Millionaire migration at an all-time high
Millionaire migration is one way to determine the state of a country’s economy. When high net-worth individuals (HNWIs) migrate, it can be traced to economic instability.
Millionaires relocate due to various reasons: safety, financial concerns, taxes, and lifestyle preferences. The Henley Private Wealth Migration Dashboard reports that about 128,000 of the world’s millionaires are predicted to migrate to a new country in 2024.
Why millionaires emigrate
Reports state that some wealthy families often relocate due to factors like political instability, high crime rates, unfavorable tax policies, healthcare system, standard of living, and economic decline. High-quality education for their children is also a major reason why millionaires migrate.
Top ten countries millionaires are leaving
1. China
China tops the list with 15,200 millionaires set to migrate. Wealthy Chinese families are looking for stable economic and political circumstances abroad, despite how well China is doing economically.
2. United Kingdom
Coming after China is the United Kingdom with 9,500 millionaires set to migrate the country. Unfavorable taxation policies and economic unreliability are some of the factors chasing millionaires out of the UK. In recent years, numerous HNWIs have left London.
3. India
Following the United Kingdom is India with 4,300 millions expected to migrate. Although the country is experiencing swift economic growth, HNWIs in India are still in search of better opportunities abroad. Topping the list of their motivations are: quality education, strong healthcare system, and a higher standard of living.
4. South Korea
In search of better business opportunities, an advanced standard of living, and a more enabling environment for their children, emigration of HNWIs in South-Korea is on the rise. And in 2024, 1,200 millionaires are predicted to relocate.
5. Russia
Wealthy Russians emigrate abroad in search of safer, stabler, and more secure environments for themselves, their families, and their property. With 1,000 millionaires set to relocate, political instability and economic sanctions have been cited as two causes of this mass relocation.
6. Brazil
Due to rising safety concerns in Brazil, 800 millionaires are set to emigrate. HNWIs in Brazil are set on countries that offer stability, security, and business prospects.
7. South Africa
600 South African millionaires have chosen other countries over their home country’s beautiful landscapes. This relocation is mainly caused by crime and political instability.
8. Taiwan
Political tensions in Taiwan is a major reason why 400 HNWIs in Taiwan are emigrating.
9. Nigeria
With all that is going on in Nigeria, it is not surprising that 300 millionaires are set to relocate. For HNWIs leaving Nigeria, they’re not just in search of better opportunities or a higher standard of living, they’re leaving to breathe clean air and undo years of trauma.
10. Vietnam
Although Vietnam’s economy is fast growing, 300 HNWI are choosing to relocate for reasons that include security and better business prospects.
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