India, China, Russia Are Top In Millionnaire Migration: 8000 Rich Indians Left India To Migrate In 12 Months

The migration, which was stunted by the restrictions of the Covid-19 pandemic, has resumed and lets have a look where the high-net-worth individuals are rolling!

But let’s throw some light on who are these high-net-worth individuals. These are the people who have wealth of USD 1 million or more.

Russia, China, India Lost Highest Number of Millionaires

According to the data by global consultant Henley and Partners, Russia, China, and India are the top three countries which lost the highest number of millionaires, which is 15,000, 10,000, and 8,000 individuals, respectively. 

In the Indian context, it is not that worrisome as the country, produces far more new millionaires than it loses to migration. 

“There is also a trend of affluent individuals returning to India and once the standard of living in the country improves, we expect wealthy people to move back in increasing numbers,” it said.

It expects India’s high-net-worth individual population to rise by 80 per cent by 2031, which will make it one of the world’s fastest-growing wealth markets during this period.

For China, the banning of Huawei 5G by several major markets such as Australia, the UK, and the USA was a big setback for the country.

“Huawei was the crown jewel of China’s hi-tech sector and may well have emerged as the world’s biggest tech company if not for the global interference. China’s deteriorating relationships with Australia and the USA are also a major long-term concern,” it said.

As per the report, the countries which saw a net outflow of millionaires in 2022 include Hong Kong SAR, Ukraine, Brazil, Mexico, the UK, Saudi Arabia, and Indonesia.

The migration is HNIs is an excellent barometer for the health of an economy. There lies something in the movement of these HNIs, their movement provides 

High-net-worth-individual migration figures are an excellent barometer for the health of an economy. Affluent individuals are extremely mobile, and their movements can provide an early warning signal about future country trends. 

Countries that draw affluent individuals and families to migrate to their shores tend to be robust, with low crime rates, competitive tax rates, and attractive business opportunities.

Over the past decade, the millionaire migration has been a rising trend. This trend, understandably so, dipped in 2020. 

Also the country-specific figures are not available for 2020 and 2021 as the coronavirus outbreak made it difficult to track movement owing to lockdowns and travel restrictions.

The country which has seen the maximum outflow is Ukraine, as 42 per cent of Ukraine’s high-net-worth individuals are expected to leave the country, predominantly due to war.

The Countries with Maximum Inflows

This is about the outflows, speaking of the inflows, the countries which have seen the most inflow of millionaires include UAE, Israel, the US, Portugal, Canada, Singapore, Australia, New Zealand, Greece, and Switzerland. 

Notably, nearly 80,000 millionaires have moved to Australia over the past two decades. In 2022, 3,500 individuals landed in the country.

Moreover, the report said large numbers of millionaires are also expected to move to ‘the three Ms’: Malta, Mauritius, and Monaco. 

The report said that “The UAE is expected to attract the largest net inflow of high-net-worth individuals in 2022. Approximately 4,000 millionaires are expected to move to the country this year — one of the UAE’s largest inflows on record. Most hail from Russia, India, Africa, and the Middle East. Before the pandemic the UAE traditionally attracted around 1,000 millionaires per year”.

Singapore continues to attract millionaires, mainly from the rest of Asia. A net inflow of approximately 2,800 high-net-worth individuals is expected in the city-state in 2022. Notably, Singapore is emerging as Asia’s top wealth management centre, which should assist in attracting many more affluent individuals to relocate there in future.