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New data shows millionaires are leaving U.K. Rich people are abandoning London for Dubai and Paris faster than anywhere else in the world except China And Florida.
According to the Henley Private Wealth Migration Report, 9,500 millionaires left the UK last year. Only China – which has more than twice as many people with seven-figure net worths – saw more millionaires leave.
“This represents a record influx into the UK, with London expected to be particularly hard hit,” Henry said. The main destinations for millionaires leaving the UK include Paris andDubai Amsterdam, Monaco, Geneva, Sydney and Singapore, as well as popular retirement locations such as Florida, the Algarve, Malta and the Italian Riviera.”
The UK is among other countries experiencing mass displacement And China India, South Korea and Brazil. The UK and Russia were the only European countries to experience an outflow of millionaires. The country with the largest influx of millionaires was the United Arab Emirates, followed by the United States.
Also read: Henley & Partners: UAE to lead the world in attracting 6,700 millionaires by 2024
“Millionaire migration data is also an important overall indicator of the health of the economy, particularly in relation to external flows,” Henry said. “For example, if a country loses a large number of millionaires to immigration, it is likely due to serious problems in that country. It can also be a negative signal for the future, as the rich are often the first to leave.”
Immigrant millionaires are an important source of foreign exchange earnings because they often take money with them when they move to a new country. For example, an immigrant bringing back $10 million is equivalent to a country generating $10 million in export earnings, and both transactions generate $10 million in foreign exchange earnings for the country.
Many high-net-worth individuals who relocate (about 20%) are entrepreneurs and company founders, who often start businesses in their new countries, thereby creating jobs there, the report said. Among millionaires and billionaires, that percentage rises to more than 60%.
Dominic Volek, head of the private client team at Henley & Partners, said 2024 was a turning point in the migration of global wealth: “An unprecedented 128,000 millionaires are expected to move around the world this year, surpassing the previous record of 120,000 millionaires in 2017.” 2023. As the world grapples with a perfect storm of geopolitical tensions, economic uncertainty and social unrest, millionaires are voting with their feet in record numbers.
- Emirates Magnets
With zero income tax, golden visas, luxurious lifestyle and strategic location, the UAE has become the world’s number one destination for millionaire migration and attracts almost twice as many millionaires as its closest competitor, the United States, which is expected to benefit from a net inflow of 3,800 millionaires by 2024.
Singapore again ranked third this year with a net inflow of 3,500, while perennially popular destinations for immigrant millionaires, Canada and Australia, followed closely behind in fourth and fifth place with net inflows of 3,200 and 2,500, respectively. Italy (+2,200), Switzerland (+1,500), Greece (+1,200) and Portugal (+800) rounded out the top ten net millionaire inflows this year, along with Japan, which is expected to welcome 400 wealthy immigrants, driven in part by an influx of wealthy Chinese into Tokyo that began to take place in the wake of the coronavirus pandemic.
- The biggest millionaire loser
Along with China, the UK, India, South Korea and Russia, the remaining spots in the top ten for millionaire influx are taken by Brazil, which is expected to see 800 millionaire emigration this year, followed by South Africa (-600), Taiwan (-400), Vietnam and Nigeria, each of which are expected to see 300 millionaire escapees.
Dr Hannah White OBE, director and chief executive of the Institute for Government in London, said: “The reasons why HNWIs leave these other countries are very different to the UK: both China and India are experiencing HNWI exodus due to success. While China’s slower wealth growth in recent years may mean continued losses become more damaging over time, their large economies are producing new millionaires. Like millionaires in many other developing countries such as Brazil, Vietnam, South Africa and Nigeria, Indian millionaires often leave the subcontinent in search of a better lifestyle, a safer and cleaner environment and access to better health and education services. Elsewhere, regional threats and uncertainty about the US security posture following a possible victory by Trump in the 2024 US presidential election in November mean South Korea and Taiwan continue to see net outflows of HNWIs.
The surge in millionaire migration is driving a corresponding boom in investment migration. In the past 12 months, Henley & Partners has received a record number of inquiries for residency and citizenship by investment programmes from nearly 200 different countries. The two nationalities currently driving the most demand are Americans and Indians, with the British, Filipinos and South Africans remaining in the top ten, as they have for the past five years.
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