Global Millionaire Migration Trends in 2024: Key Insights and Implications

As the world continues to grapple with geopolitical tensions, economic instability, and shifting policy landscapes, the migration of the wealthy is taking center stage in 2024. Countries around the world are seeing significant changes in their high-net-worth individual (HNWI) populations, as millionaires seek better tax policies, improved quality of life, and safer, more stable environments.

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An unprecedented 128,000 millionaires are expected to relocate globally this year. This number of individuals with liquid investable wealth of USD 1 million or more surpassed last year’s record of 120,000.

Why Millionaire Migration Is Important

Millionaire migration has far-reaching effects, particularly for the countries that attract affluent global citizens. According to Henley & Partners’ Private Wealth Migration Report 2024, around 20% of HNWIs are entrepreneurs, rising to 60% for centi-millionaires and billionaires. 

As entrepreneurs and investors relocate, they bring significant capital and create new businesses, which in turn generate local jobs and stimulate economic growth.

Furthermore, the influx of wealthy individuals often leads to increased demand for luxury real estate, high-end services, and other goods, benefiting sectors beyond just finance. Countries that attract HNWIs stand to gain from foreign direct investment (FDI) and an increase in local spending, while those experiencing outflows risk losing significant revenue and economic stability.

This movement brings significant economic benefits to receiving countries, including increased forex revenue as millionaires bring substantial financial assets, often equating to large export revenues. Many of these individuals are entrepreneurs or company founders, meaning they establish businesses in their new countries. 

This boosts job creation and local economies, particularly in high-value sectors such as:

• Luxury services
• Technology
• Wealth management 

Additionally, migrating millionaires contribute to local stock market gains through equity investments and by publicly listing their companies. The impact of their businesses often extends beyond immediate economic gains, creating jobs that benefit the middle class.

Millionaire migration also serves as a vital economic gauge, especially for countries losing significant numbers of wealthy individuals. A high outflow of millionaires can indicate underlying problems, such as political instability or economic challenges, and can be a warning sign of future difficulties. 

Common reasons for relocation include concerns about:

• Safety
• Taxes
• Business opportunities
• Lifestyle
• Access to quality education and healthcare

Countries Attracting the Most Millionaires in 2024

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Millionaires are seeking a more favorable environment in all corners of the globe.

UAE

For the third consecutive year, the United Arab Emirates (UAE) is projected to be the world’s leading wealth magnet. In 2024, the country is expected to welcome a record-breaking 6,700 HNWIs, driven by its favorable tax policies, luxury lifestyle, and strategic location. 

With zero income tax, UAE’s wealth management ecosystem, and attractive residency programs like the golden visa, the country is seen as a safe haven for the global elite.

The Emirates has also benefited from geopolitical and economic turmoil in the UK and Europe, attracting large numbers of British and European millionaires seeking greater financial stability and more favorable business conditions.

USA

The United States continues to be a key destination for HNWIs, with a projected 3,800 millionaires expected to relocate to the country in 2024. The U.S. offers a stable political environment, world-class healthcare, and extensive legal protections for wealth. 

Cities like New York, Miami, and Los Angeles remain top picks for the wealthy due to their sizeable economies, vibrant cultural scenes, and strong real estate markets.

Singapore

Singapore is set to attract 3,500 millionaires this year, maintaining its position as a top destination for wealth migration. The city-state’s appeal lies in its global connectivity, sophisticated banking system, and reputation as a safe, business-friendly environment. 

As a gateway to Asia, Singapore’s strategic location makes it a hub for wealthy individuals from China, India, and beyond.

Canada and Australia

Both Canada and Australia have emerged as popular destinations for migrating millionaires in 2024, with expected inflows of 3,200 and 2,500 HNWIs, respectively. These countries offer a high quality of life, political stability, and excellent healthcare and education systems, which make them attractive to those seeking a safe and comfortable environment for wealthy families.

European Favorites

Southern Europe continues to appeal to wealthy individuals. Italy is projected to attract 2,200 millionaires in 2024, followed by:

• Switzerland (1,500)
• Greece (1,200)
• Portugal (800)

These countries are favored for their rich cultural heritage, favorable tax regimes, and premium real estate opportunities.

Countries Losing the Most Millionaires in 2024

While some countries continue to attract increasing numbers of wealthy individuals, others are facing significant departures.

China

With an expected net loss of 15,200 millionaires in 2024, China leads the world in outflows of wealthy individuals. Economic uncertainty, regulatory crackdowns, and geopolitical tensions have prompted many Chinese HNWIs to seek greener pastures elsewhere, particularly in places like Singapore, the U.S., and the UAE. 

The ongoing capital flight could have long-term consequences for China’s economy, which has been grappling with slower growth in recent years.

UK

The United Kingdom is expected to lose 9,500 millionaires in 2024, marking a continuation of the post-Brexit trend that saw 16,500 HNWIs leave the country between 2017 and 2023. Political instability, high taxes, and changes to the UK’s non-dom tax regime have made the country less attractive to wealthy individuals. 

This exodus has been particularly significant in London, which once stood as a global hub for the elite. Unfortunately, the trend poses long-term risks to the UK’s financial sector and real estate market.

India

While India continues to generate new millionaires at an impressive rate, the country is still set to lose 4,300 HNWIs in 2024. Many of these wealthy individuals move abroad seeking better living standards, safer environments, and access to premium healthcare and education. 

However, most Indian millionaires maintain business interests and second homes in India, so the country is not yet suffering from a complete brain drain.

Russia, Brazil, South Africa, and South Korea

Other notable countries experiencing HNWI outflows include:

• Russia (-1,000)
• Brazil (-800)
• South Africa (-600)
• South Korea (-1,200)

These countries are facing a combination of political instability, economic challenges, and, in the case of Russia, the ongoing effects of international sanctions following the war in Ukraine.

Key Reasons Behind Millionaire Migration

• Tax regimes are a significant factor driving millionaire migration simply because it’s slowing wealth growth. Countries like the UK, which recently imposed a 40% duty on estates over GBP 325,000 and is planning to end its non-dom tax regime, are seeing an exodus of wealthy residents. In contrast, countries with favorable tax policies, such as the UAE and Switzerland, are benefiting from this trend.
• HNWIs often seek countries with high standards of living, including world-class healthcare, education, and safety. Countries like Canada, Australia, and the UAE offer these benefits, making them attractive destinations for those prioritizing quality of life.
• Political instability in countries like China, Russia, and Brazil has pushed many millionaires to seek safer environments. Economic challenges, particularly in the wake of the pandemic, have also played a role in encouraging the wealthy to relocate.

The Safe Haven 8: A New Class of Countries

Henley & Partners has identified the Safe Haven 8. These are the countries that have seen significant millionaire inflows and offer stable, high-income environments. 

These include:

• UAE
• Australia
• Switzerland
• Singapore
• New Zealand
• Malta
• Monaco
• Mauritius

These countries share several key characteristics, including political stability, favorable tax policies, and strong wealth management systems. Their ability to attract HNWIs has transformed their economies, making them hubs for wealth and investment.

Migration to Europe

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The European Lifestyle Report by Knight Frank surveyed over 700 high-net-worth individuals (HNWIs) from 11 countries to understand their motivations and preferences for relocating to Europe. 

• Security and privacy emerged as the top concerns for wealthy individuals, driven by rising geopolitical volatility and privacy challenges. 
• Taxes also play a key role, with generational differences observed; Generation X and older generations prioritize tax benefits, while Millennials and Gen Z focus more on employment and education opportunities. 
• Wealth taxes are less of a concern than property taxes, which are considered more burdensome, though relatively favorable in Europe compared to other regions.

In terms of relocation options, 83% of HNWIs prefer city locations for their permanent residence due to the economic opportunities, infrastructure, and cultural amenities that urban centers provide. Popular cities for relocation include Paris, Berlin, Barcelona, Vienna, and Madrid. 

A smaller percentage (17%) prefer rural or resort locations, drawn by their natural beauty and peaceful environments, a trend that strengthened during the pandemic. Among resorts, Verbier in Switzerland and Monaco top the list, offering luxury alpine and Mediterranean lifestyles, respectively. Destinations like the South of France and Marbella are also highly favored. 

Additionally, digital nomad visas are gaining popularity among HNWIs, providing a temporary pathway to residency in countries like Portugal. The report notes a rising trend in multiple passport ownership, reflecting an increasing desire for global mobility among affluent individuals.

Final Thoughts

The global millionaire migration in 2024 signals profound changes in the economic and geopolitical landscape. Countries that prioritize favorable policies and a high quality of life are reaping the benefits of this migration, while those that fail to adapt risk losing valuable human and financial capital. 

The global redistribution of wealth due to millionaire migration is set to have significant economic and social implications. Countries losing HNWIs, such as China and the UK, may face challenges in maintaining economic momentum and could see declines in certain sectors, particularly luxury real estate and finance.

Conversely, countries experiencing inflows of wealthy individuals, such as the UAE the U.S., and Switzerland will likely see continued economic growth, increased FDI, and job creation.

Switzerland is well known for its favorable tax system, and thanks to that, a number of entrepreneurs are relocating here. If you’re interested in being one of them and move to the town of Verbier specifically, contact the Schraner team and we will answer your questions.