Why Millionaire Migration Matters?

Approximately 128,000 of the world’s millionaires are projected to migrate to a new country in 2024, with the UAE and the USA topping the list of destinations.

The benefits of this migration of wealth and talent to these countries are wide ranging, and include: 

• Forex revenue: Migrating millionaires are a vital source of forex revenue as they tend to bring their money with them when they move to a new country. For instance, a migrant who brings USD 10 million with them is equivalent to a country generating USD 10 million in export revenue as both transactions generate USD 10 million of forex revenue for the country.
• New business: Many relocating high-net-worth individuals (around 20%) are entrepreneurs and company founders, who often start businesses in their new country and therefore create local jobs. This percentage rises to over 60% for centi-millionaires and billionaires.
• Stock markets: Millionaires boost the local stock market via their equity investments. Also, some high-net-worth business owners publicly list their companies on the local stock exchange.
• Job creation: Perhaps most importantly, high-net-worth individuals indirectly create thousands of well-paying jobs via their spending power, especially in high-value sectors such as luxury hotels, fine dining, luxury retail, fashion, hi-tech, automotive, prime property, wealth management, and family offices.

It is also worth noting that the businesses started by millionaires have a significant positive spillover effect on the middle class as they create large numbers of well-paying jobs in their base country. If one takes the likes of Microsoft, Apple, and Tesla as examples, these companies have created thousands of high-paying jobs in the USA.

Economic gauge

Millionaire migration figures are also an important overall indicator of the health of an economy, especially on the outflow side. For instance, if a country is losing large numbers of millionaires to migration, it is probably due to serious problems in that country. It can also be a negative sign for the future, as wealthy people are often the first to leave.

The top countries and territories gaining and losing millionaires in 2023

Sources: New World Wealth in the Henley Private Wealth Migration Report 2024

Common reasons why millionaires move

High-net-worth families choose to relocate for a range of reasons, including:

• Safety and security
• Financial concerns
• Taxes and retirement
• Work and business opportunities
• Lifestyle factors, including climate, nature, and scenery
• Schooling and education opportunities for their children
• Healthcare system
• Standard of living

Notes 

¹ The terms ‘millionaires’ or ‘high-net-worth individuals’ (HNWIs) refer to individuals with liquid investable wealth of USD 1 million or more.