Millionaires are also people. The wealthiest people in the world do not sit still and are looking for a place under the sun for themselves and their loved ones. Top businessmen have imagined themselves as wildebeests and decided to organize their own big migration. Let's follow their routes together to understand which countries, according to top entrepreneurs, are worth investing money and time in, and from which countries it is better to run away from before it's too late.
Where Millionaires Run
Individuals with ultra-high net worth, or simply high-net-worth individuals (HNWI), are expected to set a new record by the end of this year. Experts predict that by the beginning of January 2025, more than 127,000 businessmen with capital exceeding $1 million will move for permanent residency from one country to another. This will surpass the record set in 2023 when 120,000 wealthy individuals moved. Where and how many people plan to relocate:
- 🇻🇳 Vietnam - 300;
- 🇳🇬 Nigeria - 300;
- 🇹🇼 Taiwan (Chinese Taipei) - 400;
- 🇿🇦 South Africa - 600;
- 🇧🇷 Brazil - 800;
- 🇷🇺 Russia - 1,000;
- 🇰🇷 South Korea - 1,200;
- 🇮🇳 India - 4,300;
- 🇬🇧 United Kingdom - 9,500;
- 🇨🇳 China - 15,200.
Most often, ultra-high-net-worth individuals leave their native lands due to unstable economy, complex geopolitical situation, negative changes in the country's social life, and other reasons. They take with them a significant portion of the state's income because they change their citizenship status to tax non-resident. In time, they become full-fledged residents and taxpayers of another country. Such relocations also serve as reasons for investment migration in the real estate sector. An increase in demand for specific properties can impact the market as a whole.
Where millionaires turn to
Henley Private Wealth Migration Report 2024 from the international company Henley & Partners also took into account the preferences of the wealthy when choosing a new home. Current migration trends and forecasts regarding the influx and outflow of millionaires have allowed experts to compile a top ten list of leading countries where ultra-high-net-worth individuals are most likely to plan to move.
- 🇯🇵 Japan – 400;
- 🇵🇹 Portugal – 800;
- 🇬🇷 Greece – 1,200;
- 🇨🇭 Switzerland – +1,500;
- 🇮🇹 Italy – 2,200;
- 🇦🇺 Australia – 2,500;
- 🇨🇦 Canada – 3,200;
- 🇸🇬 Singapore – 3,500;
- 🇺🇸 USA – 3,800;
- 🇦🇪 UAE – 6,700.
Apparently, millionaires also read our article about ranking of cities with the most expensive real estate Because many of them have decided to honor us with their presence.
Let's figure out the reasons that make successful people choose these countries. The multinational city-state of Singapore is not only very developed and cosmopolitan. It skillfully shows its loyalty even in financial matters. For example, the absence of a capital gains tax has already inspired many startups. As for the USA, it is worth noting the increasing dominance in the global technology sector. Many mature and elderly ultra-high-net-worth individuals look a few years ahead and plan for a happy retirement in Florida, which is ideal for this purpose. The largest influx of millionaires will be observed in the UAE. It has been favored by citizens of the United Kingdom, India, the Middle East, and many other countries. This attention to the Emirates is due to the absence of income tax and the simple procedure for obtaining a golden visa. The UAE positions itself as a luxurious fairy tale and does everything to live up to it.