The global migration of high-net-worth individuals is on the rise
- Australia is the top migration destination for millionaires
- 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 individuals include Australia, UAE, Singapore, US, and Switzerland
- China, India, UK, Russia, and Brazil lead in people leaving for other countries
- Australia consistently attracts millionaires from Asia, Africa, and high-income countries
- UAE saw one of the highest migrations of millionaires in 2023
- Singapore and the US also saw significant migrations of millionaires
- Switzerland remains Europe’s top wealth hub
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 top reasons for high-net-worth individuals to migrate. 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 lead in the ranking of countries with the most people leaving for other shores. Australia consistently attracts sizable numbers of millionaires every year, mainly from Asia and Africa, but also from high-income countries such as the U.K. UAE saw one of the highest migrations of millionaires in 2023, with most incoming millionaires expected to come from India. Singapore and the U.S. also saw significant migrations of millionaires. Switzerland remains Europe’s top wealth hub and continues to attract new residents.
Public Companies: Henley & Partners (), New World Wealth (), Knight Frank ()
Private Companies:
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, citing a report from Henley & Partners. It mentions the top migration destinations and the reasons for migration. The article also includes data on the number of millionaires moving to Australia and the UAE. While the article does not contain any obvious misleading information or bias, it lacks in-depth analysis and relies heavily on the report from Henley & Partners without providing additional sources or perspectives.
Noise Level: 3
Justification: The article provides information on the global migration of high-net-worth individuals and the top destinations for migration. It includes data from a consultancy firm specializing in residence and citizenship by investment. The article stays on topic and provides evidence and examples to support its claims. However, it contains some irrelevant information about Princess Diana’s dress and braving the Italian Alps in a Maserati, which adds noise to the overall content.
Financial Relevance: Yes
Financial Markets Impacted: The article provides information on the migration of high-net-worth individuals and their preferred destinations. This can have an impact on the real estate markets and economies of the countries mentioned, such as Australia, the United Arab Emirates, Singapore, the U.S., and Switzerland.
Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article focuses on the migration patterns of high-net-worth individuals and does not mention any extreme events or financial crises.
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