In the lead is the United Arab Emirates, a kind of wealth magnet. Portugal occupies sixth place in the table. Russia, on the other hand, is the country that lets the most millionaires escape this year.
Throughout this year, it is expected that approximately 88,000 millionaires will move, bag and baggage, to a new country. Portugal is expected to receive 1,300 new millionaires, which makes Portugal one of the top 10 countries where more millionaires cross the border, and even ranks in 6th place. In the lead is the United Arab Emirates, which is a kind of wealth magnet, with 4,000 millionaires expected to arrive there by the end of 2022. But which countries do these people come from? Mostly from Russia. It is expected that 15,000 millionaires will leave the country this year. Among the migratory flows, one can also conclude that the United Kingdom and the United States are losing their traditional luster, reveals the “Henley Global Citizens Report”, conducted by the financial firm Henley & Partners.
“The forecast for 2022 reflects an extremely volatile environment around the world. By the end of the year, 88,000 millionaires are expected to have relocated to new countries, 22,000 fewer than in 2019, when 110,000 moved,” begins Juerg Steffen, CEO of Henley & Partners.
And he anticipates the coming year: “The largest millionaire migration flows on record (125,000) are expected, with influential investors and their families seriously preparing for the new post-Covid world, whose reorganization of the global order is yet to be revealed and the ever-present threat of climate change as a backdrop.”
The United Arab Emirates – which has become an interesting focus among the wealthiest investors – takes first place on the podium when it comes to the arrival of millionaires. The expected arrival of 4,000 millionaires this year represents a 208% boom over the flow recorded in 2019 (1,300).
“This influx of millionaires is due in part to the country’s adaptive and responsive immigration policies, specially designed to attract private wealth and international talent,” explains the London-based consultancy.
The podium is completed by Australia and Singapore, with an expected gain of 3,500 and 2,800 millionaires, respectively. Israel (2,500), Switzerland (2,200), the United States of America (1,500), Portugal (1,300), Greece (1,200), Canada (1,000) and New Zealand (800) make up the Top 10.
“The wealthiest individuals are extremely mobile, and their movements can provide an early warning sign for future trends in countries. Countries that attract wealthy individuals and families tend to be robust, with low crime rates, competitive tax rates, and attractive business opportunities,” explains Andrew Amoils, head of research at New World Wealth.
Despite not appearing in the top ten of the list, Henley & Partners also points out that a large number of millionaires are also expected to move to Malta, Mauritius and Monaco.