The UK is set to lose a net 9,500 millionaires in 2024, second only to China, and more than double the 4,200 who left last year. This follows the departure of 1,600 high-net-worth individuals (HNWIs) in 2022.
Meanwhile, the UAE is poised to remain the top wealth magnet for the third consecutive year, expecting a record 6,700 wealthy migrants by year-end, largely from the UK and Europe.
The Henley Private Wealth Migration Report 2024, released by Henley & Partners, highlights these trends. The report, based on data from New World Wealth, shows the net inflows and outflows of millionaires—those with $1 million or more in liquid assets.
China continues to lead in millionaire losses with a projected net exit of 15,200 HNWIs in 2024, up from 13,800 in 2023. India's wealth exodus has slowed, dropping to third place with 4,300 millionaires expected to leave, compared to 5,100 last year. South Korea anticipates a loss of 1,200 millionaires, up from 800 in 2023.
The outflow of millionaires from Russia is decreasing, with 1,000 expected to relocate in 2024, down from 8,500 in 2022 and 2,800 in 2023.
Dominic Volek, Group Head of Private Clients at Henley & Partners, said 2024 is shaping up to be a watershed moment in the global migration of wealth. “An unprecedented 128,000 millionaires are expected to relocate worldwide this year, eclipsing the previous record of 120,000 set in 2023. As the world grapples with a perfect storm of geopolitical tensions, economic uncertainty, and social upheaval, millionaires are voting with their feet in record numbers.
"In many respects, this great millionaire migration is a leading indicator, signalling a profound shift in the global landscape and the tectonic plates of wealth and power, with far-reaching implications for the future trajectory of the nations they leave behind or those which they make their new home.”
The UAE continues to be the top destination for migrating millionaires, thanks to its zero income tax, golden visas, luxury lifestyle, and strategic location. It is expected to see a record net inflow of 6,700 millionaires this year, nearly double that of the US, its closest rival, which anticipates 3,800 new wealthy residents in 2024.
Singapore ranks third with net inflows of 3,500 millionaires, followed by Canada (3,200) and Australia (2,500). European destinations like Italy (2,200), Switzerland (1,500), Greece (1,200), and Portugal (800) also feature in the Top 10, along with Japan, which is set to welcome 400 millionaires, partly driven by Chinese HNWIs relocating post-Covid.
Head of Research at New World Wealth, Andrew Amoils, said the benefits of this migration of wealth and talent to these destination countries are significant and wide ranging.
“Migrating millionaires are a vital source of forex revenue as they tend to bring their money with them when they move to a country. Also, around 20% of them are entrepreneurs and company founders who may start new businesses and therefore create local jobs in their new country, and this percentage rises to over 60% for centi-millionaires and billionaires.”
Britain pulls the plug on millionaires
The UK, and London especially, has traditionally been seen as one of the world’s top destinations for migrating millionaires and for many years (from the 1950s to early 2000s) it consistently attracted large numbers of wealthy families from mainland Europe, Africa, Asia, and the Middle East.
However, this trend began to reverse around a decade ago as more millionaires began to leave the country and fewer came in.
Notably, during the six-year period from 2017 to 2023 post Brexit, the UK lost a total of 16,500 millionaires to migration. Provisional estimates for 2024 are even more concerning, with a massive net outflow of 9,500 millionaires projected for this year alone.
Dr. Hannah White OBE, Director and CEO of the independent think tank the Institute for Government in London, said: “the outflow already generated by the economic and political turmoil in Britain risks being accelerated by further unwelcome policy decisions ahead of the election.
"On top of the 40% duty already imposed on estates above a GBP 325,000 threshold, the Conservative government has adopted the thrust of the Labour opposition’s policy of ending the UK’s non-dom tax regime from 2025. And for those educating their children in the UK’s well-regarded private school sector, Labour’s commitment to remove their exemption from 20% VAT is a further unwelcome development.”
According to the W15 ranking of the world’s top 15 countries for millionaires published in the report, the number of millionaires in the UK has dropped by 8% over the past decade — while soaring elsewhere.
In Germany, the HNWI population has increased by 15% over the last 10 years, in France it’s up 14%, while the number has risen by 35% in Australia, 29% in Canada, and an astonishing 62% in the US.
The other big millionaire losers in 2024
Besides China, the UK, India, South Korea, and Russia, the remaining places in the Top 10 millionaire outflow ranking are taken up by Brazil where a millionaire drain of 800 is projected this year, followed by South Africa (-600), Taiwan (-400), and Vietnam and Nigeria, which are both set to see 300 millionaires take flight.
But as Dr. White points out, HNWIs are leaving these other countries for quite different reasons from the UK.
“Both China and India are seeing high net outflows because of the success of their sizeable economies in generating new millionaires, although slowing wealth growth in China in recent years could mean sustained losses become more damaging over time.
"As do those from many other developing nations, including notably Brazil, Vietnam, South Africa, and Nigeria, Indian millionaires often depart the sub-continent in search of a better lifestyle, safer and cleaner environments, and access to more premium health and education services."
The megatrend of investment migration
The surge in millionaire migration is fuelling a corresponding boom in the investment migration sector. Henley & Partners has received record levels of enquiries about residence and citizenship by investment programs over the past 12 months from nearly 200 different countries.
The top two nationalities currently driving demand are Americans and Indians, with Brits, Filipinos, and South Africans remaining in the Top 10 as they have done for the last five years.
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