Millionaire migration trend 2023: best places wealthy people live in
Amidst the ongoing globalization and expanding opportunities for movement, millionaires are becoming active participants in international emigration. In recent years, the emigration of wealthy individuals has become one of the main global trends, according to Henley & Partners. Find out more about the countries the rich choose to live in
Many countries have seen significant out-migration of millionaires in recent years, and this process not only reflects their individual decisions, but may also point to deeper trends and issues in those countries. According to Henley & Partners, a citizenship and residency firm, millionaires are looking for new opportunities and reasons to move, and this is affecting global emigration.
We will tell you from which countries and where the largest number of millionaires emigrate and what motivates the rich to move.
What countries do most millionaires leave from?
In 2020, the number of millionaire emigrants dropped sharply as pandemic-related lockdowns prevented people from leaving their countries and sometimes even leaving their homes altogether. But with the easing of restrictions and the opening of borders, the number of emigrants has increased again.
According to the latest data from Henley & Partners, China and India have lost the most millionaires to emigration after the pandemic, while the UK and Russia lost a significant number of their wealthy in 2022-2023.
Below are the top 10 countries and the number of millionaires who left their countries last year:
Russia - 15 thousand people;
China - 10 thousand people;
India - 8 thousand people;
Hong Kong - 3 thousand people;
Ukraine - 2800 thousand people;
Brazil - 2.5 thousand people;
Great Britain - 1.5 thousand people;
Mexico - 800 thousand people;
Saudi Arabia - 600 thousand people;
Indonesia - 600 thousand people.
The study included only those who invested more than USD 1 million, settled in a new country and stayed there for at least six months.
There are many reasons why wealthy people emigrate to other countries. One of them is to escape from war, and it is not surprising that Russia and Ukraine have high emigration rates in 2022.
Between 2021 and 2022, the number of Russian millionaires living in Russia decreased by 33 percent.
Over the next year, Russia lost 15,000 millionaires, while Ukraine suffered the largest percentage loss, with 42 percent leaving by the end of 2022.
Where are millionaires moving to?
The United Arab Emirates (UAE) has become an attractive destination for millionaires. In 2022, 4,000 wealthy people arrived in the country. This influx of the richest is partly due to the country's generous immigration policy, which was developed for this purpose.
Australia also continues to attract HNWIs, ranking second after the UAE. According to New World Wealth, almost 80,000 millionaires have emigrated to the country over the past 20 years.
The main factors attracting expats to Australia are low healthcare costs, no inheritance tax, and a generally prosperous economy.
Top countries with a large influx of millionaires:
UAE - 4 thousand people;
Australia - 3.5 thousand people;
Singapore - 2800 thousand people;
Israel - 2.5 thousand people;
USA - 1.5 thousand people;
Portugal - 1300 thousand people;
Greece - 1200 thousand people;
Canada - 1 thousand people;
New Zealand - 800 thousand people.
Why do millionaires emigrate?
"Political stability, low taxes, and personal freedom were the key indicators for millionaires when they decided where to live," says Jürg Steffen, CEO of Henry and Partners.
However, Steffen adds that the priorities of the wealthy are shifting towards intangibles that will affect the future of their children, their quality of life and the legacy they will leave behind.
Wealthy families want to ensure that their children have access to the best educational institutions to pave the way for their success.
They also want to be able to move to climate-resilient cities with a high quality of life and set down roots in countries where their wealth will be preserved for future generations.
How to protect yourself from risks abroad?
Remember that safety and confidence while traveling abroad is the key to a pleasant experience and unforgettable moments. To protect yourself from unplanned expenses and not to risk your health and finances, take care of the necessary insurance for the period of your trip.
When planning to travel abroad or while already there by car, it is important not only to prepare the necessary documents and check the technical condition of the car. To protect yourself from unforeseen expenses before traveling, a car owner should take care of a Green Card policy in advance.
Even if you are not traveling by your own car, choose reliable companies to make your travel experience pleasant and positive. You can easily choose and book plane, bus, or train tickets within Ukraine and between cities in Europe and the world from reliable carriers by following the link.
Our recommendation for a safe and comfortable trip:
Visit Ukraine Insurance - insurance for a safe stay abroad without unnecessary expenses;
Green Card - compulsory car insurance for traveling abroad;
Visit Ukraine Tickets - book tickets for buses, trains, and airplanes to/from Ukraine and between cities around the world;
Private Lawyer service - professional legal support on visa and migration issues;
Visit Ukraine Merch - buy patriotic clothing and accessories with worldwide delivery.
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