Graphic by: Visual Capitalist
Millionaires’ Migration Map
It is estimated that 88,000 millionaires will migrate to a new country by the end of 2022, as H & P reported earlier this month.
Nevertheless, it is interesting to know what are the departure countries as well as which countries are the most popular destinations.
Rising of Millionaires’ Migration
As the Covid-19 pandemic reached the world by 2020, several governments around the world extended the lockdowns.
Millionaires were confined to their own countries and as a result, the number of high net worth individuals (HNWIs) dropped sharply.
However, as countries worldwide are starting to lift travel restrictions, the number of millionaires’ migration is rising again.
Where Are Rich People Departed From?
One of the main reasons for wealthy people to leave their home is to avoid any warfare, which clearly explains the large number of emigrations from Russia and Ukraine in 2022.According to data, Ukrainian HNWIs would be the largest group of migrants with 42% by the end of 2022, followed by Russian with 15%, which are significant numbers in contrast to other countries in the top 10.
The other country that may witness a huge outflow of millionaires is China with 10,000 individuals. The rate of general wealth has been slowing down in the past years in China, so the recent migration of ultra-rich people will be more detrimental than before as Andrew Amolis, head of research at New World Wealth, explained.
India, Hong Kong, Brazil, Mexico, Saudi Arabia and Indonesia could be the other countries with high HNWIs outflow.
Where Are The Wealthy Individuals’ Destinations?
In the list of top 10 inflow of HNWIs, the United Arab Emirates (UAE) absorbs approximately 4,000 affluent individuals in 2022, which ranks first. UAE’s exceptional tax policy for corporations, luxury lifestyle and various investment opportunities are truly enticing.
The movement of super rich Russians into UAE and Israel are noticeable right after the start invasion of Ukraine because of heavy Western sanction on Russia.
Australia, as an old destination, ranks second in absorbing millionaires in 2022. Affordable costs in healthcare, lack of inheritance tax and its thriving economy are the reasons behind the successful attraction of migrants.
Australia hosts roughly 80,000 wealthy people in the last two decades as reported by the New World Wealth survey.
Other destinations for HNWIs would be Singapore, Israel, Switzerland, the USA, Portugal, Greece, Canada and New Zealand. Among which, Portugal and Greece offer a great chance to investors to obtain their Golden Residence Permit and enjoy its multiple benefits.
MICS GLOBAL can guide you to opt for the most suitable investment option for you and your family and walk you through the whole process to reach your desirable goal.
