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Global Millionaire Migration- Why, When and Where?

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Recently, The Henley Global Citizen Report says that, through the year 2022, 88,000 millionaires will migrate to a new country. Now there are three crucial questions that arise. These are the people who are included in the term “millionaires.” Why are they leaving the country? And where are they migrating to? 

Source-Global Citizen Report

Who is included in the term “millionaires”?

The term “millionaires” includes high net worth individuals (HNWIs) who have a net worth of over US $1 million. At present, it is estimated that there are over 15 million millionaires in the world, and by the end of 2022, the count will increase.  

The migration of Millionaires is back after the Pandemic

Every year, a number of millionaires leave their country and settle in another country. In 2020, when the pandemic of COVID-19 hit the world, the migration of millionaires was very low. There were approximately 12,000 millionaires in 2020 and 25,000 in 2021 who migrated from their country. This is because all the sources of migration were nearly closed. But, as soon as the doors opened to enter a new country, the migration of millionaires increased at a rapid rate. In 2022, it will be more than triple what it was in 2021. It is estimated that over 88,000 millionaires will migrate to different countries by the end of this year.  

Which countries are millionaires leaving and why? 

According to the research, the following are the countries from where millionaires are migrating to other countries: Russia, China, India, Hong Kong, Ukraine, Brazil, the UK, Mexico, Saudi Arabia, and Indonesia. Due to Russia and Ukraine’s war, Russia has faced the maximum number of millionaires’ migration (approximately 15,000). Now the question arises: why are these millionaires leaving their own country? One of the biggest reasons for migration is escaping from conflicts, and other reasons may include personal reasons and financial reasons. One may also leave his country if he believes that despite his best efforts, he is not receiving enough. 

Where are the millionaires going to settle? 

These millionaires are moving to different parts of the country. At present, it is stated that most of the migrated millionaire population is going to settle in the United Arab Emirates to start a new life. It is now known as the “millionaire magnet,” which attracts thousands of millionaires from different countries. After the UAE, Australia is the second hub of migrated millionaires. Apart from the UAE and Australia, other countries where millionaires are settling include Singapore, Israel, the USA, Portugal, Greece, Canada, and New Zealand. It can also be said that by 2023, 1,25,000 millionaires will migrate to different countries. 

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