Where do the world’s millionaires migrate?

Millionaires or High Net Worth Individuals (HNWIs) are most likely to migrate to another country. There are many reasons for this. Migrating to another country gives them an opportunity to invest abroad and expand their business in a foreign country.  Some HNWIs move to other countries to facilitate their children’s education. Getting a residency or citizenship in another country allows them to sponsor their children for a work visa or immigration visa without the need for outside help.

Wealthy individuals are exposed to a higher quality of life because of their frequent travels abroad. Moving to another country gives them an opportunity to live this high quality of life. Other reasons to migrate could be favorable tax laws or a better business environment.

A report by the Global Wealth Migration Review indicates the migration of millionaires from countries across the world. It also highlights the countries that are most preferred by millionaires and the countries that saw the exodus of most millionaires.

Countries with the maximum exodus of millionaires

According to the report, these are the top four countries where the maximum number of millionaires migrated to other countries.

Country	Net outflow of HNWIs (2018)	Percentage of HNWIs lost
China	15,000	2%
Russia	7,000	6%
India	5,000	2%
Turkey	4,000	10%

 

A significant exodus of HNWIs to other countries as in the case of Turkey indicates the negative impact of economic and social conditions.

Where are these millionaires migrating?

Switzerland has always been a popular destination for millionaires. Another destination that is becoming increasingly popular is Australia. The favorable factors include:

1. A robust economy
2. A secure environment to raise a family
3. Low-cost healthcare
4. No inheritance tax

It is probably due to these reasons that Australia has moved ahead of Canada and France and is becoming a preferred alternative to the U.S.

Country	Net inflow of HNWIs (2018)
Australia	12,000
United States	10,000
Canada	4,000
Switzerland	3,000