The global migration of high-net-worth individuals (HNWIs) has become a prominent trend, with increasing numbers of the super-rich relocating to countries offering favorable economic conditions, attractive tax regimes, and luxury lifestyles. According to The Henley Private Wealth Migration Report 2024, the movement of these wealthy individuals is reshaping global migration patterns. Let’s explore the top 10 countries the super-rich are moving to—and the 10 they’re leaving behind.
Top 10 Countries the Super-Rich Are Moving To
| Rank | Country | Millionaires Gained | Key Attraction |
|---|---|---|---|
| 1 | UAE | 6,700 | Minimal taxes, luxury living, and safety |
| 2 | USA | 3,800 | Tech hubs, retirement appeal, EB-5 Golden Visa |
| 3 | Singapore | 3,500 | Business-friendly, no capital gains tax |
| 4 | Canada | 3,200 | Liberal economy, tech scene, and political stability |
| 5 | Australia | 2,500 | Low crime rates, no inheritance tax, political stability |
| 6 | Italy | 2,200 | Favorable tax regimes, quality of life |
| 7 | Switzerland | 1,500 | Financial hub, tax advantages, high quality of life |
| 8 | Greece | 1,200 | Golden Visa program, Mediterranean lifestyle |
| 9 | Portugal | 800 | Golden Residence Permit, mild climate, low consumer prices |
| 10 | Japan | 400 | Safety, stability, and attractive quality of life |
Why Are the Super-Rich Moving to These Countries?
1. UAE – The Unstoppable Attraction
Topping the list for the third year in a row, the UAE is becoming the go-to destination for millionaires. With an influx of 6,700 millionaires expected by the end of 2024, the UAE offers a low-tax environment, luxury amenities, and a rapidly growing economy. Its political stability and reputation for high-end living attract wealthy individuals from across the globe.
2. USA – A Hub for Tech Entrepreneurs and Retirees
Despite some political challenges, the US remains a top destination for HNWIs. In 2024, the country is set to gain 3,800 millionaires, driven by its tech centers, a favorable tax system, and the EB-5 visa offering green cards to foreign investors.
3. Singapore – A Business-Friendly Powerhouse
With its strategic location in Asia and an open economy, Singapore continues to be a prime choice for wealthy individuals, especially from China and India. The city-state is attracting 3,500 new millionaires in 2024, thanks to its stable economy, no capital gains tax, and growing family office sector.
Top 10 Countries the Super-Rich Are Leaving Behind
| Rank | Country | Millionaires Lost | Key Issues |
|---|---|---|---|
| 1 | China | 15,200 | Economic struggles, pollution, and political restrictions |
| 2 | United Kingdom | 9,500 | Brexit, government instability, and high taxes |
| 3 | India | 4,300 | Unpredictable taxation and economic instability |
| 4 | South Korea | 1,200 | Geopolitical tensions, economic uncertainties |
| 5 | Russia | 1,000 | Economic sanctions, political instability |
| 6 | Brazil | 800 | Political unrest and economic challenges |
| 7 | South Africa | 600 | High crime rates and political instability |
| 8 | Taiwan | 400 | Tensions with China and political uncertainty |
| 9 | Nigeria | 300 | Economic instability, crime, and weak currency |
| 10 | Vietnam | 300 | Lack of quality healthcare and education |
Why Are the Super-Rich Leaving These Countries?
1. China – Economic Decline and Political Pressures
China, once the powerhouse for millionaires, now faces a significant outflow of wealth. With 15,200 millionaires expected to leave in 2024, issues such as economic slowdowns, collapsing real estate markets, pollution, and increasing government control are driving wealthy individuals abroad.
2. United Kingdom – The Fallout from Brexit
The UK has seen a dramatic outflow of millionaires, with 9,500 predicted to leave by the end of 2024. The aftermath of Brexit, political uncertainty, and high taxes are causing many of the super-rich to relocate, particularly to more stable economies like the UAE and the US.
3. India – Unstable Taxation Policies
India continues to lose its wealthiest citizens, with 4,300 millionaires expected to emigrate in 2024. The main reasons cited are unpredictable taxation systems and economic instability, prompting many to seek better opportunities abroad.
The Henley Private Wealth Migration Report 2024 highlights the changing preferences of the super-rich, showcasing countries where HNWIs are relocating and those they are leaving behind. While some countries offer favorable economic conditions, low taxes, and political stability, others are facing challenges that drive their wealthiest citizens abroad. As the global migration trends evolve, it’s clear that the super-rich are actively seeking new havens that provide better prospects for their wealth, safety, and lifestyle.
Frequently Asked Questions (Q&A) About Millionaire Migration
Q1: What factors drive millionaire migration?
Millionaire migration is driven by factors such as favorable tax laws, political stability, economic opportunities, safety, and access to high-quality healthcare and education.
Q2: Why is the UAE so popular among millionaires?
The UAE offers a tax-free environment, a luxury lifestyle, and political stability, making it an attractive destination for the super-rich. Additionally, its growing economy and minimal regulation draw wealthy individuals from around the world.
Q3: How does the Golden Visa program influence migration trends?
Golden Visa programs allow investors to gain residency or citizenship by making financial investments in the country. These programs have become a key factor in attracting high-net-worth individuals, especially in countries like Portugal, Greece, and the USA.
Q4: Which countries are losing the most millionaires?
Countries like China, the United Kingdom, and India are experiencing significant outflows of millionaires. Factors such as political instability, high taxes, and economic challenges are contributing to this trend.
