In 2023, a record number of millionaires relocated to a new country for citizenship or residency purposes, according to data from Henley & Partners. While the US still has the highest number of high net worth individuals (HNWIs), it is not the country experiencing the biggest influx. This trend highlights the shifting landscape of global wealth and the preferences of millionaires seeking new destinations to safeguard and grow their assets.
According to Henley & Partners, around 122,000 millionaires migrated in 2023 for various reasons such as favorable tax policies, quality of life, business opportunities, and political stability. The firm advises the wealthy on where to move to protect and grow their wealth. While Australia saw the highest net influx of millionaires in 2023, China was predicted to lose the most millionaires for the second consecutive year with a net drop of 13,500. India followed with 6,500 fewer millionaires while UK experienced a loss of 3,200.
Based on data from the first six months of 2023, Australia was projected to gain an additional 5,200 millionaires than it lost from the previous year. This was more than double the growth seen in other countries like United States which added only 2,100 HNWIs and ranked fourth in terms of net inflow. On the other hand United Arab Emirates also experienced significant growth in terms of net inflow with an addition of around same number as Australia but they were not projected to surpass Australian growth due to their higher initial count.
This trend indicates that Millionaires are leaving traditional destinations such as China and UK in search of newer ones that offer better opportunities for protecting and growing their wealth such as Australia and UAE.
