Due to various social, economic, and political factors 2024 has witnessed a continued Millionaire Migration worldwide. An estimated 128,000 millionaires are expected to migrate this year, setting a new record. This report highlights the main trends and drivers behind this migration, providing a detailed analysis of the countries experiencing the largest inflows and outflows of millionaires

Report on Global Millionaire Migration in 2024:

Which Countries Do Millionaires Migrate From?

China:

Expectations: Approximately 15,200 millionaires are expected to leave China.

Drivers:

• • • Economic Policies: Changes in economic policies that may negatively impact businesses and investments.
    • Political Uncertainties: Political instability affecting the business environment.
    • Better Education and Living Conditions: The search for better educational systems and improved living conditions abroad.
    • Strict COVID-19 Policies: Ongoing strict policies related to the COVID-19 pandemic, affecting freedom of movement and increasing economic pressures.
    • These factors drive millionaires to seek stability and security in other countries.

United Kingdom:

Expectations: About 9,500 millionaires are expected to migrate from the UK.

Drivers:

• • • Brexit Effects: Economic and political instability resulting from the UK’s exit from the European Union.
    • Political Instability: Fluctuating political conditions affecting the business and investment environment.
    • Changes in Tax Laws: Modifications to the tax system making the UK less attractive to the wealthy seeking more favorable tax environments.
    • Search for Better Opportunities: Desire for better investment and educational opportunities in other countries.
    • These combined factors drive the wealthy to seek more stable and secure environments for their money and future.

India:

Expectations: Around 4,300 millionaires are expected to leave India.

Drivers:

• • • Better Lifestyle: Desire to live in environments with higher living standards.
    • Improved Educational Systems: Seeking better education for their children in other countries.
    • More Stable Economic Conditions: High levels of bureaucracy and regulatory challenges in India push the wealthy to seek more stable economic environments.
    • Global Expansion: Maintaining their businesses in India while seeking opportunities for international expansion.
    • These factors encourage Millionaire Migration and moving to countries offering better opportunities for life and investment.

Russia:

Expectations: Approximately 1,000 millionaires, a decrease from the previous year.

Drivers:

• • • Economic Sanctions: Sanctions imposed on Russia due to the war in Ukraine have significantly impacted the economy and living conditions.
    • Political Instability: Concerns about government policies and political stability.
    • Personal and Family Safety: Desire to ensure the safety of their families and assets.
    • These factors drive wealthy individuals to seek more stable environments.

South Korea:

Expectations: About 1,200 millionaires are expected to leave South Korea in 2024.

Drivers:

• • • Better Business Opportunities: Moving to countries like the United States, Canada, and Australia offers more diverse and stable business and investment opportunities.
    • Improved Quality of Life: Higher standards of living, including better educational and healthcare services.
    • Safety and Stability: Seeking safer and more politically and socially stable environments for themselves and their families.
    • The search for new environments that offer better futures drives millionaire migration.

Which Countries Are Attracting Millionaire Migration?

United Arab Emirates:

Expectations: The UAE is expected to attract 6,700 millionaires.Drivers:

• • • Favorable Tax Environment: No personal income or capital gains taxes.
    • Strategic Location: Central location between Europe, Asia, and Africa.
    • High Standard of Living: Advanced infrastructure, high-quality healthcare, educational services, and a luxurious lifestyle.
    • Political and Security Stability: A safe and stable environment attracts many investors.
    • Cultural Diversity: Diverse and multicultural society.

United States:

Expectations: The United States is expected to attract 3,800 millionaires.

Drivers:

• • • Large and Diverse Economy: Diverse markets and enormous investment opportunities.
    • Infrastructure and Facilities: Excellent healthcare, educational, and transportation facilities.
    • Innovation and R&D: A leading environment for innovation and research and development.
    • Higher Education and Research: Home to some of the world’s best universities and research institutions.
    • Cultural and Social Diversity: Significant cultural and social diversity.
    • Business-Friendly Laws and Regulations: Strong legal system protecting property rights and contracts.

Singapore:

Expectations: Around 3,500 millionaires are expected to migrate to Singapore.

Drivers:

• • • Favorable Business Environment: Strong regulatory legislation and an efficient judiciary.
    • Global Market Integration: A global financial hub facilitating access to global markets.
    • Political and Social Stability: Safe and stable environment for living and investment.
    • Developed Infrastructure: Excellent transportation system and high-quality healthcare and educational facilities.
    • Singapore offers a blend of economic, social, and cultural opportunities.

Canada:

Expectations: Canada is expected to see an inflow of 3,200 millionaires.

Drivers:

• • • Political and Economic Stability: Strong democratic system and stable, diversified economy.
    • Developed Infrastructure: High-quality healthcare, educational, and transportation facilities.
    • Scenic Nature and High Quality of Life: Beautiful nature and diverse landscapes.
    • Education and Research: Renowned universities and research centers.
    • Cultural and Social Diversity: Suitable environment for international investors.
    • Immigration Programs for Investors: Programs designed for investors and wealthy individuals.

Australia:

Expectations: About 2,500 millionaires are expected to migrate to Australia.

Drivers:

• • • Strong and Stable Economy: Diverse and sustainable investment opportunities.
    • Favorable Political and Legal Environment: A stable democratic political system and strong legal system.
    • Beautiful Natural Environment: Stunning natural landscapes and high-quality lifestyle.
    • High-Quality Education and Healthcare: Advanced education and healthcare systems.
    • Cultural and Social Diversity: A diverse society, makes it easier for international immigrants to integrate.
    • Investor Immigration Programs: Programs targeting investors and wealthy individuals.

Future Projections

As global economic and political conditions evolve, the patterns of millionaire migration are expected to adapt accordingly. With the ongoing developments in technology and remote work, more high-net-worth individuals might opt for countries offering the best digital infrastructure and quality of life. Climate change and environmental sustainability will also likely influence future migrations, as wealthy individuals seek locations with stable and favorable climates.

Impact Analysis

The Millionaire Migration has significant implications for both source and destination countries. For source countries, the loss of wealthy individuals can lead to reduced tax revenues and decreased investment in local economies. Conversely, destination countries benefit from increased investments, enhanced economic activities, and the creation of high-value networks. This movement can also foster innovation and cultural diversity in host nations.

Policy Recommendations

To manage and benefit from millionaire migration, policymakers should consider the following recommendations:

Source Countries:

• • Develop policies to retain wealth, such as favorable tax incentives and improved business environments.
  • Invest in infrastructure, education, and healthcare to enhance the quality of life and reduce emigration incentives.
  • Promote political and economic stability to attract and retain high-net-worth individuals.

Destination Countries:

• • Create attractive residency and citizenship programs tailored to high-net-worth individuals.
  • Maintain and enhance political and economic stability to continue being attractive destinations.
  • Invest in infrastructure, education, and healthcare to support the integration of wealthy immigrants and their families.
  • Foster a business-friendly environment with clear and stable regulations to attract further investments.

Case Study:

The United Arab Emirates:

In recent years, the UAE has successfully attracted a significant number of high-net-worth individuals, becoming a leading destination for millionaire migration.

Drivers:

• Tax Environment: The absence of personal income and capital gains taxes has been a primary attraction.
• Quality of Life: High standards of living with advanced infrastructure, healthcare, and educational services.
• Strategic Location: Central geographic location facilitating business and travel.
• Political Stability: Stable and secure political environment encouraging long-term investments.

Outcomes:

• Increased investments in real estate, businesses, and financial markets.
• Growth in luxury markets and high-end services.
• Enhanced global connectivity and cultural diversity.

Expert Opinion:

Mr. Imad Elbitar: As an expert in the field of Citizenship and Residency by Investment, I have witnessed firsthand the strategic importance of creating favorable conditions for high-net-worth individuals. Countries that offer stability, economic opportunities, and high living standards continue to attract mllionaires, resulting in mutual benefits for both the investors and the host nations. The UAE’s approach is a prime example of how targeted policies can successfully attract and retain wealthy migrants, fostering economic growth and diversification.

I advise high-net-worth individuals to seek out countries that provide advanced infrastructure, favorable tax regimes, and political and economic stability. If you are considering relocating to a new country or looking for better investment opportunities, we invite you to contact us for the best advice and guidance to achieve your investment and living goals