Mapping the migration of the world’s millionaires

Where do the world's millionaires migrate to?

The United Arab Emirates (UAE) has become a millionaire magnet, with a projected 4,000 HNWIs (high net worth individuals) flowing into the country by the end of 2022.

This influx of ultra-wealthy people is partly because of the country’s accommodating immigration policies that are specially tailored to attract private wealth and international talent.

But interestingly Australia is also a popular destination coming in second to the UAE.

Migration of millionaires is back

2020 saw a drastic drop in the number of millionaire migrants, as pandemic-induced lockdowns kept people from leaving their home countries—and at times, their homes in general.

But as restrictions ease and countries begin to open up their borders again, the migration of millionaires is beginning to gather steam once again:

Which countries are millionaires leaving?

There are a plethora of reasons why the ultra-rich move countries.

Escaping conflict is one of them, which is why it’s no surprise to see Russia and Ukraine is projected to see some of the biggest emigration numbers by the end of 2022.

Here are the top 10 countries by millionaire outflows:

While Russia is expected to see 15,000 millionaires leaving the country, Ukraine is projected to experience the highest loss in percentage terms—a whopping 42% of its HNWIs could leave the country by the end of 2022.

China could also see a big loss in its millionaire population, with a projected loss of 10,000.

According to Andrew Amoils, Head of Research at New World Wealth, this could be more damaging to the country than in previous years, since general wealth growth in China has declined recently.

Where is the ultra-rich moving?

Australia continues to attract HNWIs, coming in second behind the UAE.

According to New World Wealth, approximately 80,000 millionaires have moved to the Land Down Under in the last two decades.

A few things that attract migrants to Australia are the country’s low costs of healthcare, its lack of inheritance tax, and its generally prosperous economy.

Here are the top 10 countries that saw millionaire inflows:

Guest expert is Carmen Ang, a writer from Visual Capitalist. You can read the full article here. 

About Guest Expert Apart from our regular team of experts, we frequently publish commentary from guest contributors who are authorities in their field.