As birds seek the mild climate of the south during the harsh winter of the north, millionaires change countries With their immense wealth, they resided in 2024 in search of warmer and friendlier destinations.

Traditionally, countries like the US or China have been the natural habitat for the growing number of millionaires due to the better opportunities their economies offer. However, when these opportunities cool down, millionaires are not afraid to migrate to new places that allow them to continue to grow their wealth.

The Private Wealth Migration 2024 report, prepared by investment migration consultancy Henley & Partners, reveals the countries that are expected to see an increase in the estimated net outflow of millionaires in 2024.

“This year, 128,000 millionaires are expected to travel the world, eclipsing the previous record of 120,000 set in 2023. As the world grapples with a perfect storm of geopolitical tensions, economic uncertainty and social unrest, millionaires are migrating in numbers. In many ways, this great millionaire exodus is a leading indicator of a profound shift in the global landscape and tectonic plates of wealth and power, with far-reaching implications for the future trajectory of the nations they leave behind or make new homes for,” said Dominic Volek, director of Henley & Partners’ private client group.

To represent this massive migration of millionaires to friendly countries, Visualcapitalist created a graphic showing which countries are which. We are losing the population of millionaires and who is gaining this population?A millionaire is considered any individual with an investable net worth of at least one million dollars.

The importance of protecting the millionaire population

According to a Henley & Partners report, 20% of millionaires, also known as HNWIs (High net worth individuals) are also entrepreneurs who seek business opportunities and promote commercial activities. This figure rises to 60 percent when it comes to individuals with over $100 million in available assets for investment.

This makes them a strategic target for countries looking for new investments and a change in the productive model that guarantees a prosperous future by stimulating local employment and population growth.

One of the countries that benefit the most from this migration is exactly this situation. The country that will host 6,700 millionaires throughout 2024 is none other than the United Arab Emirates.

The emirate’s strategy is to invest heavily in weaning its economy off fossil fuels by 2030, encouraging the arrival of new investors and transforming the country into an attractive destination for luxury tourism through flagship real estate projects and developments.

The United States, particularly in Florida, California and Texas, will welcome 3,800 millionaires this year and remain a whirlwind of creative technological innovation. Singapore and Canada are keeping their doors open to great fortunes and will welcome 3,500 and 3,200 millionaires respectively.

Italy will be the region with the largest influx of millionaire immigrants in Europe. Giorgia Meloni will add 2,200 new millionaires to the Italian population, who will have no trouble achieving success. Switzerland and Greece are not far behind in the number of millionaire immigrants, with 1,500 and 1,200 new residents respectively.

The other side of the coin: Countries that lost the most millionaires

Every coin has a head and a tail. In this case, the cross is for countries that have ceased to be attractive to investors and are leaving everything behind to start a new life.

China is by far the country with the largest decline in its millionaire population. This is a fact already reflected in Hurun’s 2024 annual report, which predicts a significant decline in China’s millionaire population. The Henley & Partners report is even more pessimistic. China is expected to lose 15,200 millionaires by 2024.

Not far away is the United Kingdom, which is suffering the economic effects of Brexit and is set to lose 9,500 millionaires by 2024. This is a striking fact since historically the United Kingdom has been an attractive destination for the fate of Europe, Asia, Africa and the Middle East.

India’s presence among the countries where millionaires migrate the most is surprising because it is one of the eternal promises of becoming an industrial superpower and replacing China as the world’s largest factory. The Asian country will remove 4,300 millionaires from its population by 2024.

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Image | Visualcapitalist.com