Wealth is flowing from one country to another through millionaire migration as a result of instability, war and political crisis. The Russia’s war on Ukraine has had a big impact on wealthy individuals who seek to protect their wealth abroad.
According to the latest Q2 data by Henley, Russia, India and China have lost thousands of millionaires who will likely to leave the country. The UAE, Australia are some big winners in attracting affluent people. The UAE, Turkey has welcomed russian investments despite international sanctions. Nine of the top 10 countries for high-net-worth-individual inflows in 2022 host formal investment migration programs and actively encourage foreign direct investment in return for residence or citizenship rights. Countries that attract HNWI individuals tend to be robust growth, with low crime rates, competitive tax rates, and excellent business opportunities.
According to figures, some 125,000 millionaires are expected to have relocated to new countries by the end of 2023, destinations that traditionally attracted wealthy investors (eg. UK, USA) are losing their luster. The UK, once touted as the world’s financial center, continues to see a steady loss of millionaires as a result of brexit and closing down of tier1 investor visa route popular among millionaires. US is notably less popular among migrating millionaires today than pre-Covid, perhaps owing in part to the threat of higher taxes.
A high-net-worth individuals (HNWIs) are people who own liquid assets valued at $1 million or more. The HNWI migration figures focus only on people with wealth of USD 1 million or more and who have truly moved — namely, those who stay in their new country more than half of the year. India, Australia and China projected to produce highest number of millionaires by 2030
|10. New Zealand||800|
|4. Hong Kong||-3000|
|10. Saudi Arabia||-600|
Source: Henley /Projected net inflows and outflows of HNWIs 2022
- Millionaires or high-net-worth individuals (HNWIs) – Individuals with wealth of USD 1 million or more
- Multi-millionaires – Individuals with wealth of USD 10 million or more
- Centi-millionaires – Individuals with wealth of USD 100 million or more
- Billionaires – Individuals with wealth of USD 1 billion or more