Wealth Immigration Trends 2024: Top Destinations and Outflows Revealed

Discover the leading nations for millionaire migration in 2024. Insights from New World Wealth.

According to the analytical insights provided by New World Wealth, as referenced in The Henley Private Wealth Migration Report 2024, it is projected that approximately 128,000 millionaires will seek new domiciles in the forthcoming year. The United Arab Emirates (UAE) and the United States of America (USA) are poised to lead this migration trend, with Portugal notably ranking 9th on the list, as it continues to allure affluent individuals with its enviable climate, boasting over 300 days of sunshine annually.

The UAE has solidified its status as the preeminent destination for millionaires, anticipating a record net inflow of 6,700 individuals in 2024. This influx is particularly pronounced among British and European nationals, positioning the Emirates as a magnet that attracts nearly double the number of millionaires compared to its closest competitor, the USA, which is projected to welcome 3,800 new affluent residents. Singapore retains its third-place standing with an expected net inflow of 3,500 millionaires, while Canada and Australia follow suit, securing the 4th and 5th positions with net inflows of 3,200 and 2,500, respectively.

In the European context, Italy, Switzerland, Greece, and Portugal are all featured in this year’s top 10 for net millionaire inflows, with Portugal specifically projected to welcome 800 new affluent residents. This trend is further complemented by Japan, which anticipates an influx of 400 wealthy migrants, largely attributed to the post-COVID migration of high-net-worth individuals (HNWIs) from China to Tokyo.

Conversely, the United Kingdom is forecasted to experience an unprecedented net loss of 9,500 millionaires in 2024, a stark contrast to its historical reputation as a premier destination for affluent migrants. This projected exodus is second only to China, which is expected to witness a net exit of 15,200 HNWIs. The UK’s decline in millionaire retention can be traced back to a decade-long trend of increasing emigration among the wealthy, exacerbated by the ramifications of Brexit. From 2017 to 2023, the UK experienced a cumulative loss of 16,500 millionaires, with the forthcoming year poised to exacerbate this trend.

The report further delineates the countries anticipated to experience the most significant millionaire outflows in 2024. Following China and the UK, India is projected to see 4,300 millionaires depart, while South Korea anticipates a loss of 1,200. The mass exodus of millionaires from Russia, which surged following the onset of the Ukraine conflict, appears to be stabilizing, with only 1,000 expected to relocate this year.

Amidst these shifting dynamics, the allure of investment migration remains robust. Portugal’s Golden Residence Permit Program continues to attract interest, despite the cessation of its real estate-linked investment option. Other popular residence programs include Greece’s Golden Visa and Spain’s Residence by Investment Program. In the realm of citizenship, Malta’s Citizenship by Naturalisation for Exceptional Services by Direct Investment remains a favored option, alongside the Caribbean’s Antigua and Barbuda and Grenada Citizenship by Investment Programs.

The implications of millionaire migration extend beyond mere numbers; they serve as a barometer for economic vitality. A significant outflow of millionaires often signals underlying economic challenges, while the influx of wealth and talent can catalyze foreign exchange revenue, stimulate new business ventures, invigorate stock markets, and foster job creation. The figures presented herein are provisional estimates for the entirety of 2024, based on year-to-date HNWI movements up to June 2024, and are rounded to the nearest hundred. It is essential to note that ‘millionaires’ and ‘HNWIs’ refer to individuals possessing liquid investable wealth of USD 1 million or more.

Wealth Immigration Trends 2024: Top Destinations and Outflows Revealed

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