Newly published data by Henley & Partners shows that while China and India are losing the most millionaires (or billionaires) to emigration, the United Kingdom and Russia are also expected to be left behind by a substantial number of their very wealthy residents in the years 2022 and 2023. The study covered only individuals with an investable wealth of at least $1 million, who took up residency in a new country and spent at least half of the year there.
After migration of the wealthy slumped during the pandemic years, it was estimated at a net 84,000 millionaires leaving their home countries in 2022 – still around 24 percent below the 2019 figure. In 2023, net wealth out-migration is expected to reach a new high of 122,000 individuals globally, followed by a projected 128,000 in 2024.
According to the source, political stability, personal freedoms as well as tax and financial concerns were among the reasons millionaires decide to make these moves. The war in Ukraine has led to an exodus of Russians – especially pronounced last year – that has seen new arrivals mainly in European cities. The change represents a 33 percent reduction of Russian millionaires living in their country between 2021 and 2022.
The United Arab Emirates topped the list of receiving countries in 2022, while Australia is expected to do so this year. The UAE attracted 5,200 immigrant millionaires in 2022. Australia is projected to receive the same number in 2023.
Portugal and Greece were also among the top 10 of countries attracting expat millionaires. In addition to their sunny climates, both countries run investor programs which grant access to EU residency and citizenship. The U.S. came in rank 4, expected to receive 2,100 immigrant millionaires in 2023.