High-net-worth individuals are flocking to Australia, UAE, Singapore, US, and Switzerland

  • Australia is the top destination for high-net-worth individual migration
  • Approximately 120,000 millionaires moved to a new country in 2023
  • Safety, lower cost of living, favorable tax regimes, and high quality of life are top reasons for migration
  • Top five destinations for high-net-worth individual migration include Australia, UAE, Singapore, US, and Switzerland
  • China, India, UK, Russia, and Brazil have the most people leaving for other countries
  • Australia consistently attracts millionaires from Asia, Africa, and high-income countries like the UK
  • UAE saw a high number of millionaires moving there in 2023, with most coming from India
  • Dubai has seen home prices rise nearly 20% annually due to the influx of millionaires
  • Singapore and the US also saw a significant number of millionaires moving in
  • Switzerland remains Europe’s top wealth hub and attracts new residents

The global migration of high-net-worth individuals has expanded this year, with Australia returning as the top migration destination. Approximately 120,000 millionaires moved to a new country in 2023, up from 84,000 in 2022. Safety, lower cost of living, favorable tax regimes, and high quality of life are the main reasons for migration. The top five destinations for high-net-worth individual migration this year include Australia, the United Arab Emirates, Singapore, the U.S., and Switzerland. On the other hand, China, India, the U.K., Russia, and Brazil have the most people leaving for other countries. Australia consistently attracts millionaires from Asia, Africa, and high-income countries like the U.K. The UAE saw a high number of millionaires moving there in 2023, with most coming from India. Dubai has seen home prices rise nearly 20% annually due to the influx of millionaires. Singapore and the U.S. also saw a significant number of millionaires moving in. Switzerland remains Europe’s top wealth hub and attracts new residents.

Public Companies:
Private Companies: undefined, undefined, undefined
Key People: Andrew Amoils (Head of Research at New World Wealth)

Factuality Level: 7
Justification: The article provides information about the global migration of high-net-worth individuals and the top destinations for migration. It cites a report from Henley & Partners and includes data on the number of millionaires moving to different countries. The article also mentions reasons for migration and quotes from experts. However, it lacks specific sources for some of the information and does not provide a comprehensive analysis of the topic.

Noise Level: 6
Justification: The article provides some information on the migration of high-net-worth individuals to Australia and other countries. However, it lacks depth and analysis, and mainly focuses on listing the top destinations without providing much context or insights. The article also includes unrelated information about a rare depiction of George Washington, which is not relevant to the main topic.

Financial Relevance: Yes
Financial Markets Impacted: The article does not provide specific information about financial markets or companies impacted.

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article discusses the global migration of high-net-worth individuals and the top destinations for their migration. While it pertains to financial topics, it does not mention any extreme events or their impacts.

Reported publicly: www.barrons.com www.marketwatch.com