According to a recent report by Henley & Partners, the top five countries gaining high-net-worth individuals (HNWIs) in 2023 are expected to be Australia, the UAE, Singapore, Canada, and the US. The top five countries losing HNWIs are expected to be China, India, the UK, Russia, and Brazil.
The data shows the top countries forecasted to gain and lose the most high-net-worth individuals (HNWIs) in 2023. HNWIs are defined as individuals with wealth over USD $1 million.
Top countries gaining HNWIs:
Australia (+5,200)
UAE (+4,500)
Singapore (+3,200)
Canada (+1,600)
US (+2,100)
Top countries losing HNWIs:
China (-13,500)
India (-6,500)
UK (-3,200)
Russia (-3,000)
Brazil (-1,200)
There are a number of factors that contribute to these trends. HNWIs are often looking for countries with strong economies, favorable business environments, political stability, and a high quality of life. They may also be motivated to migrate by factors such as taxation, asset protection, and lifestyle preferences.
Australia, the UAE, Singapore, Canada, and the US all offer many of the qualities that HNWIs are looking for. They have strong economies, stable political systems, and high standards of living. They also offer a variety of business opportunities and tax advantages.
China and India have been losing HNWIs for a number of years. This is likely due to a combination of factors, including economic slowdown, political instability, and social unrest. The UK has also been losing HNWIs since the Brexit vote in 2016. This is likely due to the uncertainty surrounding the UK’s future relationship with the EU, as well as the increased tax burden on high earners.
The millionaire migration trends shown in the report are likely to have a significant impact on the global economy. The countries that are gaining HNWIs are likely to see an increase in investment and economic growth. The countries that are losing HNWIs may face a number of challenges, including a decrease in investment and tax revenue.
The millionaire migration trends shown in the report are a reminder that HNWIs are highly mobile and are willing to relocate to countries that offer them the best opportunities and quality of life. Governments should take note of these trends and work to create an environment that is attractive to HNWIs.