India is expected to lose 6,500 millionaires in 2023 – a staggering number in itself, but a step down from actual net outflow of high net-worth individuals in 2022. India had lost 7,500 millionaires in 2022. It is only second in line as one of the top losers of millionaires – individuals with investable wealth of $1 million – after China that is projected to lose 13,500 millionaires in 2023, a significant increase from the actual loss of 10,800 millionaires in 2022.
The UK, Russia, Brazil, Hong Kong, South Korea, Mexico, South Africa, Japan, Vietnam, Nigeria are all expected to lose more millionaires than last year, as per Henley & Partners’ Private Wealth Migration Report. In comparison, Australia, UAE, Singapore, USA, Switzerland, Canada, Greece, France, Portugal, New Zealand, Italy are projected to welcome more millionaires than last year.
WHERE MILLIONAIRES ARE MIGRATING
Australia is the most preferred destination for high-net-worth individuals to migrate in 2023, mostly because of their points-based immigration system that favours wealthy individuals and those with professional qualifications including accountants, doctors, engineers, hi-tech professionals and lawyers.
Australia’s weather, beaches, scenery, safety and security, healthcare system, quality of life, educational opportunities, taxation system and economy are just some of the benefits that entice millionaires not only from mid- to low-income countries, but also from high-income countries, the report elaborated.
UAE also sees one of the highest inflows of millionaires every year, and is expected to welcome around 4,500 millionaires in 2023. It is expected to witness high numbers of millionaires coming in from the UK, Russia, Lebanon, Pakistan, Turkey, Egypt, South Africa, Nigeria, Hong Kong, and China.
UAE’s ‘safe haven status’, diversified economy, low tax rates, healthcare system, real estate, international schools, luxury hub are some of the reasons that work in its favour in attracting millionaires.