As much of the world continues to face economic uncertainty and political instability, many of the world's wealthiest people are choosing to uproot their lives and move their assets to different countries.
A new analysis by Henley & Partners, an investment migration consultancy firm, projects that a record number of millionaires and billionaires will migrate to new countries in the coming year, reports Quartz.
"An unprecedented 128,000 millionaires are expected to relocate worldwide this year, eclipsing the previous record of 120,000 set in 2023," Dominic Volek, the group head of private clients at Henley & Partners, said in a statement.
"In many respects," Volek said, "this great millionaire migration is a leading indicator, signalling a
profound shift in the global landscape and the tectonic plates of wealth and power, with far-reaching implications for the future trajectory of the nations they leave behind or those which they make their new home."
The report cites ongoing global trends including "geopolitical tensions, economic uncertainty and social upheaval" as factors influencing wealthy migration. The countries that continue to attract millionaires and billionaires tend to have some combination of preexisting wealth or high levels of stability and safety, according to the analysis.
Check out which countries are losing the most millionaires and which countries are attracting them.
5th highest millionaire loss: Russia
Russia continues to lose large numbers of high net worth individuals, with many leaving to avoid economic sanctions linked to its war in Ukraine. An estimated 1,000 millionaires are projected to leave the Russian Federation this year —down from a peak of 8,500 people leaving in 2022.
4th highest millionaire loss: South Korea
An estimated 1,200 millionaires are expected to leave South Korea in the next year — in keeping with an ongoing trend of wealthy individuals leaving the east Asian country. The United States, Canada and Australia have all absorbed significant numbers of wealthy South Koreans in recent years, according to Henley & Partners.
3rd highest millionaire loss: India
India is projected to lose 4,300 high net worth individuals this year — the third-highest loss of any country in the world. Unlike other countries, however, when millionaires and billionaires leave India they tend to retain economic interests within their home country. "Indian millionaires often depart the sub-continent in search of a better lifestyle," Hannah White, the director of the Institute for Government, wrote in the Henley & Partners report
2nd highest millionaire loss: United Kingdom
The United Kingdom ranks second in millionaire emigration, with 9,500 expected to leave the country in 2024. This year's departures are projected to be more than double the 4,200 millionaires who left the U.K. in 2023. The lingering economic impact of Brexit, government instability and changes to tax laws were all cited as factors influencing wealthy residents' decisions to move.
Highest millionaire loss: China
China is projected to have the single largest exodus of millionaires in 2024 — with a projected 15,200 individuals moving to other countries. While both China and the United Kingdom are seeing increases in the number of millionaires leaving their countries, Henley & Partners analysts said the reasons are different. China is "seeing high net outflows because of the success of [its] sizeable economies in generating millionaires," White wrote.
5th highest millionaire gain: Australia
While Australia continues to attract large numbers of wealthy individuals, the growth of this population is in decline. It is projected that 2,500 millionaires will move to Australia in 2024, which is a notable decline from the 2010s, when the country consistently attracted upwards of 5,000 millionaires each year.
4th highest millionaire gain: Canada
Canada remains a very popular destination for wealthy immigrants — particularly those originally from Europe and Asia. The Canadian millionaire population has increased by 29% in the last decade. The Henley & Partners analysis projects continued growth, with an estimated 3,200 high net worth individuals expected to move to Canada this year.
3rd highest millionaire gain: Singapore
The southeast Asian city-state of Singapore continues to attract extremely wealthy individuals, due to its strong economy and high standard of living. "Figures detailing the growth of centi-millionaires and billionaires over the past decade confirm a broader economic pattern across the globe: the growth of Asia and the relative decline of Europe," journalist Misha Glenney wrote in the Henley & Partners report. "We can be confident this trend will continue as intra-Asian growth continues to surge."
2nd highest millionaire gain: United States
The United States continues to outperform other western countries in attracting wealthy immigrants. In the last decade, the U.S. has seen a 62% increase in its millionaire population. The number of foreign millionaires is expected to increase by 3,800 individuals this year — though experts caution that ongoing political instability could impact those numbers.
Highest millionaire gain: United Arab Emirates
The United Arab Emirates is projected to attract 6,700 millionaires in 2024 — further cementing its status as a destination for the extremely wealthy. New high net worth immigrants tend to arrive in the UAE from other Middle Eastern countries, African countries, Russia and India.
