Posted on September 28 2019
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:
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 |
Tags:
Migration of Millionaires
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