Why millionaires are leaving their home countries in record numbers
The growing trend of HNWI migration, particularly from countries like China, India, and the UK, signals deeper concerns about governance, stability, and long-term prosperity
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In 2025, global millionaires will once again be on the move, living up to their title of jetsetters. However, they won’t be travelling for leisure; instead, they will be migrating to and settling in foreign countries. This year the projected number of high-net-worth individuals (HNWIs) who will migrate is 1,42,000, up from last year’s figure of 1,34,000.
Most high-net-worth individuals make the move through investment migration, where the host country rewards them with residence or citizenship for their investment in the country’s government schemes, real estate, or specific industries, and the number is not small. The investment migration sector is estimated to be worth EUR 20 billion.
According to residence and citizenship planning firm Henley & Partners, last year, the UAE was the prime destination for the inflow of millionaires, whereas China saw the most outflow of millionaires. 2024 was the year when half the world’s population was engaged in national elections. The results have led to changes in policies and economic and political uncertainty, prompting millionaires to move to politically favourable environments.
For instance, Australia in their budget for FY25 updated the visa policy to include a pathway for major investors. War and civil unrest, too, have led to wealthy parties moving out. Last year, Israel dropped out of the top 10 countries that saw an inflow of the rich. But there are certain factors that attract the rich.
When HNWIs migrate with their families and businesses, they bring along forex revenue and eventually create an attractive economy.
Moreover, through investment migration, governments have access to a debt-free source of funding that they can utilise for large projects without pressuring the existing or future economy.
20 per cent of HNWIs are entrepreneurs who, when they set up their new businesses, lead to job creation. Also, while looking for avenues to cater to their lifestyle, they inadvertently create more jobs, especially in sectors like luxury hotels, fashion, and real estate. While millionaire migration benefits the host country, it also drains the home country of economic opportunities and a chance to reduce unemployment, negatively affecting the property market too. So, while HNWIs constitute a small part of the population, them leaving their home country is an indication that a nation is economically and politically on not so favourable ground. According to the same report, China is the biggest millionaire loser country globally in 2024 with 15,200 HNWIs (High-Net-Worth Individuals) anticipated to leave the country, compared to 13,800 from last year. 9,500 millionaires are expected to leave the UK in 2024, which is more than double of 4,200 from 2023. Rounding up the Top 5 are South Korea (1,200 in 2024 and 800 in 2023) and Russia (1,000 in 2024 and 2,800 in 2023).
1,28,000 millionaires will be relocating worldwide in 2024, which eclipses the 2023 record of 1,20,000. The location shift is accredited to geopolitical tensions, economic uncertainty and social upheaval across the globe.
The migration of High Net-Worth Individuals (HNIs) is due to certain political, social and economical reasons. Every year, we see such reports and it’s not only in the case of HNIs, but people from working class are also migrating to other countries due to unemployment and lack of job opportunities in our country. It seems that the situation in our country is not so good.
Dubai takes the first spot, third year in a row, as the world’s number one destination for migrating millionaires, particularly Indian HNWIs. In 2024, UAE’s most populous city is set to welcome 6,700 HNWIs. Moneyed migrants are flocking to Dubai for several appealing reasons; zero income tax, golden visas, a luxury lifestyle and strategic location. Moreover, Dubai has benefited considerably from the consistently high inflows from India, the wider Middle East region, Russia and Africa. Given large inflows from the UK and Europe also expected, the Emirates are attracting nearly twice as many millionaires as the US, who will see a potential inflow of 3,800 HNWIs in 2024. Singapore (3,500 in 2024), Canada (3,200 in 2024) and Australia (2,500 in 2024) round up the top-5 for net millionaire inflows.
Dr Hannah White OBE, Director and CEO of the Institute for Government in London, pointed out why Indian millionaires are particularly leaving their country and relocating elsewhere: “Both China and India are seeing high net outflows because of the success of their sizable economies in generating new millionaires... As do those from many other developing nations, including notably Brazil, Vietnam, South Africa, and Nigeria, Indian millionaires often depart the sub-continent in search of a better lifestyle, safer and cleaner environments, and access to more premium health and education services.”
