Migration of millionaires around the world in 2023

Migration map of millionaires around the world in 2023

During the COVID-19 pandemic, migration of millionaires or high net worth individuals (HNWIs) has decreased. But it is expected that about 122,000 HNWIs will begin their migration to new countries by the end of this year. 

According to Henley & Partners’ 2023 private wealth mobility report, millionaires or high net worth individuals (HNWIs) are those with an investable value of at least $1 million. 

Countries targeted by millionaires

The top 10 countries are expected to see the highest net inflow of millionaires and billionaires, with Australia and the UAE taking the top spot. 

Below is a detailed list of data: 

There are only two Asian countries in the top 10, the rest are distributed across Europe, North America and Oceania.

Despite facing historic economic challenges, Greece is expected to attract around 1,200 net millionaires this year, thanks to its “Golden Visa” program. 

Countries with high levels of economic freedom, attractive tax environments and easy investing are attractive to HNWIs. Singapore, which is expected to welcome about 3,200 millionaires, is the most economically free market in the world.

Countries that lost the most millionaires

China is the world’s biggest loser of dollar millionaires, with about 13,500 high-net-worth individuals expected to leave this year, more than double the number of second-place India with 6,500. 

Top 10 countries with the highest number of millionaire departures: 

In some of these countries, the Government strictly regulates corruption issues that can hinder the wealth management of millionaires. 

In Russia, millionaires and wealthy individuals are encountering trade barriers from Western countries due to the war in Ukraine. Political factors between China and Hong Kong make this place less attractive for investment. Finally, the UK left the EU, making it difficult for many businesses and individuals to move, invest,… disrupting business activities across European borders.

Some of these countries may still have more self-made millionaires and billionaires, but the loss of thousands of HNWIs to net migration will certainly have a significant economic impact.

In general, millionaires are migrating more and more. In the last 10 years of data reported – despite a decline during the pandemic – the number of HNWIs leaving their country of origin has increased each year.

Below is a detailed data table: 

Source: Visual Capitalist. (September 2023). Mapped: The Migration of the World’s Millionaires in 2023. 

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