Millionaire Migration: 10 Countries Gaining Wealthy Residents & 10 Losing Them – Wealthy individuals around the world are on the move, seeking new opportunities, tax advantages, and a better quality of life. Millionaire migration is a growing trend that significantly impacts global economies, influencing real estate markets, investment landscapes, and government policies.
According to the Henley Private Wealth Migration Report 2024, approximately 128,000 millionaires are expected to relocate this year. Some countries are attracting high-net-worth individuals (HNWIs), while others are experiencing a significant wealth exodus.
Millionaire Migration: 10 Countries Gaining Wealthy Residents & 10 Losing Them
| Aspect | Details |
|---|---|
| Total Millionaire Migration in 2024 | 128,000 individuals |
| Top Gaining Country | United Arab Emirates (6,700 millionaires) |
| Top Losing Country | China (-15,200 millionaires) |
| Reasons for Migration | Taxes, quality of life, investment opportunities, political stability |
| Countries Gaining Millionaires | UAE, USA, Singapore, Canada, Australia, Italy, Switzerland, Greece, Portugal, Japan |
| Countries Losing Millionaires | China, UK, India, South Korea, Russia, Brazil, South Africa, Taiwan, Nigeria, Vietnam |
| Source | Henley & Partners Report 2024 |
Millionaire migration is reshaping global wealth distribution. Countries with favorable tax policies, strong economies, and high living standards are gaining wealthy residents, while nations facing political and economic challenges are seeing an exodus. Governments must adapt their policies to retain and attract wealth, ensuring a competitive environment for high-net-worth individuals.
Why Millionaires Are Migrating
1. Lower Taxes and Business-Friendly Policies
Countries like the United Arab Emirates (UAE) and Singapore offer tax-friendly environments with no income tax or capital gains tax, attracting business owners and investors.
2. Quality of Life & Safety
Wealthy individuals seek countries with better healthcare, infrastructure, and security. Nations like Switzerland, Canada, and Australia score high in these areas.
3. Political Stability & Economic Growth
Millionaires prefer stable economies where their wealth is protected. The USA and Switzerland remain top choices due to their strong economies and legal protections.
4. Investment Opportunities
Countries like Portugal and Greece attract HNWIs through Golden Visa Programs, which offer residency in exchange for real estate or business investments.
5. Education and Healthcare
Access to top-tier education institutions and world-class healthcare are major factors in millionaire migration. Countries like the USA, UK, and Canada attract wealthy families seeking the best education for their children.
6. Lifestyle and Climate Preferences
Wealthy individuals also prioritize favorable climates, leisure opportunities, and cultural environments. The Mediterranean lifestyle in Italy, Portugal, and Greece is a big draw for retirees and entrepreneurs.
Top 10 Countries Gaining Millionaires in 2024
1. United Arab Emirates (UAE) – 6,700 millionaires
The UAE remains the #1 destination for millionaire migration due to:
- Tax-free policies
- World-class infrastructure (Dubai, Abu Dhabi)
- Investor-friendly environment with free zones and digital nomad visas
2. United States – 3,800 millionaires
Despite high taxes, the U.S. remains attractive due to:
- Business and tech innovation (Silicon Valley, Wall Street)
- Access to top-tier healthcare and education
- Strong economic opportunities
3. Singapore – 3,500 millionaires
Singapore is the wealth hub of Asia, offering:
- Zero capital gains tax
- Strong banking sector
- Top-quality living standards
4. Canada – 3,200 millionaires
Canada’s quality of life, safety, and business stability attract millionaires through programs like:
- Startup Visa Program
- Investor Immigration Programs
5. Australia – 2,500 millionaires
Australia continues to attract millionaires with:
- High living standards
- Stable economy
- Real estate investment opportunities
6. Italy – 2,200 millionaires
Italy’s favorable tax regime for new residents is a major draw for wealthy retirees and entrepreneurs.
7. Switzerland – 1,500 millionaires
Switzerland remains a wealth sanctuary, offering:
- Political neutrality
- Banking privacy
- Low corporate taxes
8. Greece – 1,200 millionaires
Greece’s Golden Visa Program has successfully attracted millionaires, especially from China and Russia.
9. Portugal – 800 millionaires
Portugal’s tax-friendly policies and investment programs make it a top destination for HNWIs.
10. Japan – 400 millionaires
Japan’s economic stability, safety, and growing tech industry make it appealing to wealthy individuals.
Top 10 Countries Losing Millionaires in 2024
1. China (-15,200 millionaires)
China leads the list of millionaire outflows, driven by:
- Strict regulations on wealth
- Economic slowdown
- Political concerns
2. United Kingdom (-9,500 millionaires)
Brexit, increased taxes, and economic uncertainty have caused a millionaire exodus from the UK.
3. India (-4,300 millionaires)
Many Indian millionaires migrate for better education and business expansion opportunities abroad.
4. South Korea (-1,200 millionaires)
High living costs and regional security concerns are pushing millionaires to the U.S. and Singapore.
5. Russia (-1,000 millionaires)
Wealthy Russians are leaving due to sanctions, economic instability, and geopolitical tensions.
6. Brazil (-800 millionaires)
Economic instability and safety concerns are pushing Brazilian millionaires to the U.S. and Portugal.
7. South Africa (-600 millionaires)
High crime rates and economic downturns continue to drive HNWIs away from South Africa.
8. Taiwan (-400 millionaires)
Rising tensions with China are causing millionaires to seek safety in Japan and Australia.
9. Nigeria (-300 millionaires)
Millionaires are leaving Nigeria due to political instability and poor economic conditions.
10. Vietnam (-300 millionaires)
Vietnamese millionaires seek better investment climates in Singapore and the U.S.
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FAQs about Millionaire Migration: 10 Countries Gaining Wealthy Residents & 10 Losing Them?
1. Why do millionaires migrate?
Millionaires move to find lower taxes, better investment opportunities, safety, and quality of life.
2. Which country gains the most millionaires?
The UAE leads in millionaire migration with an expected 6,700 inflows in 2024.
3. Which country loses the most millionaires?
China has the highest millionaire outflow, losing 15,200 individuals in 2024.
4. What is the Golden Visa Program?
A residency-by-investment program allowing HNWIs to gain citizenship or residency by investing in a country’s economy.
5. What are the main reasons millionaires leave their home countries?
Common reasons include high taxes, political instability, lack of business opportunities, and security concerns.
6. How does millionaire migration impact economies?
It affects real estate markets, investment climates, employment sectors, and tax revenues in both the losing and gaining countries.
7. Are there risks associated with millionaire migration?
Yes, risks include housing inflation, economic inequality, and increased competition for local resources in the receiving countries.
