The number of millionaires expected to relocate will hit record levels in 2024, according to a report by Henley & Partners, with China leading in outflows.
In 2024, 128,000 millionaires are expected to relocate, according to the «Henley Private Wealth Migration Report», surpassing the previous record of 120,000 in 2023.
«This year is shaping up to be a watershed moment in the global migration of wealth,» said Dominic Volek, group head of private clients at Henley & Partners. «As the world grapples with a perfect storm of geopolitical tensions, economic uncertainty and social upheaval, millionaires are voting with their feet in record numbers, seeking greener pastures and safer harbors for their assets and family interests.»
Outflow Leader
At 15,200, China leads the way in terms of the outflow of millionaires in 2024. This is followed by the UK (9,500), India (4,300), South Korea (1,200) and Russia (1,000).
«China is forecast to see a net outflow […] as slowing growth, geopolitical tensions and the lure of overseas opportunities prompt many to seek pastures new,» Volek explained.
HNWI Inflows
And in terms of inflows, the UAE was at the top of the list with 6,700 millionaires entering the country. The US was in second place at 3,800 followed by Singapore (3,500), Canada (3,200) and Australia (2,500).
«With its sights firmly set on becoming the world's top wealth haven, the UAE is pulling out all the stops to attract millionaires, from an attractive golden visa offering and luxurious living to a business-friendly environment in a strategic location,» Volek said.
The report is based on data supplied by wealth intelligence firm New World Wealth, which tracks the movements of over 150,000 high net worth individuals.
