2. United Arab Emirates – 4,500, 3. Singapore – 3,200, 4. USA – 2,100, 5. Switzerland – 1,800. It is worth mentioning that in other countries such as Canada, Greece, and France, the exodus of millionaires across borders is increasing compared to 2022.
"There has been a steady increase in the migration of millionaires over the past decade, and the estimated global figures for 2023 and 2024 are 122,000 and 128,000, respectively," said Juerg Steffen, CEO of Henley & Partners.
Photo Credit: Pixabay
