- The data showed that 10,800 high-net-worth individuals immigrated from China in 2022, and another 13,500 people are expected to leave this year.
- This is not a problem that began during the coronavirus pandemic, however, and has persisted for the past 10 years.
- Australia could overtake the UAE this year in welcoming the most net millionaires this year.
Guests are seen at the J Hotel located in Shanghai Tower in Shanghai on June 23, 2021.
Hector Ritmal | Afp | Getty Images
According to new research, China, which has the world’s second largest economy and second largest population, will experience the largest exodus of millionaires this year.
According to a report by the immigration investment advisory firm Henley and CompanyChina is expected to lose more millionaires this year due to immigration than any other country.
Data from the company showed that 10,800 high-net-worth individuals immigrated from China in 2022, and another 13,500 people are expected to leave this year.
This is not a problem that started with the coronavirus pandemic, and has been going on for 10 years. China has seen the largest departure of millionaires each year over the past decade, causing a slowdown in the overall growth of wealth in the country, Andrew Amuels, head of research at global wealth information firm New World Wealth that helped compile the report, said in an accompanying report. statement.
“The recent outflows could be even more damaging than usual. The Chinese economy grew strongly from 2000 to 2017, but the country’s wealth and millionaire growth has been minimal since then (when measured in US dollars).
Second only to China, Henley & Partners expects India to lose a net 6,500 millionaires this year, down from a net 1,000 millionaires leaving the country in 2022.
Sunita Singh Dalal, a partner in the private wealth and family offices firm of the Hawrani law firm, said in the same report.
However, Amoyles made it clear that these outflows should not be a concern because “India produces far more millionaires than it loses through immigration.”
Other Asian countries are expected to see millionaires leave their countries as well.
Hong Kong is expected to lose 1,000 millionaires this year, and South Korea and Japan may lose 800 and 300 millionaires, respectively. Reports indicate that Hong Kongers left the city in droves last year – due to Covid-19 restrictions and what they see as an erosion of democratic norms.
Despite the political turmoil and economic uncertainty from Moscow’s war on Ukraine, Russia is expected to lose just 3,000 millionaires this year, down sharply from 8,500 in 2022.
Russia ranks fourth in the ranking of Henley & Partners, after the United Kingdom, which may lose 3,200 millionaires this year, double what it lost in the previous year.
Trevor Williams, visiting professor at the University of Derby and former chief economist at Lloyds Bank, said in the report.
“Evidence shows that the UK’s share of inward investment in Europe has declined since Brexit, with Germany and France benefiting.”
Australia could overtake the UAE this year in welcoming the most net millionaires this year. Australia is expected to witness an influx of 5,200 millionaires, while the UAE comes second with 4,500 millionaires. Singapore ranks third and can witness a net 3,200 millionaires creating homes in the city-state.
Western countries, as a whole, remain an attractive destination for millionaires, according to the research, with the United States (2,100), Switzerland (1,800) and Canada (1,600) making the top ten.
“There has been steady growth in millionaire migration over the past decade, with global figures for 2023 and 2024 expected to reach 122,000 and 128,000, respectively,” said Jörg Steffen, CEO of Henley & Partners.
“Infuriatingly humble analyst. Bacon maven. Proud food specialist. Certified reader. Avid writer. Zombie advocate. Incurable problem solver.”