Millionaires on the Move
Henley & Partners is an investment migration consultancy, based in London. The firm advises wealthy families and successful businesses on the acquisition of residence and citizenship around the world. In support of that mission, the firm tracks the global migration patterns of the wealthy.
Global millionaire migration rose steadily in the years before the pandemic, from 51,000 in 2013 to 110,000 in 2019. In 2020, migration crashed to 12,000, recovering slightly to 25,000 in 2021. Full recovery is expected in 2023, with a projected 122,000 moves.
Although millionaires are exiting the United States, even more wish to immigrate into the country. The net inflow for 2022 was 1,500, which is down sharply from the 10,800 millionaire immigrants to the U.S. in 2019. The report speculates that the prospect of higher taxes on the rich may be fueling the trend.
The biggest winner in 2022’s millionaire migration sweepstakes was the United Arab Emirates, followed by Australia, Singapore, and Switzerland. The U.S. was in fifth place, followed by Portugal, Canada, Israel, Greece, and New Zealand.
The biggest losers of millionaires were China, with a net outflow of 10,800, and India, losing a net 7,500. After invasion of Ukraine, Russia lost 8,500 millionaires, but is projected to lose only 3,000 this year.
The United Kingdom enjoyed a net inflow of millionaires until the passage of Brexit, and now it has a net outflow. Some 1,600 millionaires emigrated from the U.K. in 2022, and 3,200 are projected to move this year. Movement between the European Union and Britain is not as simple as it once was, and that is evidently a problem for the rich.
Political stability is the most important metric when millionaires are deciding where to live, according to the report. Low taxes, business-friendly environments, and personal freedom also figure into the equation. Given that elections are coming up in the next 18 months in many countries, the report speculates that some millionaires will wait on the results to make up their minds.
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