China and India are losing the most millionaires (or billionaires) to immigration, while the UK and Russia will also lose significant numbers of immigrants in 2022, according to new data from Henley & Partners. The study, which is expected to leave out wealthy residents, included only individuals with investable assets of at least $1 million, who resided in the new country and spent at least half of the year there.
It was estimated that a net 84,000 millionaires would leave their home countries in 2022 as wealthy emigration slumped during the years of the pandemic, still about 24 percent below the 2019 figure. In 2023, the outflow of net worth worldwide is expected to reach a new high of 122,000 people, and in 2024 it is predicted to reach 128,000 people.
Political stability, personal freedom, and concerns about taxes and finances are among the reasons billionaires are deciding to make such moves, the source said. The war in Ukraine has caused an exodus of Russians, particularly evident in the last year, with a new influx mainly to European cities. This change means that the number of Russian millionaires living in their country will decrease by 33 percent between 2021 and 2022.
The United Arab Emirates is expected to be the top hosting country in 2022, with Australia also expected to be the top host country this year. UAE attracted 5,200 immigrant billionaires in 2022. Australia is also expected to take in the same number in 2023.
Portugal and Greece also made it into the top 10 countries attracting foreign billionaires. In addition to sunny weather, both countries have investor programs that allow her access to EU residency and citizenship. The United States is in fourth place and is expected to take in 2,100 immigrant millionaires in 2023.
