More millionaires will apparently ditch China than any other nation in 2024.
Henley & Partners projected the country would remain the “biggest millionaire loser” this year as part of the Private Wealth Migration Report 2024 it released Tuesday that derived its findings from New World Wealth data covering over 150,000 high-net-worth individuals. The firm puts out the report annually.
Net outflows of those with liquid investable wealth of at least $1 million from China will hit 15,200 for the year, according to Henley’s report.
Overall, some 128,000 high-net-worth individuals will pack up their bags and call a new country their home during 2024, the investment migration advisory firm provisionally said. That’s 8,000 more than 2023.
Including China, Henley & Partners reported the biggest net departures of people with at least $1 million will occur in the following 10 nations:
1. China: 15,200 net departures
2. U.K.: 9,500 net departures
3. India: 4,300 net departures
4. South Korea: 1,200 net departures
5. Russia: 1,000 net departures
6. Brazil: 800 net departures
7. South Africa: 600 net departures
8. Taiwan: 400 net departures
9. Nigeria: 300 net departures
10. Vietnam: 300 net departures
China has experienced the largest net loss of high net worth individuals for quite some time, including last year, according to Henley.
Behind it, the U.K. and India traded places compared to last year. The former’s net outflows are projected to be 5,200 higher in 2024, while India will lose 800 fewer than it did in 2023, the report said.
“Both China and India are seeing high net outflows because of the success of their sizeable economies in generating new millionaires, although slowing wealth growth in China in recent years could mean sustained losses becoming more damaging over time,” Institute for Government CEO Hannah White said in the press release.
THE LEAST AFFORDABLE CITIES FOR POTENTIAL HOMEBUYERS
The impetus behind millionaires moving can vary from things like business opportunities and lifestyle to others like taxes and safety, Henley said.
Henley & Partners Group Head of Private Clients Dominic Volek said millionaires are “voting with their feet in record numbers” this year while the world “grapples with a perfect storm of geopolitical tensions, economic uncertainty, and social upheaval.”
On the flip-side of countries projected to post the 2024 biggest net outflows, the United Arab Emirates (UAE) will be the most popular nation for high net worth individuals to move to, drawing a net 6,700, the report forecasted. The country, which also ranked No. 1 in 2022, has particularly wealthy-friendly policies.
The largest amount of millionaires reside in America, a March report from Henley & Partners previously found.
Read the full article here
