Henley & Partners Report: Where will the planet's millionaires move?

The planet's richest, the so-called high net-worth individuals (HNWI), traveled less than usual during the pandemic, so the dynamics of their migration decreased during that period. But now, US dollar millionaires and billionaires have started to change their residence again, with estimates being that about 122,000 HNWIs will move to another country by the end of the year, writes Visual Capitalist.

"Amid multiple crises - from armed conflict to climate change and economic and political upheaval - there is a growing interest among affluent people around the world to explore alternative livelihoods, acquiring additional residences and citizenships, to protect themselves from risks and find new opportunities", it is mentioned in the latest "Private Wealth Migration Report", by Henley & Partners.

• Countries receiving new millionaires

The ten countries likely to receive the most millionaires and billionaires in 2023 are spread across the globe, with Australia taking first place this year, followed by the United Arab Emirates, according to the report.

"Australia is one of the richest countries in the world and has an excellent reputation. It is a developed, multicultural country with an extremely high Human Development Index (HDI), offering its people an excellent quality of life, economic freedom, good protection of civil liberties and political rights," say Henley & Partners.

According to the study, only two Asian countries are in the top ten, with the rest spread across Europe, North America and Oceania.

Despite historic economic challenges, 1,200 HNWIs are expected to move to Greece this year. One of the reasons may be related to the country's "golden visa" program, through which wealthy individuals can obtain residency and possibly a European Union passport for a certain price. Basically, through a "golden visa" rich people are granted a residence permit in a foreign country in exchange for a substantial investment. Currently, for Greece to grant such a visa, a real estate investment of at least 250,000 euros is required.

In general, most major millionaire destinations are attractive due to higher levels of economic freedom, lower tax burdens and ease of investment. For example, Singapore is the freest economic market in the world and it is estimated that this year it will gain 3,200 millionaires.

• Countries losing the most millionaires

The country that will lose the most wealthy people this year is China, with 13,500 people, more than double the number of second-placed India, with 6,500, Henley & Partners estimates.

According to the report, in some of these countries, strict regulations and corrupt governments can make it difficult for HNWIs to manage their money. In Russia, many wealthy individuals face certain personal tariffs and trade restrictions imposed by Western countries because of the war in Ukraine. China's crackdown has made Hong Kong a less attractive place to do business. And following the UK's exit from the EU, for many companies and individuals the movement of labor has become more difficult, as has finance and investment, while in Europe such cross-border operations are carried out without interruption, according to the study.

True, some of these countries are seeing new homegrown millionaires and billionaires, but the loss of thousands of HNWIs to migration has a considerable economic impact.

Overall, the movement of millionaires is becoming more frequent. Over the past ten years, despite a downturn during the pandemic, the number of HNWIs moving out of their home countries has increased every year, according to research by Henley & Partners.

In a geopolitically fragile but increasingly interconnected world, the migration of the wealthy is no surprise. Therefore, governments are in an increasingly fierce competition to win, for their part, the hearts and minds of the world's economic elite, writes Visual Capitalist, in the article based on the "Private Wealth Migration Report".