An individual with an investable wealth of USD 1 million or more is often called a ‘millionaire’ or ‘high-net-worth individual (HNWI).’
According to the Private Wealth Migration Report published by Henley & Partners, these affluent people have relocated to various countries in the previous decade, seeking new opportunities. The latest forecast suggests that the migration trend to new countries will likely increase in the upcoming years.
In 2023, an estimated 122,000 HNWIs left their home countries in pursuit of better prospects globally. Furthermore, this number will likely increase to 128,000 in 2024, indicating a steady rise in people seeking to explore new horizons and opportunities.
China and India are the countries with the most significant number of millionaires or billionaires leaving. The United Kingdom and Russia also witnessed a considerable outflow of affluent residents in 2022 and 2023.
According to Henley & Partners, the reasons behind millionaires’ relocation to various countries are political stability, personal freedoms, and tax and financial concerns.
The war in Ukraine has resulted in a significant number of Russians leaving their country, with a noticeable increase in new arrivals in European cities. Between 2021 and 2022, the number of millionaires living in Russia decreased by 33 percent.