United Arab Emirates (UAE) has emerged as the top destination for millionaires with around 4,000 high-net-worth individuals (HNWIs) moving there in 2022. HNWIs are defined as people with wealth of $1 million or more.
UAE is followed by Australia where 3,500 millionaires migrated last year due to its stable economic conditions.
On the other hand, Russia and Ukraine witnessed a significant drop in millionaires with 15,000 and 2,800, respectively, leaving both countries. It can be attributed to the Russia-Ukraine conflict, which also led to the heavy sanctions being imposed on the former.
China, which is leading the global economic race, also saw a dip in millionaires, with around 10,000 departing from the country. Likewise, India also saw 8,000 millionaires leaving the nation.
These numbers are estimations made by Henley & Partners for 2022. Hence, the actual data may vary.
According to Henley & Partners, nearly 88,000 millionaires relocated to a different country last year. This number is projected to surpass 125,000 in 2023.
Head of Private Client Services at Henley & Partners, Dominic Volek, said that the pandemic and Russia-Ukraine conflict made people think about their limitations and benefits.
He added that the entrepreneurs and investors want access to multiple residence and relocation options to minimize their risks to national, regional, and global changes that affect their livelihood.
