As per the latest reports by Henley & Partners, the UK is expected to witness a total loss of 9,500 millionaires in 2024, which is more than double what the UK saw last year with 4,200 wealthy people moving out of the country. This number itself is record-breaking compared to the 1,600 high-net-worth individuals who left the country in 2022. China leads the race of the most wealthy migrating out of the country worldwide. 

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The United Arab Emirates (UAE) is set to top the rank of biggest wealth magnet for the third year, with 6,700 loaded migrants to settle down in the Middle Eastern country by the end of the year, mostly from the UK and other parts of Europe. 

India is also losing a ton of millionaires to the UAE; however, it is not concerning yet, as India is also producing more high-net-worth individuals (HNWIs) than it is losing to emigration. Additionally, several Indian millionaires who leave the country generally have businesses or second homes here in India, which is a positive for the country. 

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Where are the rich moving to?

In general most of the rich-families emigrate to global cities such as London, Singapore, New York, and Dubai due to several reasons such as quality of life, legal and regulatory access, healthcare, safety and security, education, and more. The countries where these millionaires settle down reap the profit. 

The following is the list of top 10 countries globally with highest projected net inflows of millionaires in 2024:

  • UAE: +6,700
  • USA: +3,800
  • Singapore: 3,500
  • Canada: +3,200
  • Australia: +2,500
  • Italy: +2,200
  • Switzerland: +1,500
  • Greece: +1,200
  • Portugal: +800
  • Japan: +400 

 

Benefits like zero income tax, golden visas, a lavish lifestyle, and prime location make it a millionaire-heaven and one of the most attractive countries for the richest to settle down in. 

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