Newly released data from Henley & Partners shows that while China and India are losing the most millionaires (or billionaires) to the UK and Russia are also expected to see significant numbers of ultra-rich people leave in 2022 and 2023. The study only looked at individuals with at least $1 million in investable assets, who were resident in the new country and spent at least half the year there.
After a dip in wealthy migration during the pandemic years, a net 84,000 billionaires are estimated to leave their home countries in 2022, still about 24% lower than the figure in 2019. In 2023, net wealthy outflows are expected to reach a record high of 122,000 worldwide, and are projected to reach 128,000 in 2024.
According to the source, the reasons why billionaires decide to emigrate include political stability, personal freedom, tax and financial concerns. The war in Ukraine has led to an exodus of Russians, especially in the last year, with new migrants mainly in European cities. This shift means that the number of billionaires living in Russia will fall by 33 percent between 2021 and 2022.
The United Arab Emirates topped the list of migrant-receiving countries in 2022, with Australia also expected to top the list this year. The UAE attracted 5,200 migrant millionaires in 2022. Australia is expected to receive the same number of migrants in 2023.
Portugal and Greece also made the top 10 list of countries attracting foreign billionaires. Both offer sunny climates and investor programs that can lead to EU residency or citizenship. The United States came in fourth, projected to welcome 2,100 immigrant billionaires in 2023.
