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Top 10 countries with the world’s millionaires inflows and outflows: The year 2024 is expected to be a crucial time for the global movement of wealth. With increasing geopolitical tensions, economic volatility, and social unrest, many millionaires are choosing to relocate in search of security and better prospects for their families and investments.
In this competitive race to attract global wealth, investment migration has become a key strategy for countries looking to appeal to and retain wealthy individuals.
Interestingly, about 128,000 millionaires globally are projected to move abroad in 2024, surpassing the previous record of 120,000 set in 2023, representing a 16% increase. As reported by the Private Wealth Migration Report by Henley & Partners, this highlights a significant shift in the global distribution of wealth and power.
With its zero income tax, attractive visa schemes, luxurious lifestyle, and strategic location, the UAE reclaims its spot as the number one country, which continues to attract a large number of wealthy migrants from India, the wider Middle East, Russia, and Africa.
Furthermore, a growing number of individuals from the UK and Europe are also anticipated to move to the Emirates, which will result in nearly doubling the number of millionaires as compared to its close competitor, the United States of America.
Singapore and Japan are the only perennially popular destinations in Asia for migrating millionaires, with Italy, Switzerland, Greece, and Portugal from Europe also making it into this year’s Top 10 for millionaire inflows, with Canada and Australia following.
| Rank | Country |
Projected Net Inflow
|
| 1 | United Arab Emirates (UAE) | +6700 |
| 2 | United States of America (USA) | +3800 |
| 3 | Singapore | +3500 |
| 4 | Canada | +3200 |
| 5 | Australia | +2500 |
| 6 | Italy | +2200 |
| 7 | Switzerland | +1500 |
| 8 | Greece | +1200 |
| 9 | Portugal | +800 |
| 10 | Japan | +400 |
Source: New World Wealth
China is on track to experience the largest loss of millionaires globally in 2024, with an estimated 15,200 high-net-worth individuals (HNWIs) expected to leave the country, surpassing the 13,800 millionaires who relocated in 2023.
The United Kingdom is also facing a significant outflow, projected to lose 9,500 millionaires this year, more than double the 4,200 who left in 2023. This previous year had already set a record following the departure of 1,600 HNWIs in 2022.
South Korea, on the other hand, is predicted to have an increase in millionaire outflows, with a loss of 1,200 millionaires, up from 800 in 2023.
Meanwhile, the number of billionaires leaving Russia looks to be stabilising, with just 1,000 expected to emigrate this year, down significantly from 8,500 in 2022 and 2,800 in 2023.
In contrast, India has managed to reduce its wealth exodus, dropping to third place with a projected loss of 4,300 millionaires in 2024, down from 5,100 in the previous year. Despite the ongoing trend of millionaires leaving India, particularly to the UAE, the country continues to create more high-net-worth individuals than it loses. Many of those who emigrate still maintain business interests and second homes in India, which is a positive indicator for the economy.
| Rank | Country | Projected Net Outflows |
| 1 | China | -15,200 |
| 2 | UK | -9,500 |
| 3 | India | -4,300 |
| 4 | South Korea | -1,200 |
| 5 | Russian Federation | -1,000 |
| 6 | Brazil | -800 |
| 7 | South Africa | -600 |
| 8 | Taiwan (Chinese Taipei) | -400 |
| 9 | Nigeria | -300 |
| 10 | Vietnam | -300 |
Source: New World Health
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