An unprecedented 1.28 lakh millionaires are expected to relocate worldwide this year, surpassing the previous record of 1.20 lakh set in 2023, as the world grapples with a perfect storm of geopolitical tensions, economic uncertainty and social upheaval.
China is again on track to be the biggest millionaire loser globally, with an anticipated net exit of 15,200 High Networth Investors this year compared to 13,800 in 2023, according to the Henley Private Wealth Migration Report 2024 released recently.
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However, India has stemmed its wealth exodus, dropping down to third place after the UK with just 4,300 millionaires projected to leave the country in 2024 against 5,100 exit last year.
South Korea’s HNWI flight is expected to rise with a forecast loss of 1,200 millionaires (800 in 2023) while the tsunami of millionaires that fled Russia following the outbreak of the Ukraine
war appears to be abating with only 1,000 projected to relocate this year (compared to 8,500 in 2022 and 2,800 in 2023).
With its zero income tax, golden visas, luxury lifestyle and strategic location, the UAE has emerged as leading destination for migrating millionaires and poised to welcome a record net inflow of 6,700 this year alone, said the report.
With consistently high inflows from India, West Asian region, Russia, Africa, Brits and Europeans, the report said the Emirates is set to attract nearly twice as many millionaires as its nearest rival, the US, which is projected to benefit from a net inflow of 3,800 millionaires in 2024.
Singapore took third place again this year with net inflows of 3,500, while Canada and Australia with net inflows of 3,200 and 2,500, respectively.
European favourites Italy, Switzerland, Greece, Portugal and Japan all make it into this year’s top 10 for net millionaire inflows, boosted in part by an accelerating trend of Chinese HNWIs moving to Tokyo that started post-Covid.
Migrating millionaires are a vital source of forex revenue as they tend to bring their money with them when they move to a country. Also, about 20 per cent of them are entrepreneurs and company founders who may start new businesses and therefore create local jobs in their new country.
In the last five years, the UAE has introduced a robust regulatory framework that provides the wealthy with a range of innovative solutions to protect, preserve and enhance their wealth.
Dominic Volek, Group Head, Private Clients, Henley & Partners said, this great millionaire migration is a leading indicator, signalling a profound shift in the global landscape and the tectonic plates of wealth and power, with far-reaching implications for the future trajectory of the nations they leave behind or those which they make their new home.
