Russia, China, and India Lost Highest Number of Millionaires In 2022
According to a report by the international consulting firm Henley and Partners, the top three nations that would lose the most millionaires in 2022 are going to be Russia, China, and India. 15 000, 10,000, and 8,000 people, respectively, were lost in these nations, the research said.
High-net-worth individuals (HNWIs) are moving again, after temporarily slowing down because of the Covid-19 pandemic. If a person has wealth worth $1 million or more, they are considered high net worth.
According to the report, India produces many more new billionaires than it loses to migration, so these losses are not very alarming. There is a trend for wealthy people to go back to India, and once the country’s standard of living rises, it is anticipated that this trend will continue.
India is predicted to see an 80% increase in the number of high-net-worth individuals by 2031, making it one of the world’s fastest-growing wealth markets during this time. A huge setback for China was the rejection of Huawei 5G by a number of important markets, including the USA, the UK, and Australia.
“Huawei was the gem in the crown of China’s high-tech industry, and were it not for international meddling, it very well could have become the largest tech business in the world. Another significant long-term worry is China’s deteriorating relations with Australia and the USA, the report stated.
According to the survey, other nations that had a net outflow of millionaires in 2022 included Hong Kong SAR, Ukraine, Brazil, Mexico, the UK, Saudi Arabia, and Indonesia.
Figures on the emigration of high-net-worth individuals are a great indicator of an economy’s health. Rich people move around a lot, and their moves can serve as an early indicator of future national trends. Rich nations with low crime rates, competitive tax rates, and appealing commercial possibilities are more likely to encourage wealthy people and families to relocate to their shores.
Over the past ten years, millionaire migration has been on the rise. However, in 2020, due to the Covid-19 pandemic, it naturally decreased. For 2020 and 2021, no country-specific figures are available because the coronavirus outbreak made it difficult to track movement due to lockdowns and travel restrictions.
42% of Ukraine’s high net-worth individuals are anticipated to depart the nation by the end of 2022. This might be largely attributable to the Russian invasion. On the other hand, the countries that witnessed the greatest inflow of millionaires during this time period of 2022 were the UAE, Israel, the US, Portugal, Canada, Singapore, Australia, New Zealand, Greece, and Switzerland.
Notably, over the previous 20 years, close to 80,000 millionaires have emigrated to Australia. 3,500 people arrived in the nation in 2022. A significant number of millionaires are also anticipated to relocate to “the three Ms”: Malta, Mauritius, and Monaco, according to the report.
The UAE is expected to experience its largest net influx of high-net-worth individuals in 2022. This year, approximately 4,000 people are expected to move to the UAE, making it one of the years with the biggest inflow of billionaires. The majority are from the Middle East, Africa, Russia, and India. Before the pandemic, the UAE had a tradition of drawing about 1,000 millionaires annually, according to the research.
Millionaires from the rest of Asia continue to flock to Singapore. In the city-state in 2022, there will be a net inflow of about 2,800 high-net-worth individuals. Notably, Singapore is fast becoming Asia’s leading hub for wealth management, which may help it draw more affluent people to settle there in the future.
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